Iraqi News Highlights Thursday Afternoon 5-11-23

Iraqi News Highlights Thursday Afternoon 5-11-23

Tlm724 Administrator Bondlady’s Corner

The Sudanese Financial Advisor Explains The Fate Of The Financial Oil Revenues.. This Is America's Position

   May 10 Information / special.   Today, Wednesday, the financial adviser to the Prime Minister, Mazhar Muhammad Salih, revealed the fate of Iraq's financial revenues that are in the Federal Reserve Bank, while explaining America's position on these revenues.   In an interview with Al-Maalouma agency, Salih said,  "The oil receipts account, in which Iraqi oil revenues are deposited and opened at the Federal Reserve Bank in New York, came based on a previous UN Security Council Resolution No. 1483 in May 2003." 

He added, "This account is legally protected by the Federal Reserve Bank against any indebtedness, arbitration, etc. risks," stressing that

"there is no pressure to dispose of national funds and transfer them to accounts in other countries or different foreign currencies."  Al-Sudani's financial advisor continued:

"The disposal of funds is whenever the need is determined by the national interest and in a way that serves the interests of the Iraqi economy and in a manner that does not contradict the strategic framework agreement between Iraq and America signed in 2008."

The 2022 oil revenues in Iraq exceeded $115 billion, according to preliminary figures issued by the Ministry of Oil, which is the highest since the significant decline in oil prices during the Covid-19 period.

Iraq, the second largest oil producer in the Organization of Petroleum Exporting Countries (OPEC), has huge reserves of black gold, which represents 90% of its revenues.

The government relies heavily on the price of a barrel of oil and oil revenues in its budget, amid economic difficulties and the need for many infrastructure projects after years of war. Ended / 25R

https://almaalomah.me/news/economy/مستشار-السوداني-المالي-يبين-مصير-عائدات-النفط-المالية-هذا-مو

Anti-Money Laundering And Terrorist Financing Scenarios

May 11, 2023       For the purpose of strengthening the supervisory system of the money laundering and terrorist financing reporting unit, scenarios for anti-money laundering and terrorist financing systems have been prepared,

which are compatible with the financial work environment in Iraq, and

the agents of (Western Union) and (Money Gram) can adopt them as a minimum for their electronic systems, taking into account the following.

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

https://cbi.iq/static/uploads/up/file-168379218193043.pdf

https://cbi.iq/news/view/2328

Iraq Is On A Date With Industrial Investment Projects

   Today Information / Baghdad..  The Directorate of Industrial Development announced, on Wednesday, that it will soon start issuing licenses for establishing projects electronically, while clarifying the situation regarding investment projects and job opportunities.

The Director General of the Directorate affiliated with the Ministry of Industry and Minerals, Aziz Nazim, said to the official agency and his follower (information), that

"60 establishment licenses have been granted since the beginning of this year in accordance with Industrial Investment Law No. 20 of 1998,

as well as 1,500 licenses were granted to medium, small and large factories."  Nazim added,

"There is a government interest in supporting investment projects for materials other than oil, and

the mineral investment law is the main part in organizing the process," noting that "the

available opportunities are excellent for industrialists, and

there are government assurances expressed by Prime Minister Muhammad Shia'a al-Sudani to protect their capital and property."  He noted that

"there are industrial projects for Arab and foreign investors awaiting agreement on the country's industrial map to see the light and create job opportunities for Iraqis."  He pointed out that "the

government has set up a program for electronic payment of amounts, and the

procedures for issuing licenses under establishment electronically will soon be completed, and

this procedure will avoid industrialists traveling from the governorates of Iraq to Baghdad to the headquarters of the Directorate, and thus

each in his place can apply and obtain services through a special site in exchange for electronic payment of amounts."

And the fees will be available to all, and it contains guiding points for the industrial reality in Iraq. ended

https://almaalomah.me/news/economy/العراق-على-موعد-مع-مشاريع-استثمارية-صناعية

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

https://www.bondladyscorner.com/

Goldilocks "SOFR, Basel lll and more" Thursday 5-11-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted comments and links:

"Synchrony Financial: Q1 2023 Basel III Pillar 3 Regulatory Capital Disclosure Report | MarketScreener"

We are beginning to see several changes to market reports in the mornings. 

More references to SOFR lending practices and Basel 3 Capital requirements.

There are cautionary remarks taking place at this time in these reports that reminds investors to be aware of forward-looking statements. 

These forward-looking statements cautions speak to uncertainties taking place in the market. 

In other words, look for the Banking System and Market System to begin going into real values at any moment. 

© Goldilocks

Marketscreener-1 LINK

Marketscreener-2 LINK

~~~~~~~~~~

Iraq votes on their new Budget May 17.

~~~~~~~~~~

Breaking:

Pacwest Bancor sinking shares are 80% year-to-date. Regional Banks are back in the red today.

~~~~~~~~~~

"Basic Info. US Producer Price Index is at a current level of 140.86, down from 141.57 last month and up from 137.04 one year ago."

I spent some time taking a look at the PPI Index this morning.

The Producers Price Index is indicating that it is lower than expected.

The current level is 140.86 and down from 141.57 last month.

This indicates that we are in an economic downturn.

© Goldilocks

~~~~~~~~~~

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 5-11-23

Thursday Morning Iraq Economic News Highlights 5-11-23

Parliamentary Finance: We Seek To Submit The Budget To Parliament On The Date Specified By The State Administration

Money  and business  Economy News _ Baghdad  Today, Thursday, the Parliamentary Finance Committee confirmed its endeavor to submit the budget to Parliament on the date specified by the State Administration Coalition.  The head of the committee, Atwan Al-Atwani, said in a statement received by "Al-Iqtisad News", that "at a time when the Parliamentary Finance Committee is reviewing and scrutinizing the items and schedules of the 2023 budget, which have reached advanced stages, we received with great satisfaction and welcome the statement of the State Administration Coalition, which was set on the 17th of March." This month is the initial date for a vote on the budget.

He added, "The political consensus to expedite the approval of the budget confirms the seriousness in completing the requirements for achieving this national entitlement, in a way that enables the government to implement its service and development plans and programs, in accordance with the ministerial curriculum."

And he continued, "The Parliamentary Finance Committee continues day and night in order to complete the task of ensuring the rights of all due segments in the budget law, and to enable ministries, agencies and institutions to perform their tasks, and we have come a long way in auditing and reviewing the draft law, discussing the disbursement chapters and financial allocations, and securing the necessary funds to implement strategic projects."

Pointing out, "We are working with all force to complete the draft law, and to present it to the House of Representatives according to the date set by the State Administration Coalition, in order to vote on it."

Views 9  05/11/2023 - https://economy-news.net/content.php?id=34142

The Finance Committee Confirms Adherence To The Deadline Set For Approving The Budget

Policy  |Baghdad today – Baghdad  Today, Thursday, the head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed the seriousness in completing the requirements for completing the 2023 budget.

Al-Atwani said, in a statement received by (Baghdad Today), that "the political consensus to expedite the approval of the budget confirms the seriousness in completing the requirements for its completion."

He added, "We have come a long way in scrutinizing and reviewing the draft budget law."

The head of the committee stressed that "we are working with all force to complete the draft law and submit it to the House of Representatives according to the date set by the State Administration Coalition."

The House of Representatives had previously sent a draft budget law for three years amounting to amounts each year of about 200 trillion dinars, but the representatives confirmed that these amounts are very large and called for their reduction to ensure that there is no deficit that cannot be covered.    LINK

For The Third Day.. Iraqi Currency Auction Sales Exceed $200 Million

2023-05-11 03:57  Shafaq News/ The Central Bank of Iraq's sales of dollars in an auction today, Thursday, for the third day in a row, exceeded the barrier of 200 million dollars.  

Shafaq News agency reporter stated that the Central Bank sold today, during its auction for the sale and purchase of US dollars, 210 million, 586 thousand and 912 dollars, which the bank covered at a basic 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, with the same Price per dollar in cash.

Our correspondent added that most of the dollar sales went to reinforce the balances abroad in the form of (remittances, credits) at a rate of 178 million 286 thousand and 912 dollars, while the rest of 32 million and 300 dollars went in the form of cash sales.

Our correspondent indicated that the number of banks that bought cash dollars amounted to 11 banks, while the number of banks that responded to requests to strengthen balances abroad reached 19 banks, while the total number of exchange and mediation companies participating in the auction was 88 companies.  LINK

Head Of Parliamentary Finance: We Have Come A Long Way In Revising The Budget Law[/Size]

 May 11, 2023  Baghdad / Obelisk Al-Hadath: The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed, on Thursday, the seriousness in completing the requirements for completing the 2023 budget.

Al-Atwani said in a statement, "The political consensus to expedite the approval of the budget confirms the seriousness in completing the requirements for its completion."

He added, "We have come a long way in scrutinizing and reviewing the draft budget law."

The head of the committee stressed that "we are working with all force to complete the draft law and submit it to the House of Representatives according to the date set by the State Administration Coalition.   https://almasalah.com/archives/51996

An Iraqi Expert On The Rise Of The Dollar Again: A Mechanism Must Be Found To Finance Trade With Iran

2023.05.11 -   Baghdad - people    On Thursday, Professor of Economics at the University of Basra, Nabil Al-Marsoumi, spoke about the electronic platform, 7 months after its adoption. 

Al-Marsoumi said in a post followed by “NAS” (May 11, 2023), that “after 7 months of implementing the electronic platform, and after all that was said about the great progress in complying with the rules of this platform, and after the billions of dollars that the Central Bank sells monthly through the window, and after dozens of promises.”

Which was launched by consultants, politicians, and experts that the parallel price would embrace the parallel price. The dollar kept flying high, without caring what others say. 

He added, "The dollar will remain like this until we find a suitable mechanism, in agreement with the Americans, to finance trade with Iran. Otherwise, it is just empty chatter, useless theories on satellite channels, and miserable publications for nothing but greed!!!" 

https://www.nasnews.com/view.php?cat=107158

Parliamentary Finance: Amendments Will Affect 10% Of The Budget To Reduce The Deficit

Posted On2023-05-11 By Sotaliraq   Baghdad / Firas Adnan  Yesterday, Wednesday, the Parliamentary Finance Committee spoke about minor amendments that it will make to the budget, confirming that the percentage of the reduction in the amounts will be about 10%, and talked about its intention to put the law to vote with multiple options while giving the opinion of the representatives to approve one of them.

A member of the committee, Representative Mueen Al-Kadhimi, said, “The Finance Committee has hosted, since the arrival of the budget to parliament, the Minister of Finance, Taif Sami, three times.” Al-Kazemi added, "The last session, which was held yesterday, discussed details of spending and revenues for ministries, the fiscal deficit, and how to address it."

He pointed out, “These discussions are considered the final ones for the budget, and we are in the process of holding a session to discuss all the observations that were made over the past two weeks and come up with a conclusion for the Finance Committee.”

And Al-Kazemi stated, “The total budget currently is 198 trillion and 500 billion dinars, and we are working to reduce the deficit of 64 trillion dinars.”

And he warned, to "efforts made by the members of the committee in order to increase the allocations of the provinces and the development of regions for the central and southern regions and liberated cities and the distribution of petro-dollars to the oil-producing provinces and fairness to the poorest provinces."

And Al-Kazemi continues, “All the observations that he presented during the second reading of the law were taken into consideration and discussed.” He stressed, "The summary will be submitted to the House of Representatives and the State Administration Alliance," expecting "to prepare the final draft of the law next week so that it will be submitted to a vote."

And Al-Kazemi continues, “Some of the articles will set multiple options, leaving the deputies to vote for one of them.” And he stressed, “The ratification of the law will be during the current month, until it takes its way to implementation.” Al-Kadhimi talked about “discussions with the Ministry of Finance in order to prepare the introductions to the instructions for implementing the law so that there will be no delay after the approval comes.”

He stressed, "The agreement has secured the entry into force of the law to proceed with the ministerial curriculum at the beginning of next month." Al-Kadhimi stated, "The law carried 800,000 job degrees, which is a fixation of contracts based on laws issued earlier, and thus the number of employees has increased to one million and 100 thousand, and this number needs 60 trillion dinars to secure salaries."

And he stressed, “The salaries of these new appointees are after the approval of the budget, because its texts included financial coverage for them.”

Al-Kadhimi pointed out, to "attempts made by some to reduce the deficit through numbers that have set the tables, and we hope that we will reach the possibility of reducing the deficit as much as possible, especially since what remains in the current year is only seven months."

And he continues, “This gives the possibility to implement the requirements of the ministries in two phases, the first during the current year, and the second during the next year, and therefore there is a possibility to reduce some of the doors.”

And Al-Kazemi added, “What we want is to approve a logical and natural budget that does not burden the state treasury with details of borrowing from inside and outside.”

And he stated, "The total internal loans amounted to 70 trillion dinars during the previous period, and less than this figure for external borrowing."

And Al-Kazemi concluded, “The possibility of making changes to 10% of the budget, because the total amounts may reach 180 trillion dinars, and this in turn will be reflected in the deficit by reducing it to 44 trillion dinars, and we urge the government to increase non-oil revenues, which are 17 trillion dinars, according to what It came in the government project.

Committee member Khalil Dosky confirms what Al-Kazemi said, that “the Parliamentary Finance Committee will submit a report to the State Administration Alliance and the political blocs on the budget law.”

Dosky continued, "The issue of differences between the federal government and the Kurdistan region has ended, and we have turned this page by approving the oil agreement." And he pointed out, “What remains for us is to complete the technical requirements of the law, through continuing meetings and intensifying dialogue after hosting most of the ministries and institutions.”

Dosky pointed out that “the committee should be fully informed of all the details of the law, especially in terms of amounts and schedules, and it will make amendments.” In line with the public interest, to pass a law that fits the ministerial curriculum and does not burden the state with unnecessary and unnecessary financial burdens.

For his part, another member of the committee, Representative Jamal Cougar, stated, “The Finance Committee respects the decision taken by the State Administration Coalition to resolve discussions on the budget on the tenth of this month, which is a date that expired yesterday.” Cougar added, "The discussions on the 2021 budget lasted 45 days, while this budget has a number of developments, which are the increase in its amounts, the widening of the deficit gap, and its implementation for three years."

He pointed out, "These developments require us to be careful, because any mistake we may make will continue for three years."

Cougar noted, "The sessions continue from morning until after midnight, during which we host three government institutions."

And he continues, “The work is very intense, as there is a team checking the texts included in the project and another checking the tables attached to the project.”

Cougar agrees with Al-Kadhimi, that “the law will be passed during the current month,” and he does not expect that “voting will take a long time and extend to more than a day.”

He denied, “We have reached a reduction in the deficit until the present time, and we have checked the numbers with the ministries, based on the 2021 budget and last year’s expenditures, in addition to the emergency support for food security and development law, and what you need during the current year, and the ability to achieve and implement.”

Cougar continued, "The meetings with government institutions discussed the state's resources other than oil, so that we know its fate and how to activate and maximize it."

And he expected, “We will come out during the coming hours with an idea of ​​the amount of what will be reduced from the budget amounts and the planned deficit.” And Cougar went on to say that “the political agreements confirm the speedy approval of the budget and not obstruct it, and the parliament is awaiting the final formulations.”

Meanwhile, a parliamentary statement stated, “Deputy Speaker of the House of Representatives, Shakhwan Abdullah, headed the meeting of the Parliamentary Finance Committee, in the presence of the chairman and members of the committee, to complete the discussions and take general and detailed observations about the draft budget law.”

Abdullah stressed, according to the statement, “the speedy completion of the federal budget because it is an important law that affects the lives and aspirations of citizens, and contributes to the stability of the economic and security conditions in the country.”

Abdullah called for “fair treatment of all governorates, the achievement of the national interest, and the inclusion of financial allocations for the implementation of projects in areas that suffer from a lack of services.”

And Abdullah concluded, “The importance of investing in the positive atmosphere for approving the draft general budget law.”

It is noteworthy that the Finance Committee has been holding meetings since last month with ministries, agencies and governorates, after Parliament completed the second reading of the draft, with the aim of preparing the final formulations and presenting it to a vote. LINK

"Tidbits From TNT" Thursday Morning 5-11-2023

TNT:

Tishwash:  Head of Parliamentary Finance: We have come a long way in revising the budget law

 The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed, on Thursday, the seriousness in completing the requirements for completing the 2023 budget.

Al-Atwani said in a statement, "The political consensus to expedite the approval of the budget confirms the seriousness in completing the requirements for its completion."

He added, "We have come a long way in scrutinizing and reviewing the draft budget law."

The head of the committee stressed that "we are working with all force to complete the draft law and submit it to the House of Representatives according to the date set by the State Administration Coalition."  link

CandyKisses:  The International Monetary Fund announced on Thursday that Iraq imported goods and services worth $ 105 billion during the year 2022.

The Fund stated in a table seen by Shafaq News Agency that "Iraq imported goods and services in 2022 worth $ 105.4 billion," noting that "these revenues increased from 2020 and 2021, which amounted to $ 60 and $ 72.8 billion, respectively."

The IMF expected that "the value of imports in Iraq for goods and services will remain the same for the year 2023, while it will rise for the year 2024 to reach $ 123.8 billion."

He pointed out that "Iraq came third among the oil-producing Arab countries with the highest value of imports of goods and services after the UAE and Saudi Arabia, which amounted to the last two imports for the year 2022 worth $ 303.1 billion and $ 252.7 billion, respectively, while Bahrain was the least oil-producing Arab country importing goods and services with a value of $ 31.6 billion for 2022."

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

Tishwash:  The Iranian toman is falling to an all-time low against the dollar

Today, Thursday, the Iranian currency, the Toman, recorded unprecedented low levels against the dollar.   

As 100 US dollars have traded more than 5 million Iranian tomans since this morning, reaching 5 million and 250 thousand tomans.

Iran has been witnessing popular protests and Western economic pressures for some time, the latest of which was the German Ministry of Economy's suspension of export credit guarantees and trade investment with Iran, as part of global support for the revolutionary uprising of the Iranian people.  ink

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

CandyKisses:  Iraqi expert on dollar rise again: Mechanism must be found to finance trade with Iran

Baghdad – Nas  

Nabil Al-Marsoumi, professor of economics at the University of Basra, spoke on Thursday about the electronic platform 7 months after its adoption.      

"After 11 months of implementing the electronic platform, after all that has been said about the great progress in complying with the rules of this platform, after the billions of dollars sold by the Central Bank monthly through the window, and after dozens of promises made by advisers, politicians and experts that the parallel price will embrace the parallel price, the dollar has been flying high without caring what others say," the decree said in a post followed by "NAS" (May 2023, 7).  

"The dollar will remain like this until we find a suitable mechanism in agreement with the Americans to finance trade with Iran, otherwise it is just empty chatter, useless theories on satellite channels and miserable publications of the tasha are nothing but !!!," he said.  

Mot: .... What a Drama Queen!! ~~~~~ siigghhhhhhh

Mot: ..... Just Saying ~~~

Iraqi News Highlights Wednesday Evening 5-10-23

Iraqi News Highlights Wednesday Evening 5-10-23

Tlm724 Administrator Bondlady’s Corner

Details Of The Meeting Between The President Of The Republic And The American Ambassador

political| 02:52 - 05/10/2023  Baghdad - Mawazine News,  President of the Republic Abdul Latif Rashid received, on Wednesday, the US Ambassador to Iraq, Alina Romanowski, in the presence of the Director of the Office of Iraq Affairs at the US State Department, Steve Bittner.

During the meeting, they discussed the nature of the relations between the two countries and emphasized the importance of deepening them in areas of common interest, in a manner that strengthens cooperation and constructive coordination on the political, economic, cultural and environmental levels in service of the common interests of the two peoples.

Rashid indicated, according to a statement received by Mawazine News, that "reconstruction and construction efforts will continue in the liberated cities, while emphasizing the importance of resolving the file of the displaced in Sinjar and returning them to their areas of residence."

The President of the Republic reviewed "the results of his visit to the United Kingdom," while the Ambassador gave "an explanation of her visit to Erbil," renewing "her country's support for establishing Iraq's security and stability."   https://www.mawazin.net/Details.aspx?jimare=226553

Governor Of The Central Bank: Entrepreneurs' Initiatives Will Be Launched Soon

Economy| 02:04 - 05/10/2023   Baghdad - Mawazine News  The Governor of the Central Bank, Ali Al-Alaq, announced, on Wednesday, the imminent launch of entrepreneurs' initiatives, while indicating that there are great initiatives and efforts to solve problems that hinder the work of the private sector.

Al-Alaq said in a speech during the launch of the Europe for Iraq initiative (Tawfiq) to support diversified, sustainable and comprehensive economic development in Iraq. Financing the increasing consumer expenditures, which only increase the economic reality by further sagging and regression in growth and employment.

He added, "The initiatives related to supporting private sector projects and entrepreneurs come as a rescue for the economic situation, achieve diversification, expand the productive base in the country, and stimulate growth and employment in real economic directions, and this is what the Central Bank was deeply and clearly groping through the lending initiatives that it launched since 2015 and amounted to The volume of loans is about $15 billion so far, which is the largest amount in the history of financing in Iraq.

He pointed out that "the economic realization must pass through the support and financing of the private sector, and also due to the absence of other policies and the absence of the state's general budget over the past years of programs and a plan to finance and support the private sector, and here it is necessary to emphasize and focus on a fundamental and important issue that we have known through the initiatives."

lending to the Central Bank that financing alone is not sufficient to achieve the push towards expansion in the number and quality of projects, but it is necessary to combine other factors and achieve a suitable environment for work to launch such projects.

He pointed out that "Iraq needs to improve the ease of doing business index, as the World Bank report indicates that Iraq is at the bottom of the list," calling on the government to "give this issue exceptional and great attention in order to improve the index."

He continued, "Many projects that could have been launched within the framework of the Central Bank's initiatives have been delayed due to the conditions of the work environment, and here comes the European Union's reconciliation initiative that touches on this fact and touches on diagnosis."

And he added, "The Tawfiq initiative is trying to address problems in order to provide an appropriate environment, productive management, and solutions for cases that slow down the process of undertaking such projects," noting that "the situation now may be very suitable for launching such initiatives, as a result of the security and political conditions and progress."

What the government is doing, represented by the Prime Minister, by focusing on economic priorities and achieving general stability, and it is an appropriate opportunity that now enjoys great international support for Iraq to take a path towards stability and development.

And he went on, "There is a concerted effort to understand the problems and obstacles facing the work of the private sector and various initiatives, as well as providing factors that lead to coordination of some aspects, especially since the House of Representatives is close to approving the retirement law for private sector employees, and this law constitutes a major achievement and a basic rule." important in concentrating the pillars of work in the private sector.

He stressed, "Entrepreneurs' initiatives, in cooperation with an international organization, will be launched soon, and this time it will be in a different format, which will be seen on television channels to push business initiatives and innovations towards receiving funding attention, as well as participation in certain investments stemming from these initiatives." https://www.mawazin.net/Details.aspx?jimare=226546

A Slight Rise In The Dollar On The Local Stock Exchange

Wednesday 10, May 2023 10:30 | Economical Number of readings: 292  Baghdad / NINA /- The exchange rates of the dollar against the dinar recorded, today, Wednesday, a slight increase in the local stock exchange in the capital, Baghdad.

The selling price of the dollar on the stock exchange recorded 146,000 dinars per 100 dollars, while the purchase price recorded 145,000 dinars per 100 dollars./ https://ninanews.com/Website/News/Details?key=1052429

The Central Bank Announces Foreign Currency Sales For Today

Economy   Wednesday, May 10, 2023 11:06 AM   Baghdad / National News Center  Today, Wednesday, the Central Bank of Iraq's sales of foreign currency increased slightly, to record more than $200 million.


According to the schedule of the currency sale window, followed by the National News Center, “The Central Bank sold during its auction today 207,291,257 dollars, which the bank covered at an exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar. critically.


Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits), amounting to $155,091,257 million, while the remaining $52,200,000 million went in the form of cash sales.    https://nnciraq.com/204551/

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

https://www.bondladyscorner.com/

How Many Billionaires Are in the World?

How Many Billionaires Are in the World?

For most people, it’s hard to imagine having a million dollars, let alone a billion. However, not only has the number of billionaires increased this year, but there has also been a few shake-ups amongst the lineup of the richest people in the world. Though the heaviest concentration of billionaires is in the United States, people who have amassed a billion-dollar fortune can be found throughout the world, and the numbers may shock you.

How Many Billionaires Are There in the World in 2023?

There are 2,640 billionaires as of May 2023, according to Forbes. However, only 140 people were in the exclusive billion-dollar club back in 1987. Meaning that while achieving billionaire status is a very big deal, but it is not as difficult as it once was. Today, there are more than 19 times the amount of billionaires in the world than in 1987.

By far, most of the world’s billionaires are from the United States, however, there are several more across the globe. Here is an international breakdown of billionaires globally:

United States: 735   China, including Hong Kong: 495  India: 169  Germany: 126  Russia: 105

The Richest Billionaires in the World

Now that you know how many billionaires are in the world, you’re probably wondering who is the wealthiest. While it’s easy to group them into the same super-elite category, some billionaires are a lot wealthier than others.

Of the 10 richest people on the planet, eight reside in the U.S. and the other two are in France. Some are self-made individuals, while others are grouped under a family empire.

While the title of the richest person in the world went back and forth between Elon Musk and Jeff Bezos for the last few years, this year shows Bernard Arnault and his family in the top spot. Here’s a look at ten of the richest billionaires in the world:

1. Bernard Arnault and Family  Net worth: $206 billion  Location: France

Based in Paris, 74-year-old Bernard Arnault helms luxury goods company LVMH — its 70 luxury brands include Louis Vuitton, Marc Jacobs, Christian Dior, Tiffany & Co. and Bulgari. His net worth skyrocketed from $72 billion in 2018 to $158 billion in 2022. His wealth grew once again to $206 billion in 2023, earning him the current top spot on the billionaires list.

2. Elon Musk  Net worth: $169 billion  Location: U.S.

Musk’s net worth has ebbed and flowed in recent years. While still an incredible amount of money, the 51-year-old founder of six companies was worth just $24.6 billion in 2020. He is the CEO of Tesla and owns 23% of Tesla shares, between stock and options. He also owns the rocket firm SpaceX and the social media platform Twitter.

More From Your Money: Choose a high-interest saving, checking, CD, or investing account from our list of top banks to start saving today.

To continue reading, please go to the original article here:

https://www.gobankingrates.com/money/wealth/how-many-billionaires-are-in-the-world/

Iraqi News Highlights Wednesday Afternoon 5-10-23

Iraqi News Highlights Wednesday Afternoon 5-10-23

Tlm724 Administrator Bondlady’s Corner

The Governor Of The Central Bank Inspects The Site Of The New Building And Undertakes To Solve The Problems Of The Workers

Reconstruction and building   Economy News – Baghdad  The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, inspected the site of the new building of the bank, to find out the rates of work completion and to follow up on the logistical requirements.

And the Central Bank media stated in a statement that Al-Alaq “was briefed on the conditions surrounding the construction workers working in the building and the problems they face, especially the issue of delayed salaries and the quality of food, and listened to a group of workers about these obstacles.”

Al-Alaq pledged, according to the statement, to "solve the problems faced by the workers, including the issue of salaries, working hours and food quality," praising "their efforts to work on the implementation of the project, which is one of the most prominent urban projects in Baghdad, and was designed by the late architect Zaha Hadid."  Views 87  05/10/2023 - https://economy-news.net/content.php?id=34118

The Governor Of The Central Bank Inspects The Site Of The New Building And Undertakes To Solve The Problems Of The Workers

Reconstruction and building  Economy News – Baghdad   The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, inspected the site of the new building of the bank, to find out the rates of work completion and to follow up on the logistical requirements.

And the Central Bank media stated in a statement that Al-Alaq “was briefed on the conditions surrounding the construction workers working in the building and the problems they face, especially the issue of delayed salaries and the quality of food, and listened to a group of workers about these obstacles.”

Al-Alaq pledged, according to the statement, to "solve the problems faced by the workers, including the issue of salaries, working hours and food quality," praising "their efforts to work on the implementation of the project, which is one of the most prominent urban projects in Baghdad, and was designed by the late architect Zaha Hadid."   Views 87  05/10/2023 - https://economy-news.net/content.php?id=34118

Al-Sudani Stresses Iraq's Need For A "Reform Revolution" In The Oil Sector

Economy| 01:39 - 10/05/2023   Baghdad - Mawazine News, Prime Minister Muhammad Shia'a Al-Sudani visited, on Wednesday morning, the headquarters of the Ministry of Oil, and chaired the meeting of the opinion committee of the ministry.

According to a statement by Al-Sudani's office, the meeting witnessed "discussing a number of important oil files, especially in the sectors of extraction, associated and free gas investment, oil exploration and infrastructure, and standing up on the problems and obstacles that hinder their projects."

Al-Sudani listened to a "detailed presentation on the plans, activities and projects implemented within the government program, and the role of the national effort in that, presented by the undersecretaries and general managers."

Al-Sudani also reviewed "a number of recently implemented projects in the associated and free gas investment sector and the new invested quantities, including the Akkas gas field, which was recently operated with the national effort, which will generate financial revenues, by offering investment opportunities in the liquidation sector, that would To end Iraq's import of petroleum products, and to move to the stage of exporting various petroleum products.

The Prime Minister stressed that "his second visit to the Ministry of Oil aims to provide support for this important sector in the sustainability of the economic situation," indicating "the country's need for a reform revolution in the oil sector, through which the oil and petrochemical industries can be developed and the optimal investment of oil and gas fields."

And he stressed "the need to address the real problems in the export system," directing the national effort to "devise studies to address the current problems," calling for "setting timelines for the long-overdue files that were discussed in this meeting." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=226544

Planning: Iraq Signed Agreements With The European Union Worth More Than 170 Million Euros

Wednesday 10 May 2023 14:39 | Economical Number of readings: 228  Baghdad / NINA / - The Ministry of Planning revealed a package of agreements signed with the European Union, with a value exceeding 170 million euros.

The Undersecretary of the Ministry of Planning, Maher Johan, said, during the activities of the "Tawfiq Initiative" launched by the Europe Team for Iraq, today, Wednesday, in the capital, Baghdad, that "this initiative reflects the depth of partnership with the European Union and representatives of the international community in Iraq and an affirmation of this close relationship provided by these agencies." Especially in the European Union.

He added, "The Ministry of Planning signed 3 agreements during the years 2022_2021 on behalf of the Iraqi government with a value of 50 million euros, and another financing of 46 million euros, and we also signed an organization agreement with the European Union in 2022 with a financing framework of 75 million euros to support sustainable solutions."

He went on to say, "We are working in great partnership with the European Union and the countries under this partnership to support key sectors in agriculture, sustainable solutions, the financial and banking sector, and public services."

He explained, "We worked in the last stage, under the guidance of the Prime Minister's Office and with the assistance of advisors and sectoral ministries, to make a great effort to harmonize the international support that is being provided and will be provided, with the government program and the ministerial platform presented by the Prime Minister, including the basic axes that lead to evaluation and reform," returning that "the initiative Tawfiq goes on to emphasize an important point related to economic diversification and containing the labor market and unemployment in the Iraqi street, according to the measurements and readings shown by our statistical surveys.

He added, "This initiative will go on to cover a large part of the work with a solid international group in the European Union, to conduct surveys on small, medium and large enterprises, and sovereign projects that are trying to see the light and focus on the basic problems they suffer from by accessing financing according to a modern banking system, through Encouraging entrepreneurship, containing ideas and creativity, and improving the business environment that the country suffers from.

The Undersecretary of the Ministry of Planning affirmed, "This initiative, sponsored by the European Union and the Group of Six Countries, proceeds with us with existing projects and financing future projects for a basic path, which is a major direction for one of the Prime Minister's directions in the next stage, and taking care and containing the pioneering situation of youth and their need to be partners in building bridges of development and non-dependence." On the typical mechanisms of employment that are no longer able to contain the huge amount as a result of population growth./ End 5

https://ninanews.com/Website/News/Details?key=1052502

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

https://www.bondladyscorner.com/

Goldilocks "A repricing event in Gold will give us liquidity to move into a Global Currency Reset."

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks commented on may links this morning to help explain where we are:

The debt ceiling is continuing to be a great concern. President Biden and Senator McConnell commit that the US will not default on its debt.

Futures are under pressure because of CPI data coming out this morning. Inflation is expected to have risen.

Paramount Global is cutting 25% of their staff from TV networks. They will be shutting down MTV News.

Uber launches flight bookings in UK travels super app push. 

Asian and European markets slip ahead of US inflation data. 

Oil falls on higher US crude supply as inflation data is in focus. 

© Goldilocks

~~~~~~~~~~

BREAKING: 🇺🇸 US inflation falls to 4.9%, lower than expectations.

LINK

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The CPI Index reading has just been announced.

"The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas."

https://www.bls.gov/cpi/#:~:text=The%20Consumer%20Price%20Index%20

Inflation has been moving sideways the last few months. And, this is no longer seen as a pressure point for the markets.

Wage inflation is beginning to moderate, and the hopes of a pause on interest rate hikes are coming into focus.

The next data pressure point for the markets will be the debt ceiling.

© Goldilocks

~~~~~~~~~~

The debt ceiling is the next data pressure point for the market. 

How this is handled will go a long way in determining investor choices. 

If the choices made or not perceived to support the market,  we will see movement towards the commodity markets and our new commodity-based digital system.

Many countries are already moving toward a digital asset-based trading system and returning to a national currency backed by gold. 

This de-dollarization process is becoming a real eye sore at this point. 

It looks like we are reaching a crossroads. The impact of the dollar and it's influence on the global markets is beginning to level off with other currencies.

This shift in global power and global wealth transfer is becoming more of a possibility at this point. 

All countries are in process of completing their digital/currency reforms and standardizing banking protocols under a digital/gold-backed system. 

A repricing event in Gold will give us liquidity to move into a Global Currency Reset.

© Goldilocks

LINK

~~~~~~~~~~

"The figure dropped by more than a third month-over-month from the number of FX contracts in March 2023, which was reported at 37,000. Additionally, the Atlanta-headquartered futures exchange operator registered a similar decrease in FX volumes when compared to April 2022."

Forex transactions have declined significantly. Some of this is due to currency reforms taking place around the world and waiting on a repricing event on the commodity markets that are tokenized to support them. 

Digital/currency standards are beginning to take shape at this point on the State levels and moving into the Federal level.

The GCR is moving into a final phase of development and implementation status.

© Goldilocks

https://financefeeds.com/ices-fx-volumes-slow-sharply-in-april/

~~~~~~~~~~

Buybacks are used to reduce a country's national debts especially when it can be done at a discounted rate.

We are moving into such an era. As the markets are being set up for real values, the US Treasury is positioned well with all the gold in their possession to buy back bonds that support a Country's Financial System. 

A SOFR lending system will add even more support for this to become a reality. 

Gold is expected to raise in value for the next 8 to 10 years to bring in even more support. 

Things are about to change dramatically. Buckle up buttercup.

© Goldilocks

LINK

~~~~~~~~~~

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Wednesday Morning Iraq Economic News Highlights 5-10-23

Wednesday Morning Iraq Economic News Highlights 5-10-23

For The Second Day... The Bank's Sales Exceed $200 Million In Wednesday's Auction

2023-05-10 03:36  Shafaq News/ The Central Bank's sales of dollars in an auction today, Wednesday, for the second day, exceeded the barrier of 200 million dollars.  Shafaq News agency reporter stated, "The Central Bank sold today, during its auction for buying and selling US dollars, 207 million, 291 thousand and 257 dollars, which the bank covered at a basic 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, at a price of 1310." Dinars per dollar in cash.

Our correspondent added that most of the dollar sales went to reinforce the balances abroad in the form of (remittances, credits) at 155 million and 91 thousand and 257 dollars, while the rest of 52 million and 200 dollars went in the form of cash sales.

Our correspondent indicated that the number of banks that bought the cash dollar amounted to 15, while the number of banks that responded to requests for strengthening balances abroad reached 18, while the total number of exchange and mediation companies participating in the auction was 96 companies.  LINK

Deputy Head Of Parliamentary Economy: The Salary Scale Needs 16 Trillion Dinars

Money  and business   Economy News – Baghdad  Deputy Chairman of the Parliamentary Economy and Investment Committee, Yasser Al-Husseini, revealed that the salary scale needs 16 trillion dinars.

Al-Husseini said in a televised interview followed by "Al-Iqtisad News", that "there is prejudice to nine governorates in the draft budget," explaining that "the development of the regions amounts to two and a half trillion dinars for the nine governorates."

Al-Husseini considered that "approving the budget should not be at the expense of the southern governorates," calling for "correcting the course."

Regarding the salary scale, Al-Husseini said, "The salary scale needs 16 trillion dinars," explaining, "If we go to collect debts, the salary scale will be approved."

Views 14 05/10/2023 - 1:15 PM   https://economy-news.net/content.php?id=34117  

 Stopping Oil Exports From The Region Increases The {Budget} Deficit

Iraq  2023/05/10  Shaima Rashid   Parliament Speaker Muhammad al-Halbousi announced the extension of the current legislative term until the approval of the federal general budget law, and while the Parliament’s Finance Committee hosted (for the third time) Minister of Finance Taif Sami regarding dismantling the paragraphs and provisions of the budget law, parliamentarians and economists warned of the negative impact of stopping oil exports from the region Kurdistan and its contribution to increasing the deficit in the public budget.

A member of the Finance Committee, Jamal Cougar, said, in an interview with "Al-Sabah": "The suspension of the region's exports increased the budget deficit, because among the Iraqi state's imports is the value of 400,000 barrels of oil exported from the region and included in the budget."

He added, "If the region does not export oil, it will not take any sums from Baghdad, and here will be a new problem regarding the salaries of employees in the region," noting that "two months ago the region did not export oil, and last month Baghdad paid 400 billion dinars in the form of a loan as salaries for employees." .

And he continued, “Among the deficit in the budget is the value of exporting oil from the region, and if it is not exported, the deficit will be greater, because the Iraqi state’s resources amount to 3 million and 500 thousand barrels per day, including 400 thousand from the region, meaning that Baghdad will sell 3 million.” And only 100,000 barrels in this case.

And Cougar indicated, "The government has included the region's oil imports from within the budget, and without it, there will be no share for the region in the budget, and here is the same equation and the first affected is the region," noting that "the timing of re-exporting oil from the region is not yet known, and it may be after the Turkish elections." ".

In addition, the economics and energy expert, Furat al-Moussawi, stated that "the oil agreement between Baghdad and Erbil in the budget law stipulates that the Kurdistan Regional Government shall hand over the Iraqi government 400 thousand barrels of oil per day, and Baghdad will receive all financial dues to the region, and that the financial damages for not The resumption of oil exports from the region to Turkey will be borne by the Iraqi government until all problems are resolved and exports resume normally.

Al-Musawi told Al-Sabah: "The oil revenues exported from the Kurdistan region, according to the agreement, will be placed in an account within the Central Bank of Iraq in the name of the Kurdistan Regional Government of Iraq, while Baghdad will have the power to enter and review the account in addition to passing the financial spending operations required by the regional government," noting That "stopping oil exports from Kurdistan to the Turkish port of Ceyhan harms the Iraqi economy because it undermines financial resources and reduces the volume of Iraqi oil revenues."

And he continued, "In previous budgets, the regional government was required to deliver 250,000 barrels of oil per day in exchange for the federal government paying the region's salaries, and when the region did not deliver oil, the federal government cut off the amount of undelivered oil by agreement from the region's budget share. The region's share of oil amounting to 400,000 barrels, according to the agreement, with the 2023 budget due to an external reason (because of Turkey).

The federal government must compensate the region's share and hand over its approved budget without receiving any amount of oil, which will contribute to adding a financial deficit to the Iraqi budget 2023.

Meanwhile, the Parliamentary Finance Committee hosted, yesterday, Tuesday, Minister of Finance Taif Sami (for the third time) regarding dismantling the paragraphs and provisions of the general budget law, reviewing expenditure tables, public expenditures, and detailed data.

The head of the committee, Atwan Al-Atwani, indicated, according to a parliamentary statement, the need to discuss the operational budget related to employee compensation, service and commodity supplies, grants, subsidies, social care, and expense and revenue accounts, in order to reach the appropriate notes and classify the financial sums and direct them in the appropriate place, as the operational budget amounted to approximately 133 trillion. Dinars in the General Budget Law for the year 2023, and the investment budget included in the budget was also discussed.

In the same regard, the Minister of Finance, Taif Sami, provided a detailed explanation regarding the chapters of the operational budget according to the tables listed, the actual expenditure and the distribution of amounts according to the spending units, as well as the mechanism for financing the spending units, the trusts account, the final accounts, employee compensation, the procedures for fixing contracts and wages, and the contracts of the Ministry of Health according to Law of Medical Graduation for Scientists, and Financing of Money for them.

Yesterday, Tuesday, a member of the Parliamentary Finance Committee, Youssef Al-Kalabi, suggested voting on the draft budget law between one to two weeks from now.

Edited by: Muhammad Al-Ansari   https://alsabaah.iq/76600-.html           

 The Council Of Ministers Decides To Increase The Capital Of The Rafidain Bank And To Pay Iraq's Share In The World Bank

Money  and business  Economy News / Baghdad  The Council of Ministers decided, on Tuesday, to increase the capital of the Rafidain Bank and pay Iraq's share in the World Bank.

Al-Sudani's office stated in a statement that "the cabinet agreed to increase the capital of the Rafidain Bank, which was approved by the Committee for Determining Corporate Capitals in the Ministry of Finance, by an amount of (212,000,000,000) dinars, only two hundred and twelve billion dinars, to be added to the bank's current capital of : (26,000,000,000) dinars, only twenty-six billion dinars, to become after the increase (238,000,000,000) dinars, only two hundred and thirty-eight billion dinars, to raise the capital of the Rafidain Bank on par with other banks, based on the provisions of the Public Companies Law (22 of 1997 ) the average".

And the Council approved, “within the course of financial and economic relations with international financial and banking institutions, the recommendation of the Ministerial Council for Economics (23072 s), regarding the payment of Iraq’s share in the World Bank; by the Ministry of Finance assuming the payment of an amount (26,898,925,642) dinars, only twenty-six billion and eight hundred.”

Ninety-eight million nine hundred and twenty-five thousand six hundred and forty-two dinars in cash, after the approval of the Federal General Budget Law for the year 2023, taking into account the new exchange rate, between the date of the claim and the date of payment. Views 473  Added 05/09/2023

  https://economy-news.net/content.php?id=34102                                                                         

A New Warning From The Finance Committee About The Budget Deficit

Money  and business  Economy News _ Baghdad  The Finance Committee in the House of Representatives confirmed, on Wednesday, that the budget deficit negatively affects the productive circles, while several solutions were proposed to address the financial deficit.

A statement by the Media Department of the House of Representatives, a copy of which "Al-Iqtisad News" received, stated that "Deputy Speaker of the House of Representatives, Shakhwan Abdullah, chaired the meeting of the Finance Committee, in the presence of the committee chairman and members, to discuss the results of important points in addressing the problems facing the Iraqi economy and the possibility of reducing the deficit and taking notes on it. .”

The Vice-President of the Council confirmed that "the committee enjoys the national identity and supports the unified Iraqi spirit," appreciating "its role and the efforts it makes in order to complete a budget that meets ambition."

He pointed out, "The people are waiting for the approval of the budget, which directly affects their lives."

He added, "The vision became clear to the committee after hosting those concerned and diagnosing the negative and positive aspects, and the mechanism for making transfers between the expenditure sections, in order to reduce the deficit and increase non-oil resources, especially with the instability of the Iraqi economy due to the discrepancy in oil prices."

For his part, the Chairman of the Committee stressed that "the budget deficit negatively affects the productive circles, which requires confronting reality and paying attention to the private sector and its involvement with the government sector, activating the collection and fees service, reaching radical solutions to move forward with a common vision, and striving to end the situation of deporting problems and working to eliminate them." By identifying important issues according to scientific steps.

The statement added, "The committee's interventions included its vision on the government's goals in accordance with the implementation of the government program, achieving social justice in distributing service projects among administrative units, investing resources based on time feasibility and a productive vision, in addition to resolving the issue of borrowing as it overburdens the budget, as well as moving on." With a three-year or one-year budget, in order to develop a comprehensive vision.

And he continued, "A number of issues of common concern were also raised, including discussing Article (140) of the constitution, legislation of the oil and gas law, justice for the families of the victims of the sons of Iraq during the time of the former regime, and the need to deliver services to all regions and end their suffering, through the necessary sums of money within the budget." the public". https://economy-news.net/content.php?id=34109

In Detail, A New Meeting Of Parliamentary Finance On The Budget

Money  and business  Economy News – Baghdad   The Finance Committee in the House of Representatives confirmed that the budget deficit negatively affects the productive circles, while several solutions were proposed to address the financial deficit.

A statement by the parliament's media department stated, "Deputy Speaker of the House of Representatives, Shakhwan Abdullah, chaired the meeting of the Finance Committee, in the presence of the committee chairman and members, to discuss the results of important points in addressing the problems facing the Iraqi economy and the possibility of reducing the deficit and taking notes on it."

Abdullah appreciated, according to the statement, "the role of the committee and the efforts it exerts in order to achieve a budget that meets ambition," pointing out that "the people are waiting for the approval of the budget, which directly affects their lives."

He added, "The vision became clear to the committee after hosting those concerned and diagnosing the negative and positive aspects, and the mechanism for making transfers between spending chapters, in order to reduce the deficit and increase non-oil resources, especially with the instability of the Iraqi economy due to the discrepancy in oil prices."

For his part, the head of the committee, Atwan Al-Atwani, said, "The budget deficit negatively affects the productive circles, which requires confronting reality and paying attention to the private sector and its involvement with the government sector, activating the collection and fees service, and reaching radical solutions to move forward with a common vision, and striving to end the situation of deporting problems." And work to eliminate them by identifying important issues according to scientific steps.

The statement added, "The committee's interventions included its vision about the government's goals in accordance with the implementation of the government program, achieving social justice in distributing service projects between administrative units, investing resources based on time feasibility and a productive vision, in addition to resolving the issue of borrowing as it overburdens the budget, as well as moving on." With a three-year or one-year budget, in order to develop a comprehensive vision.

And he continued, "A number of issues of common interest were also raised, including discussing Article 140 of the constitution, legislation of the oil and gas law, justice for the families of the victims of the sons of Iraq during the time of the previous regime, and the need to deliver services to all regions and end their suffering, through the necessary sums of money within the general budget." ".

https://economy-news.net/content.php?id=34110

Today.. The End Of The Deadline For The "State Administration" To Resolve The Budget And The Finance Committee: We Are Not Concerned With Political Agreement

Posted On2023-05-10 By Sotaliraq   Baghdad / Firas Adnan  Today, Wednesday, the deadline for the state administration coalition to end the debate on the budget expires, but the Finance Committee confirmed its continuation of its work, pointing out that it is not concerned with political agreements, expecting the completion of the final formulations of the law within ten days, but it was likely to complete the voting process before the end of this month.

A member of the Finance Committee, Representative Mustafa Al-Karawi, said, "The committee started hosting independent bodies to discuss their share of the budget."

Al-Karawi continued, "These hosts included the Martyrs and Political Prisoners Institutions and the Integrity Commission."

He pointed out, to «discussing the operational and investment budget for these institutions, and we have noticed that there is an actual need to increase allocations».

Al-Karawi said, "The committee will go to support these institutions after we complete all the data and reports."

He pointed out, "The role of independent bodies is effective and important. Their work must be supported through electronic automation and the provision of mechanisms and office issues."

Al-Karawi noted that "many of those covered by the compensation of the martyrs and prisoners did not receive their dues, whether it was plots of land or cash allowances, and the numbers are increasing, and the martyrs of the Popular Mobilization Forces and their wounded joined them."

He stressed, "This has formed large backlogs for us, which require that they be addressed by intensifying meetings within the Finance Committee."

Al-Karawi believed that "this year enjoys high financial allocations, and part of it can be used to address the dues of those covered by the laws of the Martyrs and Prisoners Institutions."

And he continues, "The allocations for this file will be through transfers between the chapters of the budget, as we cannot go to assigning new financial burdens to the treasury."

Al-Karawi stressed that "the committee hosted more than twenty government institutions, and it will have a special meeting during which it will review what has been reached regarding these meetings and make important observations regarding the agreement and revenue after analyzing the data collected over the past period."

And he stressed, "The audit procedures are still ongoing, and we had a meeting with Finance Minister Taif Sami two days ago to review some items in the budget."

Al-Karawi warned, "The final decision on how to transfer has not been taken, but we have a crystallized point of view that most state institutions suffer and need financial allocations, but the most important thing is the ability of these institutions to spend their sums during the remaining period."

And he continues, “Most institutions suffer from a lack of citizen services, automation problems with high routine, and the need for reorganization.”

Al-Karawi continued, "The officials of the bodies whom we met, whether ministers or others, presented to us their real needs, but the lesson lies in the extent of the ability to implement budgets."

And he went on to say, “The committee has a general goal, which is to reduce the deficit in the budget, but we have not reached a specific number because we have not completed all meetings with state institutions until the present time.”

Al-Karawi stressed that "meetings with the security authorities were limited to the Ministry of the Interior, and we have not met until now with the Ministry of Defense, the National Security Agency or the Intelligence Service due to the lack of time and the large number of institutions."

And he talked about “a political agreement that includes submitting a preliminary report on the budget today, Wednesday, and this was adopted by the State Administration Alliance.”

Al-Karawi added, "The Finance Committee, which operates within a technical framework, is not concerned with this agreement or other political agreements."

It is not excluded, "Most of the hosting will be completed during the next two days, so that we can begin to ripen ideas next week and deal with proposals."

Al-Karawi expects that “we will be at the beginning of the end next week in maturing the budget and writing paragraphs.”

And he stressed, "The sovereign ministries have an important role, but there are other service ministries that directly affect the citizen, such as water resources and agriculture. They also need allocations, because we are dealing with the service provided by the ministry during this period, not just its weight."

Al-Karawi stated, "Iraq is currently facing a water scarcity, and it has reached drinking water, and this means that we need financial allocations for this file."

And he finds, “The committee needs enough time to finalize the budget, because we are facing new problems that were represented by the terrorist organization ISIS, and then the health crisis, leading to drought and water scarcity.”

Al-Karawi pointed out that “Parliament seeks to pass a law commensurate with the economic situation and guarantees the stability of financial issues in Iraq,” stressing “the importance of consensus with the government to pass the law, and there is nothing wrong with continuing to sit and develop solutions to controversial points, because our goal is to achieve the public interest.”

He mortgages, “the continuation of external borrowing with investment projects in the budget, and the same is the case with internal borrowing.”

Al-Karawi added, "The Minister of Finance indicated, when we met her, the need to solve part of the internal borrowing because there are accumulated amounts that have not been paid during the past years."

And he talked about "the Ministry of Finance's intention to rotate the amounts of this borrowing with internal banks to revitalize the accounts and add interest for the inability to pay the previous debts."

Al-Karawi believed, "The most prominent solution to address the deficit is to raise non-oil revenues, in addition to reducing corruption in institutions that generate money for the state and reducing expenses for recurrent projects that need reform."

He pointed out, "The budget includes amounts of up to 17 trillion dinars from non-oil revenues, but we see difficulty in achieving this amount without developing a program that includes electronic control of these revenues."

Al-Karawi concluded, "These solutions are long-term, but their implementation should take place by advancing them and putting a step on the right path."

A parliamentary statement, received by (Al-Mada), stated that “the Parliamentary Finance Committee hosted, in a new session, the Minister of Finance, Taif Sami, regarding the budget.”

And the statement continued, “The head of the committee, Atwan Al-Atwani, stressed the need to discuss the operational budget related to employee compensation, service and commodity requirements, grants, subsidies, social care, and expense and revenue accounts, in order to reach the appropriate notes, and to classify the financial sums and direct them in the appropriate place, as the operational budget amounted to approximately 133 One trillion dinars in the general budget law for the year 2023, and the investment budget included in the budget was also discussed.

The statement added, “The observations of the committee members focused on borrowing files and the ministry’s plan to increase resources and procedures in the event of a drop in oil export prices, as well as the differences in oil imports to invest in covering the deficit and compensating the budget, the amount of debt owed by Iraq, the amounts of internal and external borrowing, as well as solutions.”

 Proposed to address the problem of contracts and wages and the obstacles facing these files and the ministry's expectations of the volume of expenditures, and the possibility of developing legal texts that contribute to supplementing the state treasury.

And he pointed out, "The committee asked the Minister of Finance to provide it with an official letter regarding its vision in implementing the paragraphs of implementing the government program."

In turn, the Minister of Finance, Taif Sami, explained, according to the statement, “The chapters of the operational budget according to the listed schedules, the actual expenditure, and the distribution of amounts according to the spending units, as well as the mechanism for financing the spending units, the trusts account, the final accounts, employee compensation, procedures for fixing contracts and wages, and the contracts of the Ministry of Health according to the Medical Graduation Law.” Scholars, and financing the sums of money for them, stressing that it is not possible to reduce the maintenance budget allocations due to indebtedness and maintenance expenses.

The statement noted, “Discussing the sums allocated for the salaries of social welfare and the unemployed, and discussing the allocations of service requirements such as the Internet, printing, transportation, etc., and the commodity requirements related to the sums of formations, financing and processing the needs of the ministries, as well as the sums of payment of Iranian gas import debts, in addition to the sums of grants, subsidies, and public activity.” And the benefits of internal and external debt ».

For his part, committee member Representative Jamal Cougar stated, “The Parliamentary Finance Committee needs a time limit that does not exceed ten days to complete its work on the budget.”

Cougar continued, "Our hosting of government institutions is nearing completion, with the discussion continuing on the schedules and texts contained in the project."

And he pointed out, “The Finance Committee, after it finishes its work, will be presented to a vote, and therefore our task will end and the decision will be for the representatives.”

And Cougar stated, “The deadline for the state administration coalition to end the budget discussions will end today, but we are not bound by it.”

He stressed, "Overcoming the political differences that were in the beginning, with the presence of blocs that wanted to link their demands with the budget, and we have passed this stage."

And Cougar continues, “The Finance Committee is in the process of finalizing the law, and thus we have overcome the main obstacles.”

And he noted, “There are three main points mentioned in the budget that made it different from other budgets. The first is the increase in its amounts by reaching 200 trillion dinars, and the second is the large deficit that reaches 64 trillion dinars, and the third is that this budget will be for three years.”

And Cougar concluded, “Parliament will certainly work to pass the budget before the end of this month, in order to then give way to law enforcement procedures related to ratification, publication, and issuance of instructions to facilitate its implementation.”   LINK

"Tidbits From TNT" Wednesday Morning 5-10-2023

TNT:

Tishwash:  The Council of Ministers decides to increase the capital of the Rafidain Bank and to pay Iraq's share in the World Bank

 The Council of Ministers decided, on Tuesday, to increase the capital of the Rafidain Bank and pay Iraq's share in the World Bank.

Al-Sudani’s office stated in a statement that “the cabinet agreed to increase the capital of the Rafidain Bank, which was approved by the Committee for Determining Corporate Capitals in the Ministry of Finance, by an amount of (212,000,000,000) dinars, only two hundred and twelve billion dinars, to be added to the bank’s current capital of : (26,000,000,000) dinars, only twenty-six billion dinars, to become after the increase (238,000,000,000) dinars, only two hundred and thirty-eight billion dinars, to raise the capital of the Rafidain Bank on par with other banks, based on the provisions of the Public Companies Law (22 of 1997 ) the average".

And the Council approved, “Within the course of financial and economic relations with international financial and banking institutions, the recommendation of the Ministerial Council for Economics (23072 s), regarding the payment of Iraq’s share in the World Bank; by the Ministry of Finance assuming the payment of an amount (26,898,925,642) dinars, only twenty-six billion and eight hundred.” Ninety-eight million nine hundred and twenty-five thousand six hundred and forty-two dinars in cash, after the approval of the Federal General Budget Law for the year 2023, taking into account the new exchange rate, between the date of the claim and the date of payment  link

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Iran News: 

Harambe:  CBI Governor Underlines Iran's Policy of De-Dollarization | Farsnews Agency (5/10/23)

 The Central Bank of Iran (CBI) Governor Mohammad Reza Farzin underscored Tehran's solid resolve to diminish the role of the US dollar in trade ties with other countries, and said that Tehran will soon host an international meeting which will help the policy of reducing dependence on the US dollar in financial transactions.

The CBI is seriously pursuing the policy of de-dollarization and intends to use alternative options to accelerate the global trend, Farzin said on Tuesday during an open session of the parliament.

“It should be noted that de-dollarization is one of the important policies which we are sensitive about,” he added.

Several countries have stressed that they no longer have trust in the US currency because it has become an unreliable financial instrument.

According to the CBI governor, Iran will host a meeting of the Asian Clearing Union (ACU) in the near future, which will bring together all nine member states and several central bank governors from regional and Asia-Pacific countries.

He stressed that the meeting will accelerate the global trend of de-dollarization.

The ACU aims to facilitate settlement of payments on a multilateral basis and promote the use of participants’ currencies.

“In fact, bartering, rather than using the dollar; reaching bilateral monetary agreements, which is being finalized with several countries; and multilateral monetary agreements are the three main topics of the aforementioned international meeting that will help materialize de-dollarization,” Farzin explained.

On Sunday, Iranian President Seyed Ebrahim Rayeesi ordered the CBI to lay the ground for conducting foreign trade transactions using Iran’s national currency rial.

Farzin said on Monday that de-dollarization is a strategic policy pursued by the CBI, adding that the US is exploiting the dollar as a political tool.

Iranian officials have repeatedly accused the United States of using the dollar as an instrument to wage economic and political war. They have touched on the policy to use other currencies in place of the dollar, and stressed that the dollar should be gradually ditched from global transactions.

The dollar’s share in global reserves fell ten times faster last year than over the past two decades, according to reports. The process has accelerated after other countries saw Russia’s US dollar and Euro-denominated assets frozen abroad and Moscow cut from the SWIFT global financial messaging system.

US Secretary of the Treasury Janet Yellen has recently admitted that the role of the dollar as the world reserve currency could diminish due to Washington using its leverage over the global financial system to pursue its geopolitical goals through sanctions.

https://www.farsnews.ir/en/news/14020219000681/CBI-Gvernr-Underlines-Iran

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Harambe:  IMF Cautions Zimbabwe Against Plan for Gold-Backed Digital Money | Bloomberg (5/9/23)

The International Monetary Fund cautioned Zimbabwe against adopting a gold-backed digital currency to deal with macroeconomic challenges like volatility in the local unit, saying it should rather liberalize its foreign-exchange market.

The central bank started selling digital tokens to investors on Monday for a minimum price of $10 for individuals and $5,000 for corporates and other entities, as part of efforts to reduce demand for US dollars that now supersede the local unit as the preferred currency for transactions. The token will later also be used for transactions.

“A careful assessment should be conducted to ensure the benefits from this measure outweigh the costs and potential risks including, for instance, macroeconomic and financial stability risks, legal and operational risks, governance risks, cost of forgone FX reserves,” an IMF spokesperson said Tuesday in an emailed response to questions.

The Washington-based lender urged authorities in the southern African nation to rather use conventional measures to address economic challenges. Those measures include maintaining a tight monetary-policy stance and accelerating the liberalization of the foreign-currency market by removing restrictions on the exchange rate at which banks, authorized dealers, and businesses transact, it said.

The Zimbabwean dollar has depreciated 40% against the greenback this year to trade at 1,070 on the official market and between 1,500 to 2,300 on the parallel market.

The IMF last year also raised issue with the Central African Republic’s adoption of Bitcoin as legal tender. A decision the nation reversed a year later.

 https://www.bloomberg.com/news/articles/2023-05-09/imf-cautions-zimbabwe-against-plan-for-gold-backed-digital-money

Mot:  ...... Just For You Mom!!! ~~~~~

Mot:  ... Bet Ya Never ever Heard These Befores!! ~~~~

Iraqi News Highlights Tuesday Afternoon 5-9-23

Iraqi News Highlights Tuesday Afternoon 5-9-23

Tlm724 Administrator Bondlady’s Corner

Baghdad Sends 200 Billion Dinars To The Region To Finance The Salaries Of Employees

Economy   Tuesday, May 9, 2023 3:19 PM  Baghdad / National News Center   The Ministry of Finance in the Kurdistan Regional Government announced, on Tuesday, that the federal government has deposited a sum of money amounting to 200 billion dinars to finance the salaries of employees and workers in the public sector in the region.

The ministry said in a statement received by the National News Center: “In implementation of the decision of the Federal Government Council of Ministers, 200 billion dinars were transferred from Baghdad to the ministry’s bank account.”    https://nnciraq.com/204438/

The House Of Representatives Votes On A Draft Law On Iraq's Accession To The Agreement Establishing The European Bank For Reconstruction And Development

Tuesday 09, May 2023 14:35 | Economical Number of readings: 241  Baghdad / NINA / The House of Representatives voted, in its session held today, Tuesday, on a draft law on the accession of the Republic of Iraq to the agreement establishing the European Bank for Reconstruction and Development for the year 1990./ End 5   https://ninanews.com/Website/News/Details?key=1052221

The Council of Ministers agrees to increase the capital of the Rafidain Bank

Tuesday 09, May 2023 18:46 | political Number of readings: 45  Baghdad |/ Namina/ The Council of Ministers agreed to increase the capital of Al-Rafidain Bank, which was approved by the Committee for Determining Corporate Capitals in the Ministry of Finance, by an amount of 212 billion dinars.

The Council of Ministers also approved, in its session held today, the recommendation of the Ministerial Council for the Economy (23072 BC), regarding the payment of Iraq's share in the World Bank. / End To

https://ninanews.com/Website/News/Details?key=1052287

Dollar Exchange Rates During Morning Trading

Posted On2023-05-09 By Sotaliraq   The exchange rates of the dollar against the Iraqi dinar on a daily basis and according to the variables of the currency exchange market in the capital, Baghdad, and the provinces of the country.

in Baghdad:  The purchase price of the dollar is 144,750 for every 100 dollars, a difference of 500 dinars.

The selling price of the dollar is 142,750 per 100 dollars

in the north:  The purchase price of the dollar is 145,500 per 100 dollars   The selling price of the dollar is 143,500 per 100 dollars

in the south:  The purchase price of the dollar is 144,750 for every 100 dollars, a difference of 500 dinars.   The selling price of the dollar is 142,750 per 100 dollars   LINK

Significant Rise In Central Bank Sales Of The Dollar

Economy| 10:49 - 09/05/2023   Baghdad - Mawazine News  recorded the central bank's sales of foreign currency in an auction today, Tuesday, more than 206 million dollars.

https://www.mawazin.net/Details.aspx?jimare=226448

Oil Prices Are Falling Again  

Economy| 08:17 - 09/05/2023   Follow-up - Mawazine News   Oil prices fell on Tuesday, giving up some of the strong gains in the previous two sessions.

The market remained cautious ahead of the release of US inflation figures for the month of April, which will be key in the next Fed rate decision.

Brent crude fell 26 cents, or 0.34 percent, to $76.75, and US West Texas Intermediate crude fell 22 cents, or 0.30 percent, to trade at $72.95 at 04:36 GMT. https://www.mawazin.net/Details.aspx?jimare=226432

Al-Halbousi Announces The Extension Of The Legislative Term Until The Budget Is Approved

Political | 03:55 - 09/05/2023   Al-Halbousi announces the extension of the legislative term until the budget is approved   https://www.mawazin.net/Details.aspx?jimare=226472

The House Of Representatives Extends Its Legislative Term Until The Budget Is Approved

Political | 02:09 - 09/05/2023   Baghdad - Mawazine News   Today, Tuesday, the House of Representatives held its 25th session of the current legislative term, headed by Al-Halbousi.

The parliament's media department said in a statement that Parliament Speaker Muhammad al-Halbousi opened the proceedings of session No. 25, in the presence of 178 deputies.

And the House of Representatives decided during the session, "to extend its legislative term until the budget law is approved."    https://www.mawazin.net/Details.aspx?jimare=226462

Parliamentary Finance: The Operational Budget Amounted To About 133 Trillion Dinars In The 2023 Budget

Political | 02:28 - 09/05/2023   Baghdad - Mawazine News, Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, said, on Tuesday, that the operating budget amounted to approximately 133 trillion dinars in the 2023 budget law. And the Parliament’s media

department stated in a statement received by Mawazine News, that “the Finance Committee is chaired by Representative Atwan Al-Atwani and its members are present. On Tuesday morning, it hosted the Minister of Finance, Taif Sami, for the third time, regarding dismantling the paragraphs and provisions of the General Budget Law, reviewing the expenditure and public expenditure tables, and detailed data.

Al-Atwani indicated, according to the statement, that "

The statement added, “The observations of the committee members focused on the borrowing files and the ministry’s plan to increase resources and procedures in the event of a drop in oil export prices, in addition to the differences in oil imports to invest in covering the deficit and compensating the budget, the amount of debt owed by Iraq, and the amounts of internal and external borrowing, as well as solutions.”

 The proposal to address the problem of contracts and wages and the obstacles facing these files and the ministry's expectations for the volume of expenditures, and the possibility of developing legal texts that contribute to supplementing the state treasury, as the committee requested to provide it with an official letter to see it in implementing the paragraphs of implementing the government program.

And the statement continued, “In the same regard, the Minister of Finance clarified the chapters of the operational budget according to the listed schedules, the actual expenditure, and the distribution of amounts according to spending units, as well as the mechanism for financing spending units, trusts account, and final accounts, and added regarding employee compensation and procedures for fixing contracts and wages, and contracts of the Ministry of Health according to the law of gradation.” scientific medical professionals, and financing sums of money for them.

According to the statement, “allocations for service requirements such as the Internet, printing, transportation, etc., and commodity requirements related to formation amounts, financing and processing the needs of ministries, as well as amounts for paying debts for importing Iranian gas, were discussed, in addition to amounts for grants, subsidies, public activity, and the benefits of internal and external debt.”

Sami pointed out, "It is not possible to reduce the maintenance budget allocations due to indebtedness and maintenance expenses, in addition to discussing the amounts allocated for the salaries of social welfare and the unemployed."    https://www.mawazin.net/Details.aspx?jimare=226463

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

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