Iraqi News Highlights Friday Afternoon 5-5-23

Iraqi News Highlights Friday Afternoon 5-5-23

Tlm724 Administrator Bondlady’s Corner

The Minister Of Oil Reveals The Latest Developments In The Agreement With The Region

Posted On2023-05-04 By Sotaliraq   Oil Minister Hayan Abdul Ghani confirmed that a final agreement will be reached within two weeks to resume the export of Kurdistan region's oil, stressing that the indications in this regard are "positive".  Hayyan said, "We have reached the final stages of the agreement with the Kurdistan region, and we will reach a final agreement within one to two weeks regarding the resumption of crude oil exports."

He added, "We receive news from the Turkish side that there are tests on the pipelines, and we cannot refuse the tests, because it is in our interest that the exported oil arrive and not leak on the way, and therefore the process will be greatly affected."

Hayan stressed, "All indications are positive, and we will reach an agreement," noting that "the same principles adopted by the SOMO company for selling Iraqi crude oil depend on selling the oil of the Kurdistan region in addition to Kirkuk oil."   LINK

Sweden Supports The Restoration Of Stability In The Liberated Areas With More Than One Million Dollars

Today, Friday, the United Nations Development Program in Iraq announced Sweden's support for restoring stability in the liberated areas with $1.9 million.

A statement by the United Nations Program stated that "the Government of Sweden contributed an additional 20 million Swedish kronor (equivalent to 1.9 million US dollars) to the United Nations Development Program in restoring stability to the liberated areas," noting that "today an agreement was signed with Jessica Svardström, Ambassador of Sweden." in Iraq and the Resident Representative of the United Nations Development Program in Iraq, Oki Lootsma, to formalize this contribution.”

He added, "Since the establishment of the program in 2015, the Government of Sweden has contributed 434 million Swedish kronor (42) million US dollars to support stabilization efforts in Iraq," noting that "with this additional funding, the United Nations Development Program will be able to continue rehabilitating infrastructure and services." The vital forces that were damaged during the war against the terrorist gangs of Daesh and pave the way for social reintegration.

The Swedish ambassador to Iraq, Jessica Svardström, said, according to the statement: "Sweden enjoys a close bilateral relationship with Iraq, and the Swedes of Iraqi descent constitute 3% of the Swedish people, and this resulted in strong relations between our two countries." She added, "Sweden will continue to support a stable and secure Iraq through our bilateral development cooperation," stressing that "Her country is proud to be part of the stabilization efforts in Iraq and continues its commitment to contribute to this collaborative work to build a better future for the displaced and those affected by the war on ISIS."

For his part, the Resident Representative of the United Nations Development Program (UNDP), Oki Lootsma, said: "The Government of the Kingdom of Sweden has been an important partner for the United Nations Development Program," noting that "this new contribution comes at a very important time, despite the fact that much progress has been made, but the international work of the organization has not ended." ".

He stressed that "the Government of Sweden has expressed its firm commitment to making a lasting impact on the lives of the Iraqi people by working together to ensure that the gains made in previous years are preserved and built upon further."

The stabilization program for the liberated areas of the United Nations Development Program has completed, until April 2023, more than 3,500 projects in the five liberated governorates, which are Anbar, Diyala, Kirkuk, Nineveh and Salah al-Din.

These projects include rehabilitating schools, hospitals, water stations, electricity networks and homes, and providing short-term job opportunities. These projects have improved the lives of more than 8.3 million Iraqi men and women and facilitated the return of 4.9 million people displaced by the conflict against ISIS.    https://www.radionawa.com/all-detail.aspx?jimare=34271

A Slight Decrease In The Exchange Rates Of The Dollar In Baghdad

Friday 05 May 2023 13:30 | Economical Number of readings: 260  Baghdad / NINA / - Today, Friday, the exchange rates of the dollar against the dinar recorded a slight decrease in the main stock exchange and local markets in Baghdad.

The selling price of the dollar reached 145,500 dinars per 100 dollars, and the purchase price reached 143,500 dinars per 100 dollars in local banking offices./ End 8

https://ninanews.com/Website/News/Details?key=1051409

Parliament Will Host Tomorrow The Minister Of Finance And A Number Of Governors To Discuss Budget Allocations

Friday 05 May 2023 16:35 | political Number of readings: 66  Baghdad / NINA / An informed source revealed that Parliament will host tomorrow, Saturday, the Minister of Finance and a number of governors, to discuss budget allocations for the governorates

https://ninanews.com/Website/News/Details?key=1051439

Oil Records A Weekly Decline For The Third Time In A Row

Economy| 09:17 - 05/05/2023  Baghdad - Mawazine News  Oil prices are heading to record a weekly decline for the third time in a row, in the longest period of losses witnessed since the beginning of the year, due to market fears of a slowing economy and the banking sector crisis in the United States that prompted investors to avoid risk.

Despite this, West Texas Intermediate crude prices rose towards the level of $69 a barrel today, Friday, and the US benchmark crude fell by about 10% during this week's trading, after a four-day deterioration.

The trading movement was characterized by a rapid, dramatic decline in the beginning of Thursday's trading, when prices collapsed until they touched the lowest level in the middle of the session since 2021.

Oil was negatively affected by rising concerns that the US economy is on its way to falling into a recession, potentially hurting energy consumption rates, at a time when investors are tracking signs of continued stability among regional banks. Moreover, Saudi Arabia, a major oil exporting country and leader of the OPEC+ alliance, has lowered its oil selling prices to Asia.

Oil prices fell by 14% since the beginning of the year, even after the decision of the Organization of the Petroleum Exporting Countries "OPEC" and its allies to reduce production starting from this month. This decline in prices came despite signs of strength in the oil market for direct transactions, which indicates that the wave of heavy selling may have been exaggerated. In this context, Shell CEO Wael Sawan said this week that the oil market is already suffering from a "severe shortage of supply."

Warren Patterson, Head of Commodity Strategy at ING Groep, said: “While negative sentiment prevails at the moment, the market is in oversold territory and our calculations reveal that the oil market will be in deficit over the second half of the year. year, which should drive prices higher.”

https://www.mawazin.net/Details.aspx?jimare=226125

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

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Goldilocks : "The Clock is Ticking" Friday 5-5-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

Good morning Dinar Recaps,

Goldilocks posted explanations/comments and links this morning:

The jobs reports just came in a few minutes ago. Overall, it's showing that it is holding its own and currently giving the FEDS a reason to raise interest rates another time or two.

The jobs reports revealed that there is a slowdown in jobs, but it is not as significant enough as hoped by the FEDS to claim victory over inflation just yet.

This will take a toll on Regional Banks and create more of a liquidity crisis going forward which can and will affect future job reports.

Liquidity is quickly becoming an issue and good reason to continue on with digital/currency reforms. This is why digital/currency reforms are in the forefront in Congress, and they have until the end of June to finish them.

© Goldilocks

https://finance.yahoo.com/news/short-sellers-flocking-us-banks-085536867.html

https://www.theguardian.com/business/2023/may/05/us-banking-crisis-risks-becoming-self-fulfilling-prophecy-analysts-say

~~~~~~~~~~

Here's where we stand on the legislation efforts taking place in Congress on Stablecoins.

Currently, there is a battle going on with the labeling and definition of what a Stablecoin is and represents.

Stablecoins represent a country's currencies, as such, the labeling and defining of its use case scenarios will determine how it is processed through the new digital-asset financial system.

The battleground is over whether to call Stablecoins digital assets or tokenized deposits.

The focus is moving towards tokenized deposits due to the nature of regulatory requirements it will take to move them through the system.

"We have four credible options on the table – fiat-backed, nonbank-issued stablecoins such as USDT and USDC, fiat-backed bank-issued stablecoins such as EUR CoinVertable, CBDCs and tokenized deposits."

Each of these Stablecoins is currently on the market. They are presently competing with one another for top bid and being studied closely.

The clock is ticking to meet the June 30th deadline, but these are the issues we are dealing with that will allow us to move forward.

© Goldilocks

https://www.coindesk.com/policy/2023/05/03/us-sec-changes-its-mind-on-officially-labeling-digital-assets/

https://finance.yahoo.com/news/stablecoin-olympics-no-winner-184225439.html

~~~~~~~~~~

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Friday Morning Iraq Economic News Highlights 5-5-23

Friday Morning Iraq Economic News Highlights 5-5-23

The National: The Iraqi budget has become farcical, and every party is calling for higher allocations

2023.05.05 - Baghdad - people  The Emirati English-language newspaper "the national" said that the Iraqi budget has become comical, as each party demands higher allocations for their ministries. 

 And the newspaper stated in a report affiliated with "NAS" (May 5, 2023), "In all sectors in Iraq, the hype to obtain government funds extends from politically linked clans to state-run companies, official security forces, and even militias linked to Iran." 

She added, "The main political blocs are defending a system that divides state resources in the form of spoils. Iraq is trying to pass a budget bill that would see record spending for 3 years and a record high deficit, which would be compensated for by a year without a budget due to political disagreement before the Sudanese government took power in October." ". 

 And she continued, "The budget has become comical, as each party demands higher allocations for their ministries. The increased operational spending to increase government salaries - resulting from politicized employment - will crowd out investment in public services." 

 And she indicated, "The draft budget could increase employment in the public sector by 700,000." 

  And she pointed out that "Al-Sudani expressed his desire to conduct a strict assessment of the performance of the positions (special grades) appointed by the parties, which are the senior ministerial positions that in some cases enjoy wide-ranging powers, such as influencing the awarding of contracts. But Al-Sudani, like before him, is simply replacing Failed officials with more loyalists. 

https://www.nasnews.com/view.php?cat=106847

A New Statement From The Parliamentary Finance Regarding Returning The Budget To The Government

Time: 05/05/2023 Read: 1,586 times    {Economic: Al Furat News} The Parliamentary Finance Committee stated, today, Friday, that there is no intention to return the draft budget law to the government to make an adjustment to oil prices.

Jamal Cougar, a member of the Parliamentary Finance Committee, told {Euphrates News}: "It is not possible to overcome the decline in oil prices globally and its impact on Iraq except by maximizing non-oil resources, and without that matter, Iraq does not have any other field."

He added that "consumption must be rationalized and real reforms carried out, and there is no intention to return the draft budget law to the government to make an adjustment to the oil price."

From.. Raghad Dahham    LINK

6 Days Until The “Agreed Upon” Date For Settling The Budget. The Finance Committee Has Another Opinion

Baghdad today-Baghdad   The Parliamentary Finance Committee confirmed, today, Thursday, that passing the budget law may take place at the end of this month or the beginning of next June, indicating that it needs more time to discuss the law with the executive authorities.

Committee member Mustafa Al-Karawi told "Baghdad Today" that "talking about passing the budget on the 10th of the current month of May is very difficult. We in the Parliamentary Finance Committee need more time to discuss the law with the executive authorities and in order to make amendments to the law with the aim of reducing fiscal deficit.

Al-Karawi indicated that "passing the budget law may be the end of this month or the beginning of next month, and announcing a political agreement to pass before the middle of next month, we think is very difficult, so we need a long time to complete the study and amend the budget."

And the State Administration Coalition, in an expanded meeting in the presence of Al-Sudani a few days ago, had set May 10 as the final date for resolving discussions on budget items, which means 6 days from now.   LINK

Parliamentary Finance: The Vision Of Voting On The Budget Will Become Clear During The Next Two Weeks

May 4, 2023   Baghdad / Obelisk Al-Hadath: The Parliamentary Finance Committee announced that it will host four important ministries during the next two weeks, while setting the date for announcing the vote on the budget.

Committee member Ahmed Mazhar al-Jubouri said that the Finance Committee is still continuing its work and strategy to reduce the fiscal deficit in the federal budget, and make transfers, especially since there are chapters in which financial allocation is weak, including allocations for the development of regions, and there is a ministry in which expenditures have become large.

He explained that the work of the committee is to balance financial spending and distribute financial allocations fairly to everyone.

He pointed out that there are clear differences in the budget, especially in service goods, and there are numbers that have doubled from what was in the 2021 budget.

He added that time is still available to reduce expenditures, especially since oil prices fluctuate, and the current oil price cannot be adopted.

He pointed out that it is not possible to set a time for voting on the budget, and during the next two weeks the vision will become clear, and the time for voting will be determined.

And he indicated that the committee meets daily from 10 am to 12 pm, in addition to that there are more than three meetings with ministers on a daily basis, stressing that during the next two weeks, the committee will host the most important ministries, which are health, interior, finance and oil.

He added, however, that the committee is not about to host Prime Minister Muhammad Shia' al-Sudani, unless he wishes to give his observations and access the Finance Committee, and we welcome that.

https://almasalah.com/archives/51195

Shankali: The Budget Deficit Is Unreal And Fabricated By Parties

Sumerian special  2023-05-04 | Source:   Alsumaria News   2,350 views   The head of the Parliamentary Health and Environment Committee, Majid Shankali, confirmed today, Thursday, that there is satisfaction with the current budget and the deficit in it is not real, indicating that the Kurdistan Democratic Party is supportive of this government and its government program.

"There is satisfaction with the current budget and the financial deficit in it is unreal and fabricated by some political parties to delay the passage of the budget," Shinkali said in an interview with the "Alanna" program broadcast by Alsumaria TV, stressing that "the Kurdistan Democratic Party is supportive of this government and its government program."

He added, "We are with maximizing resources and minimizing waste in the state's resources and managing them in a manner that guarantees a strong economy," noting that "Iraq's oil sales during the previous months were at good prices and the financial deficit is unreal because there are funds retained from previous and financial budgets that have funds for investment projects." Which did not succeed, and we must stop when determining the price of oil, and we should not stop at the budget deficit, as it is not important.

Shinkali indicated that "the price of a barrel of oil must be reduced by at least 15% of the current price in order to achieve balance in the budget and not to create a large deficit in the budget."   LINK

Al-Sudani: We Need Three Years To Secure The Gas.. And We Are Waiting For Turkey's Response To Resume Pumping Oil From Kurdistan

Money  and business   Economy News / Baghdad   Prime Minister Muhammad Shia al-Sudani confirmed that abandoning imported gas would take about three years.

Al-Sudani said during his speech at the Iraq Forum for Stability and Prosperity held in Baghdad that "Iraq has about three years to stop importing gas from abroad."

He added, "The government is preparing to launch the sixth round of licensing in the desert of Anbar and Najaf," pointing to "achieving understandings with the region regarding the oil and gas file, which were included in the budget law."

Regarding Kurdistan's oil, Al-Sudani said, "The Turkish side informed us that the oil exporting pipeline needs to be examined before resuming exports."

He explained, "Iraq is ready to resume exports immediately, in the event that Turkey announces its willingness to do so."

And the export of oil from the Kurdistan region stopped after a decision by the arbitral tribunal of the International Chamber of Commerce in Paris, regarding the arbitration case filed by the former Iraqi government against Turkey, regarding the "Iraqi-Turkish pipeline agreement", in which it ruled the illegality of the Kurdistan region's export of its oil without Baghdad's approval. .

Regarding the government program, Al-Sudani said, "There are reviews, dialogues, and discussions on all issues in the country," adding that "the government faced a number of service and economic challenges."

And he indicated that "the government proved, during 6 months of its work, the invalidity of prejudices against it and was able to implement 31% of the ministerial program," noting that "gaining the people's trust is achieved by the credibility of the government's work, and no success can be achieved without teamwork."   https://economy-news.net/content.php?id=34013

After A Series Of Weekly Losses, Oil Rises To $73 A Barrel

Friday 05 May 2023 09:31 | Economical Number of readings: 275  Baghdad / NINA / - Oil is heading towards recording the third consecutive weekly decline, which is the longest period of oil loss witnessed this year, despite the price hike today, Friday, to $73 per barrel.

Despite today's rise, US Nymex crude is still down by about 10 percent this week after a decline that lasted four days, and Brent crude fell by nearly 9 percent during the week.

Oil prices have been hit by growing concern that the US economy is on its way to slipping into recession, which could hurt demand for oil, as well as investors following signs of continued instability among US regional banks.

Oil prices have also fallen 14 percent this year, even after the decision of the OPEC Plus group to cut production starting this month.

Oil movements witnessed an increase today, as Brent crude rose by 0.9 percent to $73.17 a barrel, and Nymex crude rose by 0.85 percent to $69.13 a barrel./End 8 To receive more news, subscribe to our Telegram https://ninanews-com.translate.goog/Website/News/Details?key=1051372&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Iraq And Jordan Agree To Export (10) Thousand Barrels Per Day, Starting Next June

Time: 05/04/2023 13:37:25   Read: 481 times  {Economic: Al Furat News} The Ministry of Oil announced today, Thursday, an agreement with the Hashemite Kingdom of Jordan to renew the export contract of 10 thousand barrels per day.

The ministry stated, in a statement received by {Euphrates News}, that "Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani, received today the Minister of Energy and Mineral Resources of the Hashemite Kingdom of Jordan, Saleh Ali Hamed Al-Kharabsheh, and his accompanying delegation," indicating that "the meeting was attended by the Undersecretary for Affairs of the Hashemite Kingdom of Jordan."

Extraction, General Manager of the Iraqi Oil Marketing Company, Director General of the Economic Department, Director General of the Legal Department, and Director of the Media and Government Communication Office, while the delegation accompanying the Minister of Energy and Mineral Resources and the Jordanian ambassador in Baghdad attended on the Jordanian side.

She added, "During the meeting, they discussed ways to enhance and develop bilateral relations between the two brotherly countries in the oil and energy sector," noting that "during the meeting, it was also agreed to renew the export contract of (10) thousand barrels per day, starting from the current month of May, for a period of one year."   LINK

Iraq And Jordan Agree To Renew The Oil Export Contract For A Year

Thursday 04 May 2023 23:55 | Economical Number of readings: 700  Baghdad / NINA / - The Ministry of Oil announced the agreement with the Jordanian side to renew the export contract for a quantity of (10) thousand barrels per day, starting from the current month of May 2023 and for a period of one year.

Today, Thursday, in Baghdad, Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani discussed with the Minister of Energy and Mineral Resources of the Hashemite Kingdom of Jordan, Saleh Ali Hamid Al-Kharabsheh, ways to strengthen and develop bilateral relations relations between the two brotherly countries in the oil and energy sector.

https://ninanews-com.translate.goog/Website/News/Details?key=1051358&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

"Tidbits From TNT" Friday Morning 5-5-2023

TNT:

Candy Kisses:  President Rashid arrives in London to attend the coronation ceremony of King Charles III

Baghdad - NAS  

The President of the Republic, Abdul Latif Jamal Rashid, arrived Thursday in the United Kingdom at the request of an official invitation to attend the coronation ceremony of King Charles III.      

  The Information Office of the Presidency of the Republic said in a statement received by "NAS" (May 4, 2023) that "Rashid arrived in the United Kingdom and was received at the airport by Lord Robert Leuven representing His Majesty the King of Great Britain."  

He added, "The visit comes in response to an official invitation to attend the coronation ceremony of King Charles III," pointing out that "the President of the Republic was accompanied by First Lady Shanaz Ibrahim Ahmed, and Minister of Culture, Tourism and Antiquities, Ahmed Fakak Badrani."  

CandyKisses:  The Ministry of Finance directs its banks to facilitate the adoption of electronic payment devices for free

Economy News / Baghdad

On Thursday, the Ministry of Finance directed its banks to facilitate the adoption of electronic payment devices for the public and private sectors free of charge.

The ministry stated in a statement that "Finance Minister Taif Sami Mohammed, directed all the ministry's banks to provide all the necessary facilities for the adoption of electronic vending devices POS in state institutions and the private sector for free, at zero % interest and for a period of 6 months, in addition to providing technical and logistical support and various software supporting the project, as well as training cadres working in this field."

She added that "the facilitation package comes within the framework of the vision of the Ministry of Finance, represented by the Minister of Finance, in the acquisition of electronic payment devices POS instead of cash and the generalization of the experience to include various economic sectors at the level of all Iraq, which is hoped to be launched starting from June 1, 2023."

She pointed out that "electronic points of sale are devices dedicated to accepting electronic payment transactions, which allow merchants and owners of shops and projects to accept payments from their customers (customers) holders of electronic payment tools, in exchange for the goods or services provided by the merchant, as an alternative to cash payment

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

CandyKisses:  Stability of gold prices in global markets

Information/follow-up.

Gold prices stabilized on Friday, but are heading towards recording the largest weekly increase in nearly two months, as hopes of stopping the US Federal Reserve interest rate hike and banking sector concerns boosted appetite for the precious metal, which is a safe-haven asset.

The European Central Bank raised interest rates by 25 basis points to 3.75 percent, in line with expectations, in a seventh consecutive increase since last year, with the aim of controlling inflation.

The bank has kept its options open on future moves as its battle to combat high inflation in the eurozone continues.

The dollar index is heading for a weekly loss, making the precious metal more attractive to buyers than holders of other currencies.

Investors await the release of US nonfarm payrolls data at 1230 GMT.

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

CandyKisses:  Al-Sudani describes the relationship between Iraq and Iran as "mature" and announces "major" Saudi and American projects

Prime Minister Mohammed Shia al-Sudani on Thursday described the relationship with Iran as "mature and objective," while stressing that weapons outside the control of the state will end their existence, and while announcing "major" development projects for Saudi Arabia in Iraq, he pointed out that a large delegation of representatives of American companies will visit Baghdad next month.

Al-Sudani said on the sidelines of his participation in the activities of the Iraq Forum held in the capital, Baghdad, which was attended by Shafaq News Agency, that "there is maturity and objective understanding by Iran on the nature of the situation in Iraq and political developments, and we did not find from Iran at various levels only support for the unity of Iraq in all its components and understanding and stability between the two countries."

"There are many commonalities between us and Iran that stood with Iraq against the dictatorial regime, in the political process after 2003 and in the war against ISIS, and this is the nature of the relationship with Iran, and we even played a role in bringing the views of Iran and Saudi Arabia closer together," he said.

Regarding the armed factions and uncontrolled weapons, al-Sudani stressed that "within the forces of the coordination framework, which includes forces with factions, everyone is unanimous in respecting the state and its institutions and putting weapons at their disposal."

He pointed out that "these forces raised an important question about the nature of the US military presence in Iraq and what is its role and how long it will continue to exist, and we, in turn, informed the security ministries to determine their need from the international coalition and the sufficient period to achieve this, and on this basis we began dialogue with the international coalition to reach a clear agreement formula at which time the presence of any weapon outside the state ends."

On the relationship with Saudi Arabia, Al-Sudani explained, "Our relationship with Saudi Arabia is historical, not modern, governed by many commonalities, including clans and tribes between the two countries, and there are also common interests, and after I took over the government, we began to implement agreements between the two countries, and for the first time a security agreement is signed between Iraq and Saudi Arabia since 1983, and the Saudi leadership is talking about major projects in Iraq, and this fits with our orientations, and the coming period will witness further strengthening of relations."

As for the relationship between Baghdad and Washington, Al-Sudani said, "America is a great country and there is a strategic agreement with it in addition to economic interests, and we are interested in developing this relationship, and I was clear with all US officials about activating this agreement and not being limited to the security aspect."

"Next month, we will receive a large trade delegation of companies specialized in the field of energy," he said.

Mot:  The History of Cinco de Mayo......... ((( What YOu Didnt Learn in History Class )))

Did you you know that back in 1912, Hellmann's Mayonnaise was manufactured in England. In fact, the Titanic was carrying 12,000 bottles of the condiment scheduled for delivery in Vera Cruz, Mexico, which was the next port of call for the great ship after its stop in New York. This would have been the largest shipment of mayonnaise ever delivered to Mexico.

.. But as we know, the great ship did not make it to New York. The ship hit an iceberg and sank.

The people of Mexico, who were crazy about mayonnaise, and were eagerly awaiting its delivery, were disconsolate at the loss. Their anguish was so great they declared a National Day of Mourning.

The National Day of mourning occurs each year on May 5th and is known, of course, as - SINKO DE MAYO.

WHAT??? You expected something educational from me?

You need a shot of Tequila!

Mot:  ... Yeppers Fur Sure!!!! ~~.. siigghhhh

MilitiaMan and Crew: "IQD Value-Total $Trade 27 Billion-Sets the Stage Fro International Trade

IQD Value - TOTAL $ Trade 27 Billion - SETS THE STAGE FOR INTERNATIONAL TRADE

MilitiaMan and Crew:  5-4-2023

Al-Sudani, Al-Alaq and Taif Sami along with the Ministerial Council of Ministers have set the stage for Iraq to be on the International Forum.

There is now no denying progress is underway. They have no time left anymore. imo ~ MM

https://www.youtube.com/watch?v=hOi2zIZs5lI

Iraqi News Highlights Thursday Evening 5-4-23

Iraqi News Highlights Thursday Evening 5-4-23

Tlm724 Administrator Bondlady’s Corner

Al-Sudani is discussing with Barzani finding "radical solutions" to the problems between Baghdad and Erbil

Money  and business  Economy News / Baghdad  On Thursday, Prime Minister Muhammad Shia' al-Sudani discussed with the President of the Kurdistan Region of Iraq, Nechirvan Barzani, finding "radical solutions" to the problems between Baghdad and Erbil.

Al-Sudani's office stated in a statement that "Prime Minister Muhammad Shia'a Al-Sudani met with the President of the Kurdistan Region of Iraq, Nechirvan Barzani, and during the meeting, they discussed the general political and economic conditions in the country, a number of files at the national level, and the importance of intensifying the efforts of all political forces from In order to support the government in implementing its service and reform programmes.

The Prime Minister referred to "priorities in the government's work approach, which takes into consideration meeting the needs and requirements of citizens in all governorates of Iraq, according to their aspirations, and in a manner that enhances stability and comprehensive and integrated development."

The meeting witnessed "a review of progress and what has been achieved in the path of resolving problems between the federal government and the regional government, in a way that provides radical solutions that ultimately relieve the burdens of citizens and support joint action in accordance with the constitution and the interest of our people in all parts of Iraq."

Views 43  Added 05/04/2023 - 5:31 PM  https://economy-news.net/content.php?id=34011

Parliamentary Finance Sets The Date For Announcing The Vote On The Budget

Political | 03:41 - 04/05/2023  Baghdad - Mawazine News  The Parliamentary Finance Committee announced, today, Thursday, that it will host four important ministries during the next two weeks, while setting the date for announcing the vote, it confirmed the continuation of its intensive meetings on the budget.

A member of the committee, Ahmed Mazhar al-Jubouri, said in a statement to the official agency, followed by / Mawazine News /, “The Finance Committee is still continuing its work and its strategy to reduce the fiscal deficit in the federal budget, and make transfers, especially since there are chapters in which financial allocation is weak, including development allocations. The regions, and there is a ministry in which the expenditures have become large.

He explained, "The work of the committee is to balance financial spending and distribute financial allocations fairly to everyone."

He pointed out, "There are clear differences in the budget, especially in service goods, and there are numbers that have doubled from what was in the 2021 budget."

He added, "Time is still available to reduce expenditures, especially since oil prices fluctuate, and the current oil price cannot be adopted."

He pointed out, "It is not possible to set a time for voting on the budget, and during the next two weeks the vision will become clear, and the time for voting will be determined."

And he stated, "The committee meets daily from 10 am to 12 pm, in addition to that there are more than three meetings with ministers on a daily basis," stressing, "During the next two weeks, the committee will host the most important ministries, which are health, interior, finance, and oil."

He added, however, by saying: "The committee is not about to host Prime Minister Muhammad Shia' al-Sudani, unless he wishes to give his observations and access the Finance Committee, and we welcome that." Ended 29/M99    https://www.mawazin.net/Details.aspx?jimare=226078

The Minister Of Finance Directs Banks To Provide Facilities For Approving Electronic Sales Devices In State Institutions

Economy| 04:55 - 04/05/2023  Baghdad - Mawazine New, today, Thursday, the Minister of Finance, Taif Sami, directed all the ministry's banks to provide all the necessary facilities for approving POS electronic sales devices in state institutions and the private sector.

The ministry said in a statement, received by Mawazine News, that "in line with the government curriculum and the directives of the Prime Minister to urge ministries to adopt POS devices, the Minister of Finance, Taif Sami Muhammad, directed all the ministry's banks to provide all the necessary facilities for approving POS electronic sales devices in institutions." The state and the private sector are free of charge, at zero percent interest, for a period of 6 months, in addition to providing technical and logistical support and various software supporting the project, as well as training cadres working in this field.

The statement added, "The facilitation package comes within the framework of the Ministry of Finance's vision to acquire POS electronic payment devices instead of cash, and to generalize the experience to include various economic sectors at the level of Iraq as a whole, which is hoped to start starting from the date of June 1, 2023."

And he continued, "Electronic points of sale are devices dedicated to accepting electronic payment transactions, which allow merchants, shop owners, and projects to accept payments from their customers (customers) who hold electronic payment tools, in return for the goods or services provided by the merchant, as an alternative to cash payment." Ended 29 / m99

https://www.mawazin.net/Details.aspx?jimare=226082

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

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Iraqi News Highlights Thursday Afternoon 5-4-23

Iraqi News Highlights Thursday Afternoon 5-4-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Imposes Fines Estimated At 35 Billion Dinars On A Number Of Banks

Economy   Thursday, May 4, 2023 12:05 PM   Baghdad / National News Center  Today, Thursday, the Central Bank imposed financial fines on banks and institutions after they manipulated the exchange rate of the dollar against the dinar.

According to the schedule of penalties issued by the bank, fines of more than 34 billion dinars were imposed on banks and non-bank financial institutions for the first quarter of 2023, in addition to directing warnings and warnings after their manipulation of dollar exchange rates.

The Central Bank of Iraq announced, on Monday, January 19, a package of decisions that would restore the foreign currency market to its normal position after the rise in it.   https://nnciraq.com/203380/

Prime Minister: We Have Made Achievements On Various Levels

Thursday 04 May 2023 18:20 | political Number of readings: 44  Baghdad / NINA / - Prime Minister Muhammad Shia'a Al-Sudani affirmed: "The government's success in implementing its promises to the people to win their trust."

He said in the Iraq Forum for Stability and Prosperity: "The ministerial curriculum has been translated into a viable government program. We have made achievements at various levels during the first six months of the government's life, and we are counting on greater successes."

He added that no success can be achieved without the work of a team, indicating: "The government team is keen to perform its tasks." https://ninanews.com/Website/News/Details?key=1051271

Al-Rafidain Announces The Experimental Launch Of Electronic Taxation In Three Institutions

Money  and business  Economy News / Baghdad  Al-Rafidain Bank announced, on Thursday, the success of the experimental launch of electronic collection in the first education schools of Karkh, Rusafa and taxes.

And the bank's media stated in a statement that "the experimental launch of the electronic collection system succeeded in the first education departments of Rusafa and Karkh First, and the General Authority for Taxes, and thus the bank has begun implementing the first phase of the electronic collection system and putting it into effect."

He stressed that the bank is "working to generalize this experience to the rest of the state's departments, successively, with the aim of leaving manual financial transactions and collecting money electronically."

He pointed out that “Al-Rafidain Bank, in cooperation with the International Smart Card Company, issued a decision to grant (POS) devices to all state institutions and the private sector for free, provide technical and logistical support, supportive software, and train all technical personnel in exchange for (zero) commissions until the end of the year 2023, and on The responsibility of the Rafidain Bank.

https://economy-news.net/content.php?id=34012

Oil Is Rising After A Decline That Lasted 3 Days

Energy  Economy News – Baghdad  Oil prices rebounded on Thursday, but were unable to recover from a decline of more than 9% in the previous three days, amid signs of weak manufacturing growth in China and after the United States, the world's largest oil user, raised interest rates.  Brent crude futures rose 41 cents, or 0.57%, to $72.74 a barrel by 04:39 GMT.  US West Texas Intermediate crude rose 24 cents to $68.84 a barrel.  Views 103  05/04/2023 - https://economy-news.net/content.php?id=33998

Suspicion Scenarios For Anti-Money Laundering And Terrorist Financing Systems

May 03, 2023    For the purpose of strengthening the supervisory system of the money laundering and terrorist financing reporting unit in all licensed companies,  scenarios for anti-money laundering and terrorist financing systems have been prepared, which are compatible with the financial work environment in Iraq, and  licensed exchange companies of the two categories (A, B) can adopt them as a minimum for their electronic systems.

    ► To view AML/CFT uncles and scenarios related to transfers through agents of international transfer companies (Western Union and MoneyGram)..click here

https://cbi.iq/static/uploads/up/file-168310761443732.pdf

https://cbi.iq/news/view/2319

Guide For Financial Institutions

12May 04, 2023     ► A guide for financial institutions on the risks of dealing in virtual currencies and virtual asset service providers and their use by money launderers and terrorist financiers..For information, click here  https://cbi.iq/static/uploads/up/file-168319405417817.pdf

https://cbi.iq/news/view/2321

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

https://www.bondladyscorner.com/

Goldilocks: "Iraq, China, UST and more" Thursday 5-4-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted explanations/commentaries with links this morning:

"A guide for financial institutions on the risks of dealing in virtual currencies and virtual asset service providers and their use by money launderers and terrorist financiers .." For information, click here  

Iraq is still in process of completing their digital-asset based trading system currency reforms.

It looks like the United States and Iraq are both in their final stages of completing digital/currency reforms.

© Goldilocks

https://cbi.iq/news/view/2321

China and the US are in process of decoupling several manufacturing products.

This will affect several sectors of the market. And, it is creating the worst week for stocks since March. We are witnessing a catalystic event that will move our markets into real values.

This will take a heavy toll on the dollar as it moves to find it's real value among countries who are decoupling from the use of it in trade. Look for other currencies to begin making their move into real values as well as gold and silver find their place in this new world.

We have several Regional Banks under pressure. Pacwest Bank is the most recent one that is looking at their options because of it.

This is going to tighten liquidity and make lending much tougher to acquire. It will put even more people out of work and require the need for more Artificial Intelligence to replace them.

The world around us is changing and the movement into a technological society is becoming more prevalent.

The Fed basically raised interest rates for the 10th time yesterday, and Jerome Powell left a message that if more is needed it will continue to fight inflation. This is why we saw the markets take a nose dive after his reading yesterday.

The future is filled with a lot of uncertainty, but one thing is very clear. We will be heading into it with a huge emphasis on technology, and the commodity sectors of the market will be very much a part of it.

Artificial intelligence is about to change all of society. In many ways, the movement into a metals-based trading system was inevitable. It is the world we now live in and breathe.

© Goldilocks

https://www.cnn.com/2023/05/03/investing/pacwest-bank/index.html

~~~~~~~~~~

For the first time in decades, the US Treasury Department has announced that they will begin early next year buying out our government's debt.

This will provide new liquidity movement for the markets and the banking system.

As our markets and banking system go into real values this year, this will give us a clearer picture of how much debt the US Treasury is going to have to acquire.

This is a formal announcement that the US Treasury is clearly taking over. It is also why we are moving from a Libor lending system to a SOFR lending system.

Remember, "whoever owns the most gold makes the rules."

© Goldilocks

https://worldnewsera.com/news/finance/stock-market/us-treasury-announces-first-buyback-scheme-in-decades-to-boost-liquidity/

~~~~~~~~~~

NEW YORK, May 2 (Reuters) - "A decade after a manipulation scandal turned global regulators and investors against the London Interbank Offered Rate (LIBOR) as the global interest rate benchmark, major clearing houses are in the final weeks of the nearly $50 trillion transition of the U.S. rate swaps market to its successor."

As you can see, this is a major undertaking to swap out the old Fiat Systematic Structure that provided Banks and Markets liquidity to a commodity-based one inside SOFR contracts.

Again, our government and companies in the US have until June 30th to complete this process.

© Goldilocks

https://www.reuters.com/markets/rates-bonds/libor-successor-home-stretch-for-transition-giant-us-swaps-market-2023-05-02/

~~~~~~~~

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Thursday Morning Iraq Economic News Highlights 5-4-23

Thursday Morning Iraq Economic News Highlights 5-4-23

Deputy For Basra: We Will Not Pass The Budget Without Fairness To The Province Through Petrodollars

Information / Baghdad..  On Thursday, the representative of Basra Governorate, Durgham Al-Maliki, called for raising the governorate’s allocations from the petrodollar allocations to remove the negative and environmental impacts of the extraction operations, indicating that the budget did not do justice to the oil-producing governorates, especially the Basra governorate. 

Al-Maliki said in an interview with the information agency, that "the budget allocations for the oil-producing provinces are unfair," adding that "the petrodollar crisis is still not resolved in the budget, as the financial allocations are unfair."

https://media.almaalomah.me/archive/image/2023/5/4/df5603bb-4a6f-41a8-bef7-1ba44d48e424.jpeg

Pointing out that "Basra produces more than 90% of Iraqi oil exports, as well as a large proportion of gas fuels, so we will have a position until all oil-producing provinces are fair in the federal budget law."

He continued, "The representatives of the oil-producing provinces will have a position within the House of Representatives regarding the lack of financial allocations in the budget."

And the oil-producing provinces recorded several notes on the budget because their rights were not included in the petrodollar allocations, as well as the accumulated debt owed by Baghdad to those provinces in previous years. LINK

Deputy Speaker Of Parliament: We Agree To Approve The Budget At The Earliest Date, And These Are Our Treatments

Thursday 04 May 2023 12:56 | politics Number of readings: 113    Baghdad / NINA /- The House of Representatives affirmed its intention to approve the general budget law as soon as possible.

Deputy Speaker of Parliament Shakhwan Abdullah said, in a statement to journalists, including the correspondent of the National Iraqi News Agency / NINA / today, Thursday, "The draft budget law has been included on the agenda for the first and second reading, due to the importance of the law and the urgent need for its approval," usually that "it is not possible to procrastinate in postponing the budget law for partisan or personal political goals.

He added, "The political blocs tend to approve the general budget, and we focused in the meeting of the political forces that there would be no prolongation in the timings of hosting ministries and governors, and we proceeded to focus on the important and technical aspects errors within the budget."

He explained, "It was agreed that the schedules that do not correspond to the level of the general budget are dealt with jointly by the government and the House of Representatives, and a date has been set to collect and unify all observations between the political forces." in order to adopt them properly and to be approved by the final vote. / End 5 To receive more news, subscribe to our channel on

https://ninanews-com.translate.goog/Website/News/Details?Key=1051184&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Parliamentary Calls For The Government To Expel The US Ambassador Because Of Her Blatant Interference

Information / Baghdad..   On Thursday, the representative of the Al-Fatah Alliance, Rafik al-Salhi, called on the government and the Ministry of Foreign Affairs to put an end to the movements of the American ambassador and to deport her from Baghdad, indicating that the ambassador's movements deviated from diplomatic controls and norms.

Al-Salihi said in a statement to Al-Maalouma, "The role played by the US ambassador in Baghdad is contrary to international diplomatic norms, as she interferes with all internal aspects of government and political affairs by holding several meetings with Iraqi politicians and government ministers without the knowledge of the Ministry of Foreign Affairs, as is customary." it internationally."

He added, "The Ministry of Foreign Affairs is required today to neutralize the ambassador's movement, and if she does not comply with the behavior of diplomatic work set by the United Nations, then it is required to inform the US State Department, at the very least, of her replacement or expulsion, to be an example to those who will succeed her."

The US ambassador's tours of Iraqi ministries, institutions, and provinces sparked a wave of criticism, especially with her statements of political leanings and support for corrupt parties. LINK

The Minister Of Oil Reveals The Latest Developments In The Agreement With The Region

Posted On2023-05-04 By Sotalira   Oil Minister Hayan Abdul Ghani confirmed that a final agreement will be reached within two weeks to resume the export of Kurdistan region's oil, stressing that the indications in this regard are "positive".

Hayyan said, "We have reached the final stages of the agreement with the Kurdistan region, and we will reach a final agreement within one to two weeks regarding the resumption of crude oil exports."

He added, "We receive news from the Turkish side that there are tests on the pipelines, and we cannot refuse the tests, because it is in our interest that the exported oil arrive and not leak on the way, and therefore the process will be greatly affected."

Hayan stressed, "All indications are positive, and we will reach an agreement," noting that "the same principles adopted by SOMO Company for selling Iraqi crude oil depend on selling the oil of the Kurdistan region in addition to Kirkuk oil." LINK

An Economist Demonstrating How To Bridge The Junction Between Government And Parliament Over Budget Amendments

The specialist in economic affairs, Muhammad Al-Saadi, explained how to overcome the intersections that may occur between the government and parliament regarding the latter’s amendment of some paragraphs of the budget, which creates a change in the government’s plan and program according to which the budget was drawn.

Al-Saadi said in a press interview, which was seen by Taqaddam, that “the House of Representatives is unlikely to make substantial amendments to the items of the financial budget, as the discussions that the Finance Committee is conducting with the executive authorities are a positive case in looking at the ministries’ allocations of operational expenses and investment allocations, and they constitute A kind of transparency in knowing the exchange doors.”

He added, "Parliament's amendments do not constitute any obligation on the government to reduce expenditures, except in the case of transfers, which is unlikely, as it affects the government's plan to implement its ministerial program."

Al-Saadi stressed the need for there to be an initial agreement between Parliament and the government regarding the amendments to block any step towards the appeal that previous governments have always followed with the budget amendments.   https://takadum-news.com/archives/162537

Parliamentary Finance Continues To Study The Budget And Hosts Sami's Spectrum

Iraq  2023/05/04   Omar Abdul Latif   Yesterday, Wednesday, Prime Minister Muhammad Shia al-Sudani met with the head of the State of Law Coalition, Nuri Kamel al-Maliki, to expedite the approval of the general budget law. In order for the government to implement its development and service plans that are in the interest of citizens.

The Parliamentary Finance Committee held its meeting to read the articles and provisions of the Federal General Budget Law for the fiscal years 2023-2024-2025, and to form its subcommittees to conduct a comprehensive study on them, and decided to host Finance Minister Taif Sami next Saturday in this regard.

And the Prime Minister stressed, in a statement to his office, the importance of concerted efforts of all political forces. In order to support the government in its executive work, through which it aims to provide basic services and raise the standard of living for citizens.

Meanwhile, a statement by the Finance Committee stated that it “started its meeting with a discussion of the materials that include the issuance of a guarantee for the debt of the concluded contracts, provided that the contracts of the Ministry of Electricity are not in the form of (take or pay), and guarantees of support for the agricultural and industrial sectors for the establishment of projects, in addition to a file Making transfers between loan allocations, changing the beneficiary, and listening to proposals about them.

The committee read “Chapter Three regarding limiting the disbursement from the account appropriations for the expenses of employee compensation, service and commodity requirements, capital expenditures, other expenditures, special programs, social care, expenditures of projects approved within the general budget, and revenue generation, in addition to the mechanism for using the amounts approved for the emergency reserve to pay unexpected and emergency expenses in the event of occurrence, emphasizing the necessity of pruning the incoming texts and suggesting adding and amending articles in a way that guarantees the public interest of the country and improves production. The committee went on to say,

It is noteworthy that the committee is working on reviewing the texts contained in the budget law and the tables included through the formation of its sub-committees to expedite the completion of its report within a specified period. The Finance Committee aims to study the items of the general budget so that it includes many different service aspects, including the analysis of government spending, financial challenges, and the social and economic budget, according to the implementation of the government program.

In addition, committee member Ali Moanes told Al-Sabah: The salaries of the three presidencies, special grades, and advisors constitute only 1.5 percent of the budget and cannot reduce the deficit.

Mu'nis suggested that the deficit be reduced by increasing the very neglected collection, and the possibility of squeezing unnecessary expenditures and non-essential programmes, because the deficit is very large and represents a challenge that must be faced.

Moanes added that meetings are continuing to meet with executive officials to find out the details of their budgets, noting that the decision to reduce the deficit has not been taken yet.

Moanes added that the committee is awaiting the outcome of the political agreements, noting that the committee's meetings continue with 3 sessions per day.

Edited by: Abdul Rahman Ibrahim   https://alsabaah.iq/76234-.html

The Finance Committee Discusses Spending In The Budget And Decides To Host Sami's Spectrum

Money  and business   Economy News / Baghdad    The Parliamentary Finance Committee announced, on Wednesday, that it will host the Minister of Finance, Taif Sami, next Saturday, stressing the need to limit public expenditures and encourage the private sector in the 2023 budget. And the parliament’s media stated in a statement that “the Finance Committee, headed by Representative Atwan Al-Atwani, held its meeting

to read the articles and provisions of the budget law The Federal General Assembly for the fiscal years 2023-2024-2025, and the formation of its subcommittees to conduct a comprehensive study on it, as it decided to host the Minister of Finance, Taif Sami, next Saturday in this regard.

The committee discussed “the materials that include the issuance of a guarantee for the debt of the contracts concluded, provided that the contracts of the Ministry of Electricity are not in the form of (take or pay), and guarantees of support for the agricultural and industrial sectors to establish projects, in addition to the file for making transfers between loan allocations and changing the beneficiary, and listening to suggestions about it.

The committee read "Chapter Three on limiting the disbursement from the account appropriations for the expenses of employee compensation, service and commodity requirements, capital expenditures, other expenditures, special programs, social care, expenditures of projects approved within the general budget, and revenue generation, in addition to the mechanism for using the amounts approved for the emergency reserve to pay emergency expenses if they occur." , stressing "the necessity of pruning the incoming texts and proposing to add and amend the articles in a way that guarantees the public interest of the country and improves production."

And the committee continued, "by reading the materials that concern stopping appointments within the centrally funded formations, losing and profitable companies, and self-financed bodies, provided that the job grades are deleted within the ranks of the owners, with the exception of the service departments of the Baghdad Municipality, the directorates of Baghdad water and sewage, the municipal institutions of the Ministry of Construction, and the water departments of all governorates."

And she indicated that "vacant positions are kept for the movement of owners for the year 2023, to benefit from them in confirming contracts according to precedence, and those covered by the appointments of the Ministry of Health are excluded according to the Law of Medical Professions, and the Law of Employing First Graduates and Holders of Higher Degrees, and the appointment file is transferred to the Federal Service Council," stressing "The need to pay attention to the private sector to ensure the direction of investment projects and the development of performance."

The statement pointed out that "the Parliamentary Finance Committee is working to review the texts contained in the budget law and the tables included by forming its sub-committees to expedite the completion of its report within a specified period," stressing that "the committee aims to study the items of the general budget so that it includes many different service aspects, This includes analyzing government spending, financial challenges, and the social and economic budget, according to the implementation of the government program.    https://economy-news.net/content.php?id=33992

The High Exchange Rate Of The Dollar In The Iraqi Market

Market   Economy News – Baghdad  Today, Thursday, the Iraqi markets recorded an increase in the exchange rates of the dollar against the dinar.

Baghdad   Sale: 145,250 dinars for every 100 dollars   Purchase: 143,250 dinars for every 100 dollars

South   Sale: 145,250 dinars for every 100 dollars   Purchase: 143,250 dinars for every 100 dollars

North   Sale: 145,750 dinars for every 100 dollars   Purchase: 143,750 dinars for every 100 dollars

Views 68  Added 05/04/2023 - 10:27 AM  https://economy-news.net/content.php?id=34001

Economist: Iraq's Budget Is Facing A Major Dilemma, And The Reason Is.

Baghdad - Iraq today:  Economist Nabil Al-Marsoumi warned of the repercussions of the drop in global oil prices on the Iraqi financial budget for the year 2023.

Al-Marsoumi said in a statement, "The drop in the price of Brent crude to $72 confuses the financial accounts in Iraq because the selling price of Iraqi oil has become slightly more than the estimated price in the budget set at $70."

He pointed out, "The cessation of oil exports from the Kurdistan region and Kirkuk puts the budget in a severe dilemma because it throws half a million barrels out of the budget."

And Al-Marsoumi added, "Iraq's commitment to OPEC Plus cuts, which amount to 431,000 barrels per day, makes public finances under a hot plate," as he put it.

And the economist asked: "Should we say goodbye to the rising oil price wave and the financial surpluses that we did not deal with well? Will we soon enter the austerity season as we enter the summer season?"   LINK

"Tidbits From TNT" Thursday Morning 5-4-2023

TNT:

Tishwash:  The Central Bank of Iraq imposes nearly 35 billion dinars in fines on banks that manipulated the exchange rate

Today, Thursday, the Central Bank of Iraq imposed financial fines on banks and institutions after they manipulated the exchange rate of the dollar against the dinar.

According to the schedule of penalties issued by the bank, fines of more than 34 billion dinars were imposed on banks and non-bank financial institutions for the first quarter of 2023, in addition to directing warnings and warnings after their manipulation of dollar exchange rates.

The Central Bank of Iraq announced, on Monday, January 19, a package of decisions that would restore the foreign currency market to its normal position after the rise in it. link

CandyKisses:  Parliamentary calls for the government to expel the US ambassador because of its blatant interference

Information / Baghdad.

MP for the Conquest Alliance, Rafik Salhi, on Thursday, the government and the Ministry of Foreign Affairs to put an end to the movements of the US ambassador and keep her away from Baghdad, indicating that the ambassador's movements went out of diplomatic controls and customs . 

Al-Salhi said in a statement to Al-Maalouma that "the role played by the US ambassador in Baghdad is contrary to international diplomatic norms, as it interferes in all internal joints of the government and political affairs by holding several meetings with Iraqi politicians and government ministers without the knowledge of the Ministry of Foreign Affairs as is internationally recognized."

He added, "The Ministry of Foreign Affairs is required today to neutralize the ambassador's movement, and if she does not comply with the behavior of diplomatic action set by the United Nations, then it is required to inform the US State Department, at the very least, of her replacement or expulsion, to be an example to those who will succeed her."

The US ambassador's tours of Iraqi ministries, institutions, and provinces sparked a wave of criticism, especially with her statements of political leanings and support for corrupt parties.

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

Tishwash:  In cooperation with the World Bank, an agreement was signed to launch chemical pollution reduction projects at a value of $20 million

The Ministry of Environment signed an agreement to launch chemical projects in cooperation with the World Bank and with the support of the Global Environment Facility (GEF), amounting to 20 million dollars, which includes the launch of two important projects to reduce the effects of chemical pollution in Iraq.

Environment Minister Nizar Amidi said, during the official announcement of the signing of the agreement today, Thursday, that "these two projects are the highest in international support from the World Bank and the Global Environment Facility, bringing the total financial support as a grant to $20 million, focused on two axes, the first of which is the start of the activities of the implementation plan." The Stockholm Convention on Persistent Organic Pollutants, to which Iraq officially joined under Law 45 of 2015, as this project will be implemented in coordination with all national partners in the Ministries of Electricity, Agriculture, Industry, Minerals and Municipalities.

In turn, Adviser to the Prime Minister for Environment and Climate Affairs, Ali Al-Lami, confirmed that "the project will focus on the safe environmental disposal of expired and damaged pesticides in some stores of the Ministry of Agriculture, as well as sacral oils and transformers contaminated with this oil amounting to 1,300 tons, with full institutional support for all relevant ministries to implement The Stockholm Agreement, preparing strategies, updating relevant laws and legislation, and rehabilitating laboratories to develop the possibility of conducting analysis and measurements of persistent organic pollutants.

He added, "The other activity is the highly polluted sites project in the liberated areas / the second phase, where the Ministry will complete, with the precedence and support of the World Bank, the first phase, which included the evaluation of dozens of highly polluted sites in 6 governorates after their liberation from the terrorist ISIS, and in the light of the results of the evaluation in the stage."

The first will be selecting sites for environmental cleaning and rehabilitation in a way that enhances the support of local communities to restore stability to these areas and provide a clean and safe environment for the continuation of reconstruction work in the liberated governorates. We also hope that the two projects will be implemented with logistical and technical support from the United Nations Development Program. link

Mot:  .... being an Appreciated Mum!! ~~~

Mot: ..... Ouch!!! -- Pay Back!!  Dog ate diploma

Iraqi News Highlights Wednesday Evening 5-3-23

Iraqi News Highlights Wednesday Evening 5-3-23

Tlm724 Administrator Bondlady’s Corner

Oil Continues To Decline Amid Anticipation Of More Decisions To Raise Interest Rates

Wednesday 03 May 2023 09:25 | Economical Number of readings: 274  Baghdad / NINA / - Oil prices continued their decline today, Wednesday, after falling by about five percent in the previous session, to the lowest level in five weeks, while investors await more decisions to raise interest rates this week.

According to Reuters, Brent crude futures fell 13 cents, or 0.2 percent, to $75.19 a barrel by dawn today, Wednesday, while West Texas Intermediate crude fell 13 cents, or 0.2 percent, to $71.53.

The two benchmarks closed at their lowest levels since March 24 in the previous session, in which they also recorded the largest one-day percentage drop since early January.

The US Federal Reserve is expected to raise rates by 25 basis points on Wednesday to curb inflation, and the European Central Bank is expected to raise rates at its regular meeting on Thursday.

Further rate hikes could slow economic growth and undermine energy demand.

Energy prices are also under pressure after Chinese data over the weekend showed an unexpected drop in manufacturing activity in April. China is the largest consumer of energy in the world and the largest buyer of crude oil./End 9   https://ninanews.com/Website/News/Details?key=1050878

Central Bank Sales Increased During This Day

Economy| 12:42 - 03/05/2023   Baghdad - Mawazine News   Today, Wednesday, the Central Bank of Iraq's sales of foreign currency increased, to record about $187 million.

According to the schedule of the currency sale window, followed by (Ann News), the Central Bank sold during its auction today 187,246,380 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 external transfers, and at a price of 1310 dinars per dollar in the form of monetary.

Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits), amounting to $128,146,380 million, while the remaining $59,100,000 million went in the form of cash sales.    https://www.mawazin.net/Details.aspx?jimare=225975

Planning Discusses The Partnership Law Between The Public And Private Sectors

local| 01:30 - 03/05/2023   Baghdad - Mawazine News  Today, Wednesday, the Ministry of Planning, in cooperation with the German Agency for International Cooperation, discussed the partnership law between the public and private sectors.

The ministry stated in a statement, of which Mawazine News received a copy, that "the Ministry of Planning held today, in cooperation with the German Agency for International Cooperation, a workshop to discuss the partnership law between the public and private sectors," noting that "the meeting was attended by a number of general managers in the ministry, as well as Representatives of the German Agency for International Cooperation and a number of representatives of the private sector, as well as a number of employees of the Ministry.

She added that "the workshop witnessed presentations on the objectives and applications of companies between the public and private sectors in Germany, in addition to the legal framework for partnership between the two sectors in the Federal Republic of Germany, by representatives of the German agency Dekar and Krundman."

During the workshop, the Administrative Undersecretary of the Ministry, Azhar Hussein Salih, emphasized "the importance of partnership between these two sectors," noting that "the realization of this partnership is among the priorities of the Iraqi government, as it is related to infrastructure and service projects."

She explained that "the Ministry of Planning proposed several proposals for this partnership, including: the importance of having a clear and independent law from other laws, in addition to working on education, awareness and training on the law and its concepts, and looking at the experiences of others in this aspect."

For his part, the coordinator of the Economic Projects Group of the German Agency for International Cooperation, John Brucher, said: "The private sector development project supports the Iraqi government in reviewing the draft partnership law between the public and private sectors," pointing out that "the project depends on three pillars that included interventions from national and international experts."

To gain access to best practices and lessons learned from other countries, especially Germany, as well as exchanges between relevant ministries as well as consultation rounds with stakeholders from the private sector in Iraq.

He pointed out that "this tripartite approach has proven successful in the past, allowing international contributions to integrate knowledge and experience among other countries."

https://www.mawazin.net/Details.aspx?jimare=225984

The Central Bank Participates In A Workshop To Support The Proliferation Of Points Of Sale (Pos).

May 03, 2023   The Deputy Governor of the Central Bank of Iraq, Mr. Faisal Al-Haimus, and a number of general managers participated in a workshop organized in Baghdad with the participation of the Ministry of Finance, representatives of ministries concerned with the use of point-of-sale (POS) devices, and a group of electronic payment companies, government and private banks, to discuss the implementation of the provisions of the decisions Related to the collection of dues and government fees through points of sale (POS) provided by electronic payment companies licensed by the Central Bank of Iraq.

 And Al-Haimus stressed, during his speech at the opening of the workshop, that

the Central Bank of Iraq and all its formations are truly supportive of the efforts of the federal government in implementing the decision issued by the Council of Ministers, No.

It works to facilitate the government's control over the management of its funds by collecting its revenues on the one hand, and on the other hand,

it works on the development of the banking sector and electronic payment companies, which are considered the main partner in the success of this project.     

In addition, Mr. Deputy Governor, Mr. Faisal Al-Haimus, stated that this bank is the best support for the private sector participating in the paradigm shift, which

we expect to succeed through the concerted efforts of all parties and the attraction of discreet international institutions and cooperation with electronic payment companies that have obtained their license from the Central Bank, to implement decisions on the ground

The reality is that this cooperation will soon reap its positive fruits, which will reflect positively on the citizen and the government at the same time.

Central Bank of Iraq       information Office      May 3, 2023   https://cbi.iq/news/view/2320

The Governor Of The Central Bank Of Iraq Meets The Executive Director Of Western Union

May 02, 2023    His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, met with the CEO of Western Union for the Middle East, Africa and Europe, Mr. (Jean-Claude) and his accompanying delegation.

    Claude presented the company's vision to expand its business in Iraq and its desire to grant new agencies to Iraqi financial institutions, especially after the growth of remittance services in Iraq.

    While His Excellency the Governor affirmed the bank's readiness to facilitate financial settlements for the company's agents operating in Iraq at the official exchange rate, adding that

the Central Bank supports the Iraqi government's directions in automating and controlling external transfers through the electronic platform, within the Iraqi and international rules and laws, indicating that  Western Union One of the leading and successful companies in this field inside Iraq.

Central Bank of Iraq   information Office  2-May-2023  https://cbi.iq/news/view/2318

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