Awake-In-3D "Texas Committee Passes Bill To Create 100% Reserve Gold and Silver Backed Transactional Currencies

Awake in 3D

Texas Committee Passes Bill To Create 100% Reserve Gold And Silver-Backed Transactional Currencies

As I reported earlier last week at GCR Real-Time News, individual states in the USA have a constitutional right to recognize gold/silver as legal tender. 

Over 30 states are currently proposing and passing legislation along this path.

Why?

Because under the US Constitution, states are bound to only recognize and use gold and silver as legal tender. Which means, they can technically reject the current “Federal” US Dollar as it is a fiat currency, not backed by gold or silver since 1971.

With the growing possibility of the Federal, US Treasury introducing a fiat CBDC (Central Bank Digital Currency) which can enable unprecedented tracking and control over US citizens, a growing number of states are preparing to reject such Federal control and limitations of freedom.

Texas continues to lead the way with their latest legislation.

Details on latest Texas HB4903 State Legislation:

“On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies.”

“The comptroller would also be required to create a mechanism to use 100% backed gold and silver digital currencies in everyday transactions.”

“The creation of state-issued gold-backed and silver-backed digital currencies would create currency competition with Federal Reserve notes and undermine the Fed’s monopoly on money. It would also provide a sound money-backed competitor if the Federal Reserve implements a central bank digital currency.”

Source: GCR Real-Time News

https://t.me/GCR_RealTimeNews/288GCR Real-Time News, [May 7, 2023 at 16:01]

Many Blessings,

Ai3D

Iraqi News Highlights Sunday Afternoon 5-7-23

Iraqi News Highlights Sunday Afternoon 5-7-23

Tlm724 Administrator Bondlady’s Corner

Parliament Hosts The Minister Of Oil Regarding The Agreement Between Baghdad And Erbil

political| 04:00 - 07/05/2023   Baghdad - Mawazine News   The Oil, Gas and Natural Resources Committee announced, on Sunday, that it would host Oil Minister Hayan Abdul-Ghani regarding the agreement between Baghdad and Erbil on unifying exports through the Turkish port of Ceyhan.

The committee said, in a statement that Mawazine News received a copy of, that "the Oil, Gas and Natural Resources Committee, headed by Representative Haibat al-Halbousi, hosted, in the presence of the members, Minister of Oil Hayan Abdul Ghani, the Undersecretary of the Oil Minister for Distribution Affairs, and a number of general managers, to discuss supporting the ministry's allocations within the 2023 budget." ".

Representative Al-Halbousi confirmed that "the committee discussed the value of the ministry's operational and investment budget for the year 2023, the agreement concluded between the federal government and the Kurdistan Regional Government on unifying oil exports through the Turkish port of Ceyhan, and a statement of the dues of companies operating within the licensing rounds."

Al-Halbousi stressed that "the committee will support the Ministry of Oil with the financial allocations it needs to sustain its work and develop its industry, and overcome all obstacles facing the ministry's work, especially with regard to transportation and export," stressing that "the committee will host the directors of the Economic Department and the Oil Marketing Company (SOMO) to discuss a number of files." Ended   https://www.mawazin.net/Details.aspx?jimare=226312

Director Of The Private Sector Development Department: We Intend To Find Solutions To The Challenges Of Small And Medium Enterprises

Economy| 02:55 - 07/05/2023   Baghdad - Mawazine News,  the Director General of the Private Sector Development Department, Muhammad Hanoun, discussed the obstacles and solutions used for small and medium enterprises, as part of the Business Development Program.

Hanoun said in a statement, "The Private Sector Development Department, in cooperation with the Progressive Company for Training and Organizing Conferences, held a discussion session with the owners of small and medium enterprises and entrepreneurs within the framework of the business development project that the department is working on with the Progressive Company."

He pointed out that "the session was held in the presence of the Deputy Director General of the Private Sector Development Department, the presence of the department directors, the director and the work team of the progress company, and the presence of representatives of the Baghdad Chamber of Commerce, the Iraqi Federation of Industries, the station institution, and the Business Avenue institution."

He added, "The project owners presented an overview of their projects and the challenges and obstacles facing their projects, in preparation for the department to hold other sessions with government institutions, business organizations and concerned international organizations to discuss these challenges and find solutions to them through reformulation of the procedures followed in order to improve the reality of these projects and increase their contribution to the gross domestic product." and thus achieve economic growth.    https://www.mawazin.net/Details.aspx?jimare=226310

Al-Sudani Directs To Expedite The Implementation Of Points Of Sale With The Electronic Payment System

Economy| 09:13 - 07/05/2023   Baghdad - Mawazine News, Prime Minister Muhammad Shia Al-Sudani directed ministries and agencies not associated with a ministry and all governorates to expedite the implementation of points of sale with the electronic payment system (POS) and to make unremitting efforts for this.

A spokesman for the General Secretariat of the Council of Ministers, Haider Majeed, told the official news agency, "The Prime Minister, Muhammad Shia'a al-Sudani, directed ministries and agencies not associated with a ministry and all governorates to expedite the implementation of points of sale with the electronic payment system (POS) and to make unremitting efforts for that." .

He added, "The directive came during the Council of Ministers meeting in its eighteenth regular session, held on 2/5/2023," stressing that "the Department of Cabinet Affairs and Committees in the General Secretariat of the Council of Ministers will follow up on the implementation of the directive with the relevant authorities." Ended 29/N33   https://www.mawazin.net/Details.aspx?jimare=226281

The International Monetary Agency Expects Iraq's External Debt To Decrease In 2023

 Money  and business  Economy News _ Baghdad  The International Monetary Fund expected Iraq's external debt to decrease in 2023, by $1.2 billion.

The fund said in its latest report for the month of May on "maintaining macroeconomic stability amid continuing uncertainty in the Middle East and North Africa region," which was seen by "Al-Iqtisad News," that "Iraq's external debt is expected to decrease in 2023 by 1.2 billion." dollars, to reach 22 billion dollars, up from 23.2 billion dollars in 2022," noting that "it is also expected that Iraq's external debt will decrease in 2024 to reach 20.8 billion dollars."

He added, "Iraq's external debt decreased significantly, starting from 2000, which was 122.4 billion dollars, to reach 48.6 billion dollars in 2020, to reach 33.1 billion dollars in 2021, and then reach 23.2 billion dollars in 2022."

The fund indicated that "the highest external debt of the oil-producing Arab countries was for Bahrain, whose debt amounted to $197.1 billion in 2022, which is expected to rise to $200.1 billion in 2024, while the least indebted country among the oil-producing countries was Algeria." whose foreign debt reached $1.5 billion in 2022. Views 64  05/07/2023 -  https://economy-news.net/content.php?id=34047

Reforming The Banking Sector In The Vision Of The Prime Minister And The Central Bank

 Sameer Al-Nusairi  In his answer to the government's vision and program for financial and banking reform, the Prime Minister indicated, when hosting him in the Iraq Forum, the weakness of the government and private banking sector.

He emphasized the role of the government and the new administration of the central bank in controlling the exchange rate of the dinar and its recovery against the US dollar and returning it to the point of balance in the foreign currency trading market. Great work challenges and obstacles for reasons related to the unstable economic situation and self-inflicted reasons borne by banks in terms of managing banking work, weak activity, and the lack of services and products that they provide to the public.

 And banking services related to contributing to economic development and achieving economic growth through the basic activity of banks, which is financing, investing, attracting deposits, granting cash credit, opening documentary credits, issuing internal and external transfers, and financing projects.Small and medium-sized enterprises relying on their own financial capabilities, but their reliance was mainly on the Central Bank’s initiative to finance small and medium enterprises.

Thus, the activity of these banks was limited to participating in the currency sale window that the Central Bank carries out daily in what is known as monetary sterilization, with the aim of providing the Iraqi dinar to the Ministry of Finance, and covering trade And with the aim of maintaining the stability of the exchange rate of the Iraqi dinar against the US dollar, which helped banks obtain guaranteed financial returns due to the difference between the official price of the dollar and the parallel market rate.

In order for banks to be stimulated and empowered, in accordance with paragraph 7 of Article Twelve of the government curriculum and the Central Bank’s plan to reform and develop banks, to carry out their duties stipulated in the Banking Law and the instructions and guiding and executive regulations in force issued by the Central Bank in accordance with the new strategic features to re-evaluate the stages that the banking business went through.

According to the vision of the new administration, it adopts the evaluation, classification and reform of banks, in a way that contributes to their regularity in the global financial and banking system, by adhering to international standards in combating money laundering and compliance, and adopting discreet correspondent banks for commercial and financial mediation between importers and exporters (the ultimate and real beneficiary).

And that applying and serving the national economy and customers requires strengthening and accelerating the steps towards issuing the national strategy for lending, launching the financial inclusion strategy, initiating the implementation of infrastructure projects for the implementation of development projects for electronic payment, and the transition from the cash society to the non-cash society according to a specific period of time, and since the implementing agencies of policies and plans The central bank is the banks, so it requires taking the necessary steps to re-review, evaluate, and classify private banks and restructure government banks according to previously prepared studies with specialized international organizations.

It must be noted that there are special international standards for the classification of central banks agreed upon in most countries, such as controlling inflation and growth Economic, monetary stability, independence and the extent to which economic goals are achieved.

And because central banks are subject to classification and since they are the ones that monitor and supervise banks, then the classification of banks must be in accordance with international standard standards approved in most countries and by accredited international rating agencies, and focus on banks that have not been rated yet and they constitute the large percentage that exceeds 70% of the total number of banks, as well as rehabilitating troubled banks by merging or liquidating them.

We propose here to create a department or division in the comprehensive quality management of financial analysis and evaluation of banks by adopting standard accounting standards for the quarterly, semi-annual and annual evaluation in addition to what is currently in force in the international classification (CAMELS), which is based on the evaluation and classification on the criteria of capital, assets, liquidity, profitability and risk management,

 but In view of the specificity of the banking business in Iraq, it is required to assign the department proposed to be created to carry out re-evaluation and classification by adopting additional standard criteria that are consistent with the Iraqi reality, such as approving the business results of banks and final accounts, and focusing on analyzing assets, revenues, expenses, capital adequacy, indicators of money employment, cash credit granted, its sectoral distribution, and the return-to-return ratio.

The capital, the return on assets, the liquidity ratio, and the extent to which banks adhere to the banking instructions in force, in particular the commitment to the Central Bank’s initiative to finance small and medium enterprises, and not deviate from their basic objectives.And the collection of non-performing debts and compliance with the Basel II and III agreement and the management of credit, liquidity, operational and market risks.

Another important note that must be clarified is the weakness of the banks’ capital, which led to a shortage of their savings, weak liquidity and credit capacity - assuming that the bank has completed the minimum capital, which is 250 billion dinars, noting that some of their capitals have been eroded due to the problems of managing their credits.

The proposal in this case is not only to work on re-evaluating or completing its capital, but rather to raise its minimum to at least 50% of its current capital by a decision of the Board of Directors of the Central Bank, and that this step will enable it to restructure it, increase its savings and enhance its credit capacity because our economy There is a need for large banks that activate the economic cycle, move the credit activity, and be managed by a professional banking administration that is independent of its owners, according to the modern concept of banking management.

The central bank can give good banks an appropriate period to gradually boost their capital.

Views 158  Added 05/07/2023 - 10:21 AM  https://economy-news.net/content.php?id=34041

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

https://www.bondladyscorner.com/

Goldilocks "As The Old System Dies, A New One Will Rise" Sunday 5-7-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted several links with comments 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" 

This set of final instructions on how to deal with their new digital asset-based trading system comes just before their citizen's Visa and MasterCards are loaded onto the new electronic financial system per our CBI Banker contact this month.

In June, Dee and I were told that Iraq currently plans to migrate onto the QFS if all goes well. 

© Goldilocks 

https://cbi.iq/news/view/2322

Pre-hedging is a form of hedging of inventory risk in anticipation of a potential incoming transaction. 

"CFTC Enforcement Action Shows a Sharp Focus on Pre-Hedging Disclosures."

Commodity Futures Trading Commission (CFTC) is taking a closer look at their disclosure requirements for swap dealers. 

There continues to be more and more activity surrounding their swap dealer's requirements as of late. 

It is clear, that many financial institutions are preparing for a recession and large sums of money coming in at the same time. 

Many people have been anticipating this reset and bought into the new monetary system on the other side of this old Financial System falling apart. 

As the old system dies, a new one will rise.

© Goldilocks
JDSupra LINK

~~~~~~~~~~

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

"Tidbits From TNT" Sunday 5-7-2023

TNT:

CandyKisses::  For the first time in 9 years. Russia returns to the list of the ten largest economies in the world

Data from the World Bank and the National Statistical Service showed that for the first time since 2014, Russia returned to the list of the ten largest economies in the world.

At the end of 2022, Russia produced goods and services worth $2.3 trillion, allowing it to occupy eighth place on this list.

According to the data, the United States remained the world's largest economy last year, with a nominal GDP of $25.46 trillion. In second place came China (17.94 trillion) and traditionally Japan closed the top three (4.17 trillion). Germany remained fourth (4.07 trillion), India ranked fifth (3.4 trillion), Britain retained sixth place (3.07 trillion) and France remained seventh (2.78 trillion). Canada ranked ninth ($2.14 trillion), while Italy ($2.01 trillion) fell from eighth to tenth.

South Korea slipped from the top ten, becoming 13th.Russia last entered the top ten in 2014, at which time it occupied ninth place with a GDP of $2.05 trillion. In 2021, Russia ranked 11th.

The ranking of countries by GDP was calculated on the basis of the most recent annual or quarterly data provided by national statistical offices in national currencies and, where necessary, recalculated in dollars at the average exchange rate for the corresponding period.

CandyKisses:  Within A Month. Iraq Achieves 17 Trillion Dinars In Financial Revenues

The Ministry of Finance issued the accounts of the Iraqi state for the month of February for the fiscal year 2023, which indicated that the volume of financial revenues amounted to more than 17 trillion dinars, while indicating that the contribution of oil to the federal budget amounted to 96%.

Earth News Agency followed up on the data and tables issued by the Ministry of Finance in May for the accounts of February 2023, which showed that oil is still the main resource for Iraq's general budget, reaching 96%, indicating that the rentier economy is the basis in Iraq's general budget.

Through the financial tables, it showed that the total revenues until January amounted to 17 trillion, 668 billion and 982 million, 693 thousand, and 586 dinars, after excluding transfer revenues of 2 trillion, 233 billion and 629 million, and 735 thousand dinars, indicating that the total expenditures with advances amounted to 15 trillion, 923 billion, 515 million, and 419 thousand dinars.

According to the finance table, oil revenues amounted to 19 trillion, 207 billion, 539 million, 763 thousand and 376 dinars, which constitute 96% of the general budget, while non-oil revenues amounted to 695 billion, 72 million and 665 thousand dinars.

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Tishwash:  Al-Barzanji: There is high harmony within the state administration and the budget will be launched within days

Haider Al-Barzanji, who is close to the coordination framework, confirmed the state of "high harmony" within the State Administration Coalition.

Al-Barzanji told the Euphrates News Agency: "The meetings of the State Administration Coalition are continuing, and there is high harmony within it. As for objecting to some laws, it is in formalities and methods."
He pointed out that "the talk continues about issues that concern and pertain to the citizen through completing the important laws in the life of the citizen, the most prominent of which are the general amnesty law and the financial budget law."

Al-Barzanji expected "the approval of the budget law in the coming days, and its completion is related to the Parliamentary Finance Committee, which is the most important at the present time."

It is noteworthy that the State Administration Coalition is a parliamentary coalition, which was formed on September 25, 2022, and consisted of the Coordination Framework, the Kurdistan Democratic Party, the Sovereignty Coalition, the Patriotic Union of Kurdistan, the Azm Coalition, and Babylon.

The administration of the state represents a parliamentary majority, as it includes all the main parliamentary blocs without opposition except from a few independent deputies. The government of the state administration coalition was formed on October 27, 2022, headed by Muhammad Shiaa al-Sudani.

Al-Sudani said that his government is working to achieve stability by preserving the state administration coalition agreement. link

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Tishwash:  Hammurabi Bank.. Financial Inclusion Week, the way to a major banking renaissance

 Hammurabi Commercial Bank participated in the Financial Inclusion Week organized by the Association of Private Banks in cooperation with the Central Bank of Iraq and carried the slogan “The environment is your land to instill in it what you want to see tomorrow” to work on spreading its services among Iraqi society, as this event represents an important step on Communicating and benefiting from regional and global experiences, and starting the stage of starting from where the world ended.

These activities coincide with the celebration of the Arab Day for Financial Inclusion in all Arab countries, and include Iraqi and foreign banks and financial companies providing banking services and displaying all products in several public places, commercial shopping centers, universities, and others.

n official source in the Hammurabi Commercial Bank considers this step a task and advances the Iraqi financial sector to the extent that financial inclusion means, in essence, the delivery of financial services to the weakest income segments in society.

He added, “The banking mechanisms and advantages resulting from the use of electronic payment methods associated with banking work will help expand the phenomenon of financial inclusion so that it becomes double what it is today, and that the number of adults who engage in banking operations will exceed the declared percentages of the adult population, in addition to expanding credit operations and granting The loans will also raise the public’s interaction with the banking system.”

The source pointed out that the activities of the Financial Inclusion Week were launched under the supervision of the Central Bank and the Association of Private Banks, with the participation of a number of banks and electronic payment and financing companies by organizing daily activities for the public, to educate them on the importance of opening bank accounts, electronic payment, savings and others.

And the activities of the week were held at Al-Nahrain University, in order to inform the students of the importance of using personal and corporate bank accounts, to manage their projects. During the symposium, the problems facing some merchants were identified and mechanisms were put in place to solve these obstacles and communication between the bank and the merchant for the purpose of opening accounts for them and dealing through remittances within the electronic platform.

The source indicated that, based on the directives of the Central Bank, the activities of the Financial Inclusion Week were organized in Dream City Mall with the participation of a number of banks, with the aim of increasing the banking culture among citizens, and educating them on the importance of using modern systems and methods, pointing to the participation of the Iraqi Company for Financing Small and Medium Enterprises Ltd. in The fourth day of financial inclusion activities on the grounds of Al-Alwiya Club.. in the presence of the Director of the Awareness Department at the Central Bank of Iraq and his representatives.

The source appreciated the efforts of the Central Bank of Iraq aimed at developing the financial and banking sector by developing the infrastructure that enables financial and banking institutions to improve services and facilitate access to them by all segments of society. Services and the participation of banks in a practical way to contribute to banking education for services, especially for women, as well as for the segment of students, whether schools or universities, who are considered effective tools for spreading culture and fighting banking illiteracy.  link

Mot: .. This Thingy Better Happen Soooon -- Cause My ~~~~~

Mot:  ..... Karma! - Just Love Karma!! ~~~~

Sunday Morning Iraq Economic News Highlights 5-7-23

Sunday Morning Iraq Economic News Highlights 5-7-23

Iraq Achieves 17 Trillion Dinars In Financial Revenues Within One Month

2023-05-07 Shafaq News/ The Ministry of Finance issued the accounts of the Iraqi state for the month of February for the fiscal year 2023, which indicated that the volume of financial revenues amounted to more than 17 trillion dinars, while it showed that the contribution of oil to the federal budget amounted to 96%.

Shafaq News Agency followed the data and tables issued by the Ministry of Finance in the current month of May for the accounts of last February of the year 2023, which showed that oil is still the main resource for Iraq's general budget, reaching 96%, which indicates that the rentier economy is the basis for Iraq's general budget. .

And through the financial tables, it showed that the total revenues until January amounted to 17 trillion, 668 billion, 982 million, 693 thousand, and 586 dinars, after excluding from them the transfer revenues amounting to 2 trillion, 233 billion, 629 million, and 735 thousand dinars, indicating that the total expenditures with Advances amounted to 15 trillion, 923 billion, 515 million, and 419 thousand dinars.

According to the financial table, oil revenues amounted to 19 trillion, 207 billion, 539 million, 763 thousand, and 376 dinars, which constitute 96% of the general budget, while non-oil revenues amounted to 695 billion and 72 million and 665 thousand dinars.

The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed last March, in an interview with Shafaq News agency, that "the reasons for the survival of the economy as a rentier go back to wars and the imposition of siege during the past era, and what we are witnessing today of political conflicts, which led to the dispersion of economic resources."

And the continuation of the Iraqi state’s dependence on oil as the sole source of the general budget puts the country in danger of being exposed to global crises that occur from time to time due to the impact of oil on them, which makes Iraq tend every time to cover the deficit through borrowing from abroad or from the inside, and thus indicates the lack of The ability to effectively manage state funds, and the inability to find alternative financing solutions.   LINK

Counselor Mazhar Salih: Budget Discipline Is Necessary To Avoid A Drop In Oil Prices

May 6, 2023   Baghdad / Obelisk Al-Hadath: The appearance of Muhammad Salih, the financial advisor to the Prime Minister, Muhammad Shia' al-Sudani, confirmed that the draft financial budget law is "conservative."

Saleh said, in a statement to Al-Masalla, that "the budget is conservative at an oil price of $70 a barrel, and the important point is that he will spend more than half of the year for the financial life of Iraq, and he sells for more than $70."

However, he added, "However, there are risks from a drop in prices to less than $70, so the budget must tighten its discipline more and the most important is presented with regard to expenditures," noting that "price fluctuations remain possibilities."

Saleh pointed out that "the risks will continue to decrease oil prices for months to more than $70 a barrel."

A member of the Parliamentary Finance Committee, Jamal Cougar, said that the decline in oil prices in global markets contradicted the government's expectations in preparing the draft financial budget law.

https://almasalah.com/archives/51397

Expert: Kurdistan Smuggling Mafias Lose One Billion Dinars Daily After Imposing Security[/Size]

Today 11:17   Information / Diyala ..   The expert in local security affairs, Ahmed Al-Shammari, revealed, on Sunday, the size of the losses of the smuggling mafias in Kurdistan after the plan to impose security in Diyala, indicating that the losses are estimated at about one billion dinars per day.

Al-Shammari said in an interview with Al-Maalouma, "One of the most important goals of the Imposition of Law plan in Diyala is to end smuggling routes coming from the Kurdistan region, which posed a threat to the national economy, not to mention its negative effects, as the goods are unfit for human consumption."

He added, "The smuggling mafias in the Kurdistan region lost more than a billion dinars per day due to cutting off smuggling through Diyala roads, especially with the overthrow of 16 smugglers from the most important smuggling networks in the province by the elite forces."

The security expert explained, "Cutting off smuggling has led to positive results, most notably the restoration of border crossings in Diyala Governorate."

Diyala has suffered from the smuggling file in the past years due to its negative impact on the national economy, not to mention its environmental and health effects.   LINK

A Parliamentary Move To Reduce The Fiscal Deficit In The Budget To 40 Trillion Dinars

Today 12:49   Information / Diyala..   Representative Salem Al-Anbuge revealed, on Sunday, the existence of a parliamentary movement to reduce the financial deficit in the 2023 budget to 40 trillion dinars.

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

Al-Anbuge said in an interview with Al-Maalouma, that "the fiscal deficit in the 2023 budget reaches 64 trillion dinars, which is a large and worrisome figure for all political blocs in the House of Representatives, and represents a challenge to all frameworks , which prompted action to reduce it as much as possible to prevent the impact of difficult fluctuations in the economy.” The instability of the global oil market remained.

He added, "The parliamentary movement aims to reduce the deficit to 40 trillion dinars at the present time in order to reduce the financial risks resulting from the existence of a financial deficit that leads to a high percentage of the budget."

Al-Anbuge indicated, "We believe in the government's ability to overcome any crisis, and we are working to support any proposals that lead to increasing the effectiveness of the national economy."

The percentage of fiscal deficit in the 2023 budget is more than 30% and reaches 64 trillion Diyala, which is the highest after 2003.  LINK

Today's Newspapers Are Interested In The Budget And The International Water Conference

Sunday 07 May 2023 10:17 |Journalism Number of readings: 213  Baghdad / NINA / - The newspapers issued today, Sunday, May 7, focused on the budget and the International Water Conference.

On the budget, Al-Zawraa newspaper, which is published by a syndicate, quoted Aref Al-Hamami, a member of the Legal Committee, as saying: “The meetings and the work of the committees are continuing regarding the budget, and the tenth of this month is the last stage for submitting proposals and discussing between all committees, ministries, and institutions.”

He denied the existence of any differences between the political blocs regarding the budget, stressing that it is “views and demands and there are no challenges, and that the law will be passed.”

Regarding the deficit, Al-Hamami stated, "The government has a plan to address the deficit, and the issue of the barrel price will also be dealt with, and part of the high deficit will be covered by the price hike."

He stressed that there is a "parliamentary consensus to vote on the budget." It is expected that the budget will pass "within this month."

The Finance Committee met, on Saturday, with the governors to discuss the draft federal budget law.

And the media department of the House of Representatives stated in a statement: “The Finance Committee began meeting with the governors to discuss the allocations of the provinces within the draft federal budget law.”

Al-Sabah newspaper paid attention to the International Water Conference and referred to the call of the Sudanese Prime Minister, Muhammad Shia'a, for urgent international intervention to save the Tigris and Euphrates.

“The danger of the water crisis began in the eighties of the last century, and among its causes was the hostile behavior of the dictatorial regime and the lack of regulation of the water situation with neighboring countries,” Al-Sudanese said, during his sponsorship. and inauguration, yesterday, Saturday, of the Third Baghdad International Water Conference.

And he explained, "After the fall of the regime, we inherited the outstanding water problems with the upstream countries, and a backward system in water management that was not modernized, until we reached this sensitive moment, which was accompanied by climatic changes."

He stressed that "the water file is at the top of our government's priorities, and neglecting it will make us lose many elements of development and development."

He explained that "our meetings with officials of the countries with which we share water focused on the need for us to obtain our full share of water, and to intensify technical efforts to solve problems diplomatically away from the language of escalation." International experts and technicians, the best evidence of our adoption of the policy of dialogue, and reliance on scientific and practical solutions.

He noted that "the government tends to benefit from the experiences of some developed countries to reach rational water management, through training plans and programs, direct contracts, or the transfer of successful experiences in this direction." He said: “We have developed a strategy that includes (Iraq's vision for climate action until 2030). And we launched associated gas investment licensing rounds to reduce environmentally harmful activity and invest in clean energy.”

Al-Sudani concluded by saying, "Our duty is to preserve our climate, our wealth, and our environment, and the government has embarked on a seawater desalination project," stressing that "saving the Tigris and Euphrates requires urgent international intervention."

Yesterday, Saturday, the work of the "Third Baghdad International Water Conference" was launched in the capital, Baghdad, under the slogan "Water scarcity, the Mesopotamian marshes, the Shatt al-Arab environment, everyone's responsibility," with a high-ranking international ministerial and diplomatic presence.

For his part, Minister of Water Resources Abd Aoun Diab said, in a speech during the conference: "Water is a resource of life that is at risk," pointing out that "the Sudanese government decided to give priority to confronting climate changes and the holding of the climate conference in Basra, which produced important recommendations.” He is currently sponsoring the Water Conference in Baghdad.

He pointed out that "the conference paid attention to water resources and climate changes, and we continue to focus on water scarcity and the Mesopotamian marshes to achieve a number of goals, most notably preserving biodiversity, rationalizing water, and activating international coordination and cooperation.

Al-Khadraa in Baghdad, to demand an increase in salaries, the disbursement of the cost of living allowance, and the amendment of the paragraphs of the Unified Retirement Law.

The newspaper referred to an invitation circulated on social media, in which it stated that (a demonstration for retirees will be launched in the Al-Alawi area near the Green Zone, in protest against the failure to submit the study presented by the General Retirement Authority and put it forward in one of the cabinet sessions),

stressing that (the owners of the white hair are tired of promises and their voices became hoarse from demanding fairness, and that the government should speed up the increase in the salaries of the segment that spent its youth serving the state).

They pointed out that (our demands will also include a call for the disbursement of the cost of living allowance, which is included in the paragraphs of the Unified Retirement Law).

The retirees added that (the Ministry of Finance does not apply the law that obliges it to increase salaries according to the annual inflation rate, and that ignoring this matter is tantamount to violating the law that guarantees the rights of the segment).

For its part, the Ministry of Finance issued a clarification regarding the administrative procedures against its employees after their recent demonstrations.

Yesterday's statement said that it "would like to clarify some facts for public opinion and social media pioneers regarding the misleading and inaccurate information promoted by some satellite channels and communication platforms related to its administrative procedures towards some of its affiliates, against the backdrop of organized demonstrations regarding incentives that have not been stopped."

He added that (the ministry supported the demonstrators, listened to their demands and complaints, and was keen to provide them with protection in accordance with the principles of freedom of expression guaranteed by the constitution, but some of them acted inappropriately by disabling computers, turning off electricity, inciting employees not to adhere to official working hours, preventing the entry of representatives and auditors, and attacking some of them broke the windows of the vehicles),

stressing that (some left their job obligations and stopped financing the salaries of retirees,which called for the issuance of two directives from the same month stressing respect for working hours and commitment to job duties in accordance with Article 4 of the State Employees Discipline Law and Paragraph 12 that obligates The employee performs his job duties, in addition to the seventh Paragraph of Article Five, which prohibits the employee from improper exploitation of working hours or negligence and negligence,

 in addition to Article Ten, which prohibits disrupting the work of others, and in accordance with the instructions of the Prime Minister's Office in this regard).and in accordance with the instructions of the Prime Minister's Office in this regard).and in accordance with the instructions of the Prime Minister's Office in this regard).

He pointed out that (its procedures against some undisciplined affiliates took place according to legal articles and it is very keen to respect the rights of citizens and employees alike, and does not allow chaos and harm to the interests of the state and the citizen and to confuse the ministry's work aimed at improving the economic and financial reality and caring for the financial rights of the people). To receive

https://ninanews-com.translate.goog/Website/News/Details?Key=1051735&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Within A Month.. Iraq Exports About 6 Million Barrels Of Oil To America

2023-05-07 00:33  Shafaq News/ The US Energy Information Administration announced, on Sunday, that Iraq's oil exports to America amounted to about 6 million barrels last April.

The administration said, in a table seen by Shafaq News agency, that "Iraq exported 5,940 million barrels of crude oil to America during the month of April, with an average of 198,000 barrels per day, down from the month of March, when Iraqi oil exports to America reached 7,533." Millions of barrels and an average of 243 thousand barrels per day.

She added, "Iraq exported crude oil to America during the first week of April at an average of 241,000 barrels per day, while an average of 180,000 barrels per day was exported in the second week, and an average of 222,000 barrels per day was exported in the third week," noting that "the fourth week's exports amounted to An average of 148,000 barrels per day.

The US Energy Information Administration stated that "Iraq ranked fourth in its exports to America during the past month, after Canada, Mexico, and Saudi Arabia, and ranked second in the Arab world after Saudi Arabia, whose last exports to America reached 10 million barrels and 140,000 barrels per day," indicating that "Canada It ranked first as the most oil-exporting country to America, followed by Mexico.    LINK

The Dollar Is Falling Against The Iraqi Dinar In Baghdad And Erbil

2023-05-07 Shafaq News/ The exchange rates of the US dollar decreased against the Iraqi dinar today, Sunday, in the main stock exchange in the capital, Baghdad, and in Erbil, the capital of Kurdistan Region.

Shafaq News agency reporter said that the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded 144,000 Iraqi dinars for 100 US dollars this morning.

While the prices yesterday morning, Saturday, were 144,350 dinars, compared to 100 dollars.

Our correspondent indicated that the buying and selling prices decreased in the exchange shops in the local markets in Baghdad, as the selling price reached 145,000 Iraqi dinars for every 100 US dollars, while the buying prices amounted to 143,000 Iraqi dinars for every 100 US dollars.

In Erbil, the capital of the Kurdistan Region, the price of the dollar recorded a decrease, as the selling price reached 144,250 dinars against the dollar, and the purchase price was 144,150 dinars against 100 dollars.  LINK

Iraqi News Highlights Saturday Evening 5-6-23

Iraqi News Highlights Saturday Evening 5-6-23

Tlm724 Administrator Bondlady’s Corner

9 Electronic Payment Companies Zero Their Commissions To Support The Cabinet’s Decision

Saturday 06 May 2023 16:12 | Economical Number of readings: 384  Baghdad / NINA / - Today, Saturday, the Association of Iraqi Private Banks announced that 9 electronic payment companies will zero commissions on points of sale in all government sector institutions and for the end of this year, in support of the Cabinet's decision that includes publishing electronic payment tools in state institutions.

The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, said in a statement that "the banking sector is currently working to implement the decision of the Council of Ministers, to activate electronic payment tools, in all state institutions, so I decided 9 electronic payment companies, which are Amwal, Arabs, Iraq Gate, Ishtar Gate and Iriba Iraq."

Weanh, Qi Card, the exchange and the national portal, zero commissions for local movements of government services on collection devices known as points of sale “POS” until the end of this year.

He added, "The infrastructure of the banking sector is ready to deploy electronic payment tools, especially in light of the presence of a large number of citizens who own bank cards of all kinds."

He stressed that "electronic payment companies are currently working to deploy their devices in ministries and institutions not associated with a ministry, in addition to universities, gas stations, restaurants, pharmacies, medical clinics, markets, etc." and contribute to spreading the culture of electronic payment and facilitating transactions and procedures.

He pointed out that "the money cycle will be completed after activating the electronic payment tools, which contributes to increasing credit and financing large, medium and small projects."/ End

https://ninanews.com/Website/News/Details?key=1051643

The President Of The Republic Attends The Coronation Ceremony Of King Charles III

Saturday 06 May 2023 16:52 | political Number of readings: 403   Baghdad / NINA / - President of the Republic Abdul Latif Jamal Rashid and First Lady Shanaz Ibrahim Ahmed attended today the coronation ceremony of King Charles III and Queen Camilla at Westminster Abbey Church in London.

The President of the Republic had received an official invitation to attend the coronation ceremony of King Charles III as King of the United Kingdom. / https://ninanews.com/Website/News/Details?key=1051650

Among Them Is Stopping The “Stock Exchange Applications” .. An Expert Presents Three Proposals To Reduce The Fluctuation Of The Dollar Price 

Money  and business  Economy News / Baghdad  On Saturday, economist Nabil Al-Tamimi presented three proposals to limit the fluctuating rise in the dollar exchange rate during the past days.

Al-Tamimi told "Al-Iqtisad News" that "the central bank has not made any change in its policies during the recent period that leads to restrictions on access to the dollar," noting that "the currency selling window maintained a moderate daily sales rate during the past two weeks between 180-200 million." Dollars per session, which may approach a little bit from the actual need of the Iraqi market in dollars.

He pointed out, "There is no justification for the rise in exchange rates in the markets other than the speculations conducted by some currency traders and those benefiting from the rise in the exchange rate to form profitable deals," expecting "the return of the exchange rate decline, and its stability at 1340-1360 during the next two weeks (according to the central bank's response)." .

To ensure this, Al-Tamimi suggested that the Central Bank and the government "make greater facilities for companies, merchants, small traders, and financial transfer requests to conduct transfers on (less severe) terms, remove obstacles and facilitate procedures more and more towards these requests, and pass transfers more quickly."

And he stressed the necessity of "stopping (mobile applications) that promote local exchange rates (black market exchange rates), as applications whose offered data do not include their dependence on real demand in the market (such as an auction and a real electronic stock exchange, rather it is just a media display method) to ensure that any attempts are prevented.

That such applications (as a tool) be used to change the direction of the market, due to its wide spread and the degree of dependence of markets, traders and merchants on its presented data, through the illusory effect on exchange rates and the impact on the markets.

He also suggested "a government move - an Iraqi central bank to make understandings with the Iranian government to make financial settlements for Iraq's imports of goods, goods and services from Iran by paying it in Chinese yuan or Emirati dirhams, with accredited banks in the Arab Emirates or in China, and ending the state of pressure on the dollar in circulation."

locally in the Arab markets to feed imports from Iran, which is estimated at 30 million dollars per day (8 billion dollars annually) at a rate of approximately 25 thousand tons per day (1200 trucks per day).

Views 284  Added 05/06/2023 - https://economy-news.net/content.php?id=34034

Oil Incurs A Third Weekly Loss

Economy| 08:20 - 06/05/2023  Follow-up - Mawazine News  Oil prices rose as prices closed on Friday, but incurred a third consecutive weekly loss after recording a sharp decline earlier in the week ahead of decisions to raise interest rates from major central banks due to fears that the banking crisis in America will slow down The economy and the decline in demand for oil. Brent crude closed up $2.80, or 3.9%, at $75.30 a barrel. US West Texas Intermediate crude increased by $2.78, or 4.1%, to reach $71.34 per barrel upon settlement.

Brent crude ended the week down about 5.3%, while WTI plunged 7.1%, even though they both rebounded today. Ended 29/N33   https://www.mawazin.net/Details.aspx?jimare=226201

Expert: $32 Million Worth Of American Cars Exported To Iraq In 3 Months

Economy| 12:20 - 06/05/2023   Baghdad - Mawazine News, economic expert Manar Al-Obaidi said, on Saturday, that American personal car exports to Iraq rose by 306% on a quarterly basis, and by 931% on an annual basis.

Al-Obeidi added, "The total number of cars exported to Iraq from America reached 1,021 cars in the first quarter of 2023, compared to only 99 cars in the first quarter of 2022."

He added, "The average value of imported cars also increased from $8,500 in the first quarter of 2022 to $32,000 per car in the first quarter of 2023."

He explained, "The value of American cars exported to Iraq in the first quarter of 2023 amounted to about $32 million, compared to $8.5 million in the first quarter of 2022."

And he indicated that "this increase is due to the increasing demand for American four-wheel drive cars in Iraq and the high market share of American cars at the expense of other types of other origins." Ended 29/N33    https://www.mawazin.net/Details.aspx?jimare=226224

A Slight Increase In The Exchange Rates Of The Dollar In The Local Markets

Saturday 06 May 2023 11:56 | Economical Number of readings: 342

Baghdad / NINA / - The exchange rates of the US dollar against the Iraqi dinar rose slightly, today, Saturday, on the main stock exchange in the capital, Baghdad.

The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded this morning an exchange rate of 144,350 dinars for every 100 dollars.

In the exchange shops in the local markets in Baghdad, the selling price amounted to 145,250 dinars per 100 dollars, while the purchase price amounted to 143,250 dinars per 100 dollars./ End 8

https://ninanews.com/Website/News/Details?key=1051585

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

https://www.bondladyscorner.com/

With the Rise of the Chinese Yuan...Are the World's Economies Moving Towards a Three Currency Reserve System?

TNT:

Tishwash:  from Iraqi's news

With the rise of the Chinese yuan... are the world's economies moving towards adopting a three-currency reserve system? 

An increasing number of countries in the world are showing greater openness in their trade exchanges to the euro, the Chinese yuan and even a basket of currencies, along with the "strong dollar" that has dominated global trade since the end of World War II, in an effort that seems closer to adopting a triple reserve system. Currency targets among other things diversification of risk.

China, the world's second largest economy, is leading this "openness" in a relentless effort to expand the base for using the yuan in its foreign payments, something that peaked last March when its share of cross-border payments and receipts jumped for the first time to a record high of 48% from zero. Almost in 2010, the share of the dollar fell to 47% from 83% during the same period.

And while Beijing completed, at the end of last March, the first transaction to buy liquefied natural gas in yuan, which included about 65,000 tons, in a deal that put the dollar under pressure and was considered the first of the largest gas importer deals in the world to be settled in its local currency, China tended before that to establish offshore yuan centers in both Hong Kong, London and Singapore, which allowed foreign companies to hold and trade in yuan-denominated assets.

As for Brazil, the largest economy in Latin America, it also made a decision on March 29 to deal in the yuan in its trade with China, which amounts to about $150 billion annually, a step that came after a series of events that all fall under the category of abandoning the dollar in global trade.

For its part, Russia did not fear, whether on its own or within the BRICS group, which includes China, India and South Africa, that it would take more enthusiastic measures in this regard to end the dollar's hegemony, especially after the extensive sanctions imposed on it in the aftermath of the war on Ukraine in February of last year, so I announced the summer of 2022, supporting the use of the yuan in calculations between Moscow and the countries of Asia, Africa and Latin America, by preparing to create an international "reserve currency" based on a basket of currencies of the "BRICS" countries that account for about 23% of the world's economy.

Which I confirmed again last January, by intending to discuss the group's initiative to establish a unified currency among the member states, during its summit scheduled for next August.

As for the Association of Southeast Asian Nations (ASEAN), which includes 10 countries from emerging economies, it is considered the third largest economy in Asia, and the fifth in the world after the United States, China, Japan and Germany. It is also looking to reduce dependence on the dollar in trade exchanges, and tends to deal in national currencies. among them.

All of these factors led to many declines of the dollar in dominating the global financial market, as it fell from 80% in the global monetary reserve twenty years ago, to 59% now, a decline that has not yet found anyone to fill its void, despite the rise in the rate of the Chinese yuan. However, it did not equal the 15 percent of Chinese output in the global economy, compared to 21 percent for the US economy.

Commenting on all these developments, financial analyst Ramzi Qasimia said, in an interview with Qatar News Agency (QNA), "It seems that the world's economies are moving towards adopting a three-currency reserve system that includes the dollar, the euro and the Chinese yuan, with the erosion of the dollar's share in global reserves for the yuan's account." 

In this regard, he pointed out that some global central banks have taken important steps towards diversifying their reserves of foreign currencies and not being limited to the dollar, which has recently been done by major economies such as Russia, China, India, South Africa and Brazil, with the tendency of some of those countries to turn to gold as an essential and major part of those reserves. Where gold allows central banks to diversify their assets away from the risks of the dollar and US bonds.

Qasimia added, "It is also noted in this direction that the Chinese Central Bank was the largest buyer of gold in the world during the past five years, and therefore it can be said that the Chinese yuan derives its strength from the surplus of China's trade balance with most countries of the world, in addition to the large reserves of gold."

And the financial analyst added that the Russian-Ukrainian war and the resulting freeze by the United States of about $300 billion in Russian foreign reserves led to other countries fearing that the dollar would be used as a pressure card on them, "so we find that many countries resorted to increasing their dealings in yuan, for example." Iraq recently announced the acceptance of the yuan as a settlement currency for commercial operations with China, and the Central Bank of Egypt also announced the introduction of the yuan and the ruble in foreign trade transactions.

He stated that the internationalization of the yuan, which accelerated recently with the increase in the volume of trade exchange between Russia and China and the search of several countries for an alternative payment currency to diversify risks, made the countries of the world view it as a reliable currency as a result of the search for an “additional currency” and not an “alternative” in global financial transactions.

For his part, economic and financial expert Abdullah Saleh Al-Raisi said, in a special statement to QNA, that some countries of the world have begun to look seriously and deeply to find alternatives to the dollar in order to achieve their economic goals, and he considered this a natural result of the dollar's monopoly for many years in global trade operations, especially dealing in foreign exchange. Oil and gas buying and selling operations.

Al-Raisi restored the strength of the dollar in addition to the strength of the United States economy, noting that it is the main currency in trading for the sale and purchase of oil and gas, stressing that the existence of an “alternative currency” for trading in oil and gas will be a severe blow to its strength, and will result in correcting the great imbalance that remained in favor of the American currency. Most of the periods of the current decade, as it is likely that capital will return to flow to other countries after its massive return to the American market during the period of increasing interest rates and the strength of the green currency.

For her part, Dr. Layal Mansour, an expert in monetary policy, said in a similar statement to Qatar News Agency (QNA) that it is impossible for any competing or alternative currency to exist for the dollar in the foreseeable future, due to its strength and the greatness of the US economy and its stability in various aspects.

The expert in monetary policy said, "With the strength of the United States economically, security, politically, and geopolitically, Washington will not allow the existence of an alternative currency and competition for the US dollar," ruling out that countries with a currency that is 100 percent unliberated and supported by the Central Bank, and do not have the transparency, accountability, or democracy that they possess, can The United States of America, creating an alternative and competing currency for the dollar, "everything that is said about replacing the dollar is nothing but an indirect pressure card on America."  link

Goldilocks "This is What a Reset Looks Like" Saturday 5-6-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted explanations/comments and links:

(Reuters) -"Scope Ratings on Friday placed the United States of America's AA long-term issuer and senior unsecured debt ratings in local and foreign currency under review for a possible downgrade due to longer run risks associated with the misuse of the debt ceiling instrument."

Unsecured Debt means indebtedness for borrowed money is not supported by a guarantee, letter of credit or other form of credit enhancement.

This is another reason the US has to finish their digital/currency reforms and move away from a fiat system to some form of gold standard.

This matter is inside an urgent status at this point where the danger of a lower credit rating will soon be applied to both local and foreign currency statuses that will affect exchange rate policies.

And then, we still have a debt ceiling crisis that does not make the matters any better.

For this reason and others,. We are witnessing a transition into a gold backed economy currently being standardized through reforms that will lead us into a gold standard set of protocols for the banking and market sectors.

© Goldilocks

https://gazette.com/news/us-world/scope-ratings-places-us-credit-ratings-under-review-for-possible-downgrade/article_95667a3e-a17a-554c-ae00-a88114e02063.html

~~~~~~~~~~

"The Commission is adopting amendments to Form PF, the form that certain investment. advisers registered with the Commission use to report confidential information about the private funds that they advise. Form PF provides the Commission and FSOC with important. (3 days ago)"

This along with broker-dealer relationship upgrades to contracts are being revised.

There is a particular section in there that caught my interest. It it dealt with people receiving large sums of money and the need to report it because of its effect on the marketplace.

Also, there was a section inside these articles that dealt with reporting large sums of money when transferred between accounts.

These new updates had a lot to do with securities.

What makes a currency a security?

"According to the Howey Test, for a transaction or an asset to be regarded as a security, it must satisfy the following: "investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others."

https://www.makeuseof.com/are-cryptocurrencies-securities/#:~:text=According%20to%20the%20Howey%20Test,from%20the%20efforts%20of%20others.%22

© Goldilocks

https://www.jdsupra.com/legalnews/sec-adoption-of-current-reporting-and-6424370/

https://www.mayerbrown.com/en/perspectives-events/publications/2023/05/sec-issues-staff-bulletin-clarifying-care-obligations-of-broker-dealers-and-investment-advisers

~~~~~~~~~~

I showed you a report yesterday indicating how Regional Banks were bailed out. I posted it again in the link below. 

We were told that the jobs reports were so good that a turn of these events allowed the markets to move into green on Friday. 

Many times reports are revised a month or two later allowing banking interventions to be resolved.

Whether or not these reports were true that were given to us yesterday, the fact still remains gold's breakout was suppressed because of it. 

This gives us a little bit more time to transition many smaller banks into the larger ones. 

This is what a reset looks like.

© Goldilocks 

Kitco LINK

Investors LINK

~~~~~~~~~~

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Saturday Morning Iraq Economic News Highlights 5-6-23

Saturday Morning Iraq Economic News Highlights 5-6-23

The Budget Deadline Is About To Expire, And Parliament Is Afraid Of Oil

Information / Baghdad ..  A member of the Parliamentary Finance Committee, Jamal Cougar, revealed the latest developments in the discussions regarding passing the federal budget, indicating that the drop in oil prices confuses the committee's calculations regarding passing the budget.

"Discussions are continuing regarding passing the budget, and there is no intention to return it to the government at all," Cougar said in a statement to Al-Maalouma.

 He added, "The deadline granted by the State Administration Coalition is not sufficient, and it will be extended to end the discussions on the size of the budget and make the necessary reforms in it."

 He pointed out that "the decline in the global oil price increases fear in Parliament, because the decrease increases the size of the deficit, which exceeded 64 trillion dinars, and puts the Iraqi economy in peril."

Representative Mudar Al-Karawi had revealed that there was a parliamentary consensus on setting the budget this week, warning of dire economic repercussions in delaying the budget. LINK

https://alforatnews.iq/upload/media/processed/thumb-1000-1000/r/e/g/regjerhgerggdd.jpg

Parliamentary Finance: The Decline In Oil Violated The Government's Budget Expectations, And Projects Will Be Postponed

{Economic: Al Furat News} A member of the Parliamentary Finance Committee said that the decline in oil prices in global markets contradicted the government's expectations in preparing the draft financial budget law.

Jamal Cougar told {Euphrates News} agency, "The government has calculated that oil prices will range between 80 and 85 dollars, and that if they fall below those rates, they will have to postpone some paragraphs or projects of the budget and transfer them to other budgets."

He added, "We expect that the budget law will be approved within two weeks from now."

And Prime Minister Muhammad al-Sudani announced earlier that "operating expenditures in the budget amounted to 150 trillion and 293 billion dinars, while investment expenditures amounted to 47 trillion and 555 billion dinars."

Al-Sudani said in a press interview, “The financial deficit in the 2023 budget amounted to 63 trillion and 275 billion dinars,” noting that “the financial revenue in the budget amounted to 134 trillion and 553 billion dinars, including oil revenues of 117 trillion and 252 billion dinars, and non-oil revenues of 17 trillion dinars.”

The Prime Minister pointed out that "the price of oil was estimated in the budget at 70 dollars, according to the export of 3 million barrels and 500,000 per day, of which 400,000 barrels are from the Kurdistan Region."    Raghad Daham   LINK

The Dollar Fluctuates Against The Major Currencies

Economical  2023/05/06     Capitals: agencies   The dollar was softer against other major currencies on Friday, as problems in the banking sector added to talk of US interest rate cuts later this year, ahead of the long-awaited monthly US jobs report.

Sterling rose to its highest level in almost a year, the euro recovered some of the losses incurred after Thursday's European Central Bank meeting, and the yen was poised for its first weekly gain in nearly a month - benefiting from safe-haven demand.

The dollar index, which measures the dollar's value against other major currencies, was softer at 101.31, poised for a second consecutive week of declines.

Growing expectations of a Fed rate cut later this year dampened the outlook for the dollar, while fresh turmoil among US banks raised recession risks and increased speculation that the Fed may soon reverse course.

The central bank raised interest rates by a quarter of a point on Wednesday and signaled it may halt an aggressive tightening campaign.

US regional bank stocks fell this week with the collapse of First Republic and Los Angeles-based Backwest Bancorp (PACW.O) said it would explore its strategic options.

"Conviction is rising that credit conditions will tighten and the US economy will slow more than it otherwise would, and that takes the heat out of inflation and sets the stage for the Fed to cut interest rates," said Chris Turner, Head of Global Markets at ING.

Traders priced in more aggressive rate cuts from the Fed, with Fed Funds futures indicating a slim chance that cuts could come as soon as July.

The April Nonfarm Payrolls report later on Friday may provide the next direction for the currency markets.

Economists predicted that the US economy would create 180,000 new jobs, compared to 236,000 in March.

Data released earlier this week showed that the US services sector maintained a steady pace of growth in April, indicating that inflation remains flat, while US private sector employers boosted hiring last month.

The dollar settled at 134.26 yen, although the Japanese currency was on track for a weekly gain of 1.5%, after three consecutive weeks of losses.

The pound sterling jumped more than a third of a percent to $1.2633, its highest level in almost a year. It increased by 0.2 percent, at 87.44 pence per euro.

The euro was marginally steady at $1.1021, holding below a one-year high. It came under selling pressure on Thursday after the European Central Bank on Thursday slowed the pace of interest rate increases with a 25 basis point increase. He pointed out that the previous moves had an impact on the economy.

Although ECB President Christine Lagarde indicated more tightening ahead, the markets scaled back their expectations on how much further interest rate hikes would be.

The Australian and New Zealand dollars were among the biggest beneficiaries of the dollar's slide, touching multi-week highs, although the kiwi later pared its gains.

Meanwhile, the US dollar fell 1% to NOK 10.58, while the Swiss franc weakened after data showed that Swiss annual inflation fell more than expected in April.

The dollar was last up 0.64% at 0.8915 Swiss francs.   https://alsabaah.iq/76293-.html

Al-Kazemi: The Budget Deficit May Decrease To 18 Trillion Dinars

Money  and business   Economy News – Baghdad  The Parliamentary Finance Committee suggested that the current May 15th be the date for approving the budget bill, with the committee seeking to reduce the budget deficit to 18 trillion dinars.

Committee member Mueen Al-Kazemi said, "At this stage, the committee is hosting ministers, and through these hosting and reviewing schedules, we will seek to reduce the deficit as much as possible, primarily in the operational field, that is, the commodity and service consumption of the ministries of furniture, which has taken a significant turn in increasing allocations."

Al-Kadhimi added, "The percentage of deficit reduction has not been finally agreed upon, but it could reach 18 trillion dinars," noting that "the committee is trying to make the reduction professionally and according to unnecessary chapters."

And Al-Kazemi continued, in an interview with the official newspaper, "Al-Sabah", that "the approval of the budget will take place during this month (May) and will not exceed it."

Views 138  Added 05/06/2023 - https://economy-news.net/content.php?id=34021

Weightings.. Mid-May Is The Date For Approving The Budget

The first  2023/05/06  Shaima Rashid and Rola Wathiq   The Parliamentary Finance Committee suggested that May 15 be the date for approving the draft general budget law, with the committee seeking to reduce the budget deficit by up to 18 trillion dinars, at a time when the Parliamentary Action Committee disclaimed its responsibility regarding objecting to the financial aspects of the Persons with Disabilities Act.

A member of the Finance Committee, Mueen Al-Kadhimi, said in an interview with “Al-Sabah”: “At this stage, the committee is hosting ministers, and through these hosting and reviewing schedules, we will seek to reduce the deficit as much as possible, primarily in the operational field, i.e. the commodity and service consumption of the ministries of furniture.” Which took a significant turn in the increase of allocations.

He added, "There was no final agreement on the percentage of deficit reduction, but it could reach 18 trillion dinars," noting that "the committee is trying to make the reduction professionally and according to unnecessary chapters," noting that "the approval of the budget will take place during this month (May). ) and will not exceed it.”

In turn, a member of the Finance Committee, Jamal Cougar, said in an interview with "Al-Sabah": "The committee is still hosting ministers, so it will not be able to complete it on the 10th of this month, but rather its completion may exceed the middle of the month."

He added that "the deficit reduction so far is inaccurate and there is no specific number, but there is an intention to reduce the deficit and the reduction will include ministries with large budgets," noting that "the governorates will not be included in the reduction, but on the contrary, there are governorates that the committee may increase its budget and governorates that remain on their budget."

He continued, "There is a session for governors and for independent bodies, and the task may be held, including the integrity and the endowments (Shiite and Sunni), if there is time, since the time set for approving the budget is short, and it is certain that part of hosting bodies and ministries will be canceled."

On the other hand, a member of the Labor Committee and Parliamentary Civil Society Organizations, Nour Nafeh Al-Jelhawi, told Al-Sabah: “The committee is far from all additions or financial aspects related to the People with Disabilities Law and any other law,” noting that “the delay that I requested The government in this law will not last long, as the resumption of the sessions is sufficient to vote on it during the next few days.

She explained that "people with disabilities demanded an increase in their salaries within the law that both the government and Parliament worked to approve, but the increase in funds was a reason for delaying its approval, due to the presence of a large deficit in the budget, which prompted the government to wait with it, to study the mechanism for that, to be more Sobriety and re-vote it."

Al-Jelhawi stressed that "the House of Representatives in general and the Labor Committee in particular are far from approving funds in laws or otherwise, since this issue is exclusively within the government's jurisdiction and should not be interfered with at all."

For his part, the official of the People with Disabilities Committee at the Central Competence Office, Alaa Abu Ragheef, identified, in an interview with "Al-Sabah", some issues that could hinder the adoption of the law, as it relates to more than one party, indicating that "the Ministry of Labor and Social Affairs will not allow the separation of a welfare body." People with disabilities, and some personalities want to access the issue (quota) through the law, in addition to the rights of the actual beneficiaries of this segment, which were mentioned and not implemented.

He added that "officials forced people with disabilities to give up their rights and accept a little, as the majority of them gave up a full-time helper in exchange for a cash allowance, even though both are their rights," stressing that "delaying the approval of the law does not rid the government of the financial consequences that must be applied."

Abu Ragheef called for the formation of an independent body or commission for people with disabilities, to supervise the institutes and institutions concerned with this segment, and put the phrase “providing instead of working.” He said: “The Ministry of Health must provide treatments for people with disabilities and special needs inside and outside Iraq, and the cash allowance for people with Disability is a right for them, whether they are employees, retirees, or earners, just like the families of martyrs and political prisoners.” Edited by: Muhammad Al-Ansari   https://alsabaah.iq/76319-.htm

 Expert: The Iraqis Imported $32 Million Worth Of American Cars In 3 Months

Money  and business   Economy News – Baghdad   Economic expert Manar Al-Obeidi said, on Saturday, that American personal car exports to Iraq rose by 306% on a quarterly basis, and by 931% on an annual basis.

Al-Obeidi added, "The total number of cars exported to Iraq from America reached 1,021 cars in the first quarter of 2023, compared to only 99 cars in the first quarter of 2022."

He added, "The average value of imported cars also increased from $8,500 in the first quarter of 2022 to $32,000 per car in the first quarter of 2023."

He explained, "The value of American cars exported to Iraq in the first quarter of 2023 amounted to about $32 million, compared to $8.5 million in the first quarter of 2022."

And he indicated that "this increase is due to the increasing demand for American four-wheel drive cars in Iraq and the high market share of American cars at the expense of other types of other origins."

53 views  05/06/2023 - 12:12 PM   https://economy-news.net/content.php?id=34024

"Tidbits From TNT" Saturday Morning 5-6-2023

TNT:

CandyKisses:  Retirees demonstrate tomorrow for low salaries and demand an increase

{Local: Al-Furat News} The retirees segment is preparing to go out with a demonstration in front of the Council of Ministers tomorrow, Sunday, to demand an increase in their salaries and amend the paragraphs of the retirement law.

Mohammed al-Jubouri, head of the Retirees Syndicate / General Headquarters, said the retirees "have reached a firm conviction that the results of the study submitted by the National Pension Authority were not presented at the regular session of the Council of Ministers."

He explained that "the gathering will be near the garage of Allawi in Baghdad tomorrow morning, Sunday, for the purpose of heading a foot march towards the Council of Ministers," noting that "this march is the last opportunity for the owners of Shaybah al-Bayda to make their voice heard to decision-makers and that what is required is the active participation of everyone because rights are taken away."

Al-Jabawi called for "speeding up the fairness of retirees and increasing their living salaries in a way that is equivalent to their generous sacrifices based on the legal articles originally legislated and stipulated in the laws in force for retirement."

CandyKisses:  The official spokesman of the Sudanese government reveals the completion of the evaluation of 322 directors general

Baghdad - Iraq Today:

Iraqi government spokesman Bassem al-Awadi confirmed that the cabinet change is subject to the prime minister's decision.

Al-Awadi said in a press interview that "during the coming sessions, the evaluation process will continue and there will be results announced through the Council of Ministers."

He pointed out that "the current stage is to evaluate the tools of the minister, who are the agents and general managers, and after the completion of the evaluation of the directors general, there will be a ministerial reshuffle," noting that "the ministerial change is subject to the decision of the Prime Minister."

"The first package of dismissals concerned directors-general in Iraqi ministries and institutions, and 322 files were completed for a director-general, and the decision was issued to replace 57 of them," al-Awadi said.

He added, "There is work to complete the remaining directors-general to reach only 439 general directors in the ministries, and then move to the general directors in independent bodies, and then non-independent bodies and special grades successively and everyone who holds the title of director general in the Iraqi state."

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Tishwash:  Baghdad sends 400 billion dinars to Kurdistan to pay the salaries of employees

 A member of the Finance Committee in the Parliament of the Kurdistan Region, Sabah Hassan, confirmed today, Saturday, that the federal government, specifically the Ministry of Finance, will send an amount of 400 billion dinars to the region in the middle of this week.

Hassan told (Baghdad Today) that "the Ministry of Finance and Economy in the regional government cannot pay the salaries of employees in the region due to the halt in oil exports, and therefore it needs additional funds in order to be able to pay the salaries that were delayed."

He added, "The Federal Ministry of Finance, according to information, will send during the middle of this week an amount of 400 billion dinars to the region, after which the regional government will start paying the salaries of employees."

The Kurdistan region is witnessing a severe financial crisis that caused its inability to pay the salaries of employees after the decision to stop oil exports from the region to Turkey, which came after the Federal Ministry of Oil won a lawsuit in international courts. link

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CandyKisses:  Al-Mandalawi and Al-Khazali stress the need to speed up the approval of the budget

Information / Baghdad.

First Deputy Speaker of the House of Representatives Mohsen al-Mandalawi discussed with Asaib Ahl al-Haq Secretary-General Qais al-Khazali on Friday to expedite the approval of the budget.

Al-Mandalawi congratulated Sheikh Qais al-Khazali, Secretary-General of the Asaib Ahl al-Haq movement, on the twentieth anniversary of the founding of the movement, which had a great impact on the battles to liberate Iraqi territory from the clutches of ISIS terrorist gangs and its continuous role in stabilizing security," he told the media office of the deputy speaker of parliament in a statement received by Al-Maalouma.

He added, "This came during a visit by Mandalawi today to the headquarters of the movement and a meeting with Sheikh Khazali, and a number of its leaders, to discuss the current political situation and congratulate on the occasion of the twentieth anniversary of the founding of the movement."

And the statement continued, "During the meeting, a number of files related to the importance of speeding up the approval of the budget and activating the oversight and legislative role of the House of Representatives were discussed, and the security and service files were discussed."

Al-Mandalawi stressed, according to the statement, "the existence of a political consensus within the parliament and among the political forces to pass all laws that concern the citizen's life, meet his aspirations at all levels, and provide him with the best services, in addition to the importance of addressing the problems that society suffers from, foremost of which is the service aspect."

Mot:  ..... Thinking of Having Kids!! - Tips from Mot of Course! ~~~

Mot:  .. Ya /Gots to Love Earl!!! ~~~~~

Goldilocks ""Digital Currency Reforms Have To Be Done By June 30th" 5-5-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good afternoon Dinar Recaps,

Goldilocks posted the following links with commentary - This one is BIG - Explains the FINAL STEPS!

On June 30th, 2023, Libor contracts will cease and SOFR lending services will operate 100% around the world.

This will be done electronically through broker-dealer relationships and contracts made within government agencies.

This is why our digital/currency reforms have to be done by June the 30th.

The revaluation of everything will be complete at that time.

At that point, look for the implementation of regulations that standardize the process of digital asset-based trading systems.

This is what will allow us to move into a Gold Standard. Look for an announcement sometime after this is completed.  

Banking and Market protocols will be in place on a digital level that will tokenize our assets backed by real world commodity assets.

Soon after this is done, we will see companies and governments bridge their assets or connect them to one another allowing for cross-border international trading to commence.

At that time, we will begin to see the world begin to transition into the new global economy.

© Goldilocks

https://www.jdsupra.com/legalnews/cfpb-and-federal-banking-agencies-issue-8779850/

https://www.finra.org/rules-guidance/notices/information-notice-042723

https://www.jdsupra.com/legalnews/troutman-pepper-weekly-consumer-9859289/ 

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