Iraqi News Highlights Friday Evening 5-19-23

Iraqi News Highlights Friday Evening 5-19-23

Tlm724 Administrator Bondlady’s Corner

Economist: Dollar Markets May Cause The Collapse Of The Iraqi Dinar

 May 15 18:50    Information / special.  Economic expert Nabil Al-Ali warned, on Monday, of the continued decline of the Iraqi dinar against the dinar due to the circulation of hard currency in the local markets.  Al-Ali said, in an interview with Al-Maalouma Agency, that "a

lot of efforts are being made to strengthen the national currency by preventing any dealings in foreign currencies, and  this matter is applicable in most countries."  

And he stated,

"Dealing with hard currency in the local markets has serious economic effects on the dinar,

and may be a reason for the collapse of the value of the national currency, as happened in Lebanon recently."   The economist explained,

"This step aims to strengthen the Iraqi dinar, and

it will be dealt with only in the local market," noting that

"this step will represent a new start to upgrade the Iraqi economy and ways of its continuous development."

The Minister of Interior, Abd al-Amir al-Shammari, had earlier issued directives regarding dealing in dollars in local markets in two governorates,

while the Organized Crime Directorate conducted a campaign to publish the directives.

It was decided to prevent dealing in buying and selling in US dollars and sticking to the local currency, in all governorates except for the Kurdistan region,

as a step to control the high exchange rates of the dollar in the local markets. Ended / 25 y

https://almaalomah.me/news/economy/اقتصادي:-دولارة-الاسواق-قد-تتسب-بانهيار-الدينار-العراقي

Economist: The government is moving towards eliminating the parallel market for dollars

Information / Baghdad...  The researcher in economic affairs, Muhammad Attia Al-Saadi, considered the

security and control campaigns to deter dollar dealers in the commercial markets as the right step towards reducing the gap between the official and parallel price.   Al-Saadi told Al-Maalooma,

"The problem of the dollar's high price did not end with merchants and company owners entering the electronic platform to buy dollars from the Central Bank." 

 He added, "Many car and electrical companies and merchants were dealing in the process of buying and selling in dollars with citizens,

which prompted the government to impose dealings in dinars by force by taking legal pledges."  Al-Saadi expected that

"the exchange rate will witness a decrease in prices in the coming days," pointing to

"the importance of intensifying government measures, monitoring manipulators, and blocking the path towards any speculators who constantly update their methods to speculate in dollars and exhaust citizens with high prices." ended 25 n

https://almaalomah.me/news/economy/اقتصادي:-الحكومة-تتحرك-نحو-القضاء-على-السوق-الموازي-للدولار

Chambers Of Commerce Expects A 50% Drop In "Dollarization" Of Car Showrooms Within 3 Months

Today  Information / Diyala..  On Thursday, the Diyala chambers of commerce expected a drop in what they called the dollarization of car showrooms by 50% within 3 months.

The head of the chambers, Muhammad Mulla Jawad, said in an interview with Al-Maalouma, that

"obligating the owners of car showrooms to make written pledges in Diyala

and the rest of the governorates to adopt the dinar instead of the US dollar in buying and selling operations is a successful step and

will push to variables that focus positively on the economic file directly."  He added,

"The use of the dollar in buying and selling operations will decrease by 50% within 3 months," pointing to "the

importance of this path in reducing the demand for the parallel market to buy the dollar and

thus reducing its prices to good levels." 

He pointed out that  "the dollarization of the auto sector is a grave mistake from an economic point of view, and

it has caused an increase in the dollar's prices in recent years due to the high demand,

because it has become a currency of exchange by 99%."

Security detachments began to take pledges from car showrooms to adopt dinars instead of dollars in buying and selling operations. 25 p.m. ended

https://almaalomah.me/news/economy/غرف-التجارة-تتوقع-انخفاضدولرة-معارض-السيارات-بنسبة-50-خلال-3

Al-Rafidain Bank Directs The Collection Of Taxes And Customs Fees In Iraqi Dinars

Tuesday 16, May 2023 22:15 | Economical    Number of readings: 871  Baghdad / NINA /- Al-Rafidain Bank directed today, Tuesday, to collect taxes and customs fees in Iraqi dinars.

A statement of the bank stated,

"In compliance with government directives and the instructions of the Central Bank of Iraq, it directed its branches at the border crossings to collect taxes and customs fees in Iraqi dinars.

The bank instructed its border branches (Tribil - Al-Walid - Rabia - Zirbatiya - the free zone in Basra - Fleifel - the trade exchange area - Safwan Al-Hududi - Khor Al-Zubayr - Al-Haswa Customs - Al-Sheeb Al-Hedudi) by adopting the dinar in collecting customs duties and taxes instead of the dollar.

The bank also decided that "the receipt of the stamp fee should be in Iraqi dinars.

This step comes in support of the national economy and strengthening the dinar currency. / End 8

https://ninanews.net/Website/News/Details?key=1053821

An Economist Wonders: Where Does A Billion Dollars Go In A Weekly Currency Auction?

Wednesday 17, May 2023 16:51 | Economical     Number of readings: 673  Baghdad / NINA / - The economist, Salam Sumaisem, expressed her question about the fate of the Iraqi Central Bank's auction sales of hard currency.

Sumaisem said in a tweet via Twitter:

"Where do these millions go in light of a small economy like the economy of Iraq??,

at a rate of 200 million dollars per day x 5 days = 1000 million, or one billion dollars,

is this billion per week really for the supply of goods and services in Iraq??” / End 8

https://ninanews.net/Website/News/Details?key=1053992

The Central Bank Organizes A Workshop For Financial And Banking Services

May 19, 2023    On Thursday, the Central Bank of Iraq organized a workshop to discuss the methodology of implementing sides of the offer and demand for financial and banking services throughout Iraq.

The workshop was held in Baghdad, under the auspices of the Central Bank of Iraq and in cooperation with the German Agency for International Development (GIZ), the participation of the Ministry of Planning, and the presence of a number of banks, electronic payment service providers and financing companies.

 The multilateral team works to prepare and implement the national strategy for financial inclusion by adopting the results of the field survey in defining goals and policies, and the beneficiaries of a plan that includes enhancing access to services and achieving optimal use for them.

The Central Bank of Iraq      information Office      1923/5/19  https://cbi.iq/news/view/2335

Economist: We Are On The Verge Of A Quantum Leap In Financial Transactions

Today 12:25    Information / Baghdad..The researcher in economic affairs, Hisham Al-Baydani, explained, on Friday, that 

Iraq is on the verge of a quantum leap in the quality of financial transactions,

especially with the entry into force of electronic applications in many institutions in order to get rid of the inflation that the country suffers from.  Al-Baydani told Al-Maalouma, that

"Iraq, despite its late entry into the techniques of financial sciences and its applications, the coming months will witness a wide boom in the applications of electronic financial transactions after decades of traditional monetary trading."  He added,

"What will happen from electronic transactions is only in implementation of the instructions of the Central Bank of Iraq to publish pos points, which would reduce the monetary mass in the country, which in turn is one of the causes of rampant inflation."  And that

"this step, which will start in early June, will encourage Iraqis to

save the value of their money electronically and

start opening bank accounts that may increase the number of active accounts currently,

which are estimated at seven million bank accounts." ended 25 n

 https://almaalomah.me/news/economy/اقتصادي:-مقبلون-على-طفرة-نوعية-في-التعاملات-المالية

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

https://www.bondladyscorner.com/

Iraqi News Highlights Friday Afternoon 5-19-23

Iraqi News Highlights Friday Afternoon 5-19-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance Suggests That The Budget Will Be Completed In Full On Sunday Or The Next

Iraq   Friday, May 19, 2023 4:10 PM  Baghdad / The National News Center  The Parliamentary Finance Committee suggested today, Friday, a very close date for the full completion of the budget.

And the first deputy head of the Parliamentary Finance Committee, Ahmed Mazhar Al-Jubouri, said in a statement received by the National News Center: “We recommend that the budget be completed in full on Sunday or Monday and sent to the Presidency of Parliament to set a date for voting on it.”

https://nnciraq.com/206381/

Oil Prices Fell In Early Asian Trading

Economy   Friday, May 19, 2023 9:14 am   Follow-up / National News Center  Oil prices recorded a slight decline in early Asian trading on Friday, as optimism about the possibility of avoiding a US default on its obligations was offset by high inflation data that may alert central banks around the world to raise interest rates.

Brent two-year crude futures fell to $75.84 a barrel by 0015 GMT. US West Texas Intermediate crude also fell ten cents, or 0.043 percent, to $71.76.

US President Joe Biden and House Speaker Kevin McCarthy earlier this week reaffirmed their intention to reach an agreement soon to raise the $31.4 trillion federal debt ceiling, and agreed to hold talks by Sunday.    https://nnciraq.com/206275/

The Jordanian Monarch: We Support The Iraqi Government's Measures To Enhance The Stability Of The Country

Friday 19 May 2023 15:25 | political Number of readings: 213   Baghdad / NINA / - The Jordanian Monarch, King Abdullah II, affirmed his support for the Iraqi government's measures to enhance the stability of the country.

He said in a speech at the Arab summit that "we support the Iraqi government's steps to restore Iraq's role in the region."

The Jordanian monarch praised the tripartite partnership with Egypt and Iraq, considering it a way to achieve sustainable development.

In his speech, Abdullah II welcomed Syria's return to its seat in the League of Arab States, expressing his hope that it would be the beginning of a solution to the crisis that the country has been witnessing for years. .

And he stressed the need to respect the legal and historical status of Islamic and Christian holy sites in Jerusalem.”/ End 2    https://ninanews.com/Website/News/Details?Key=1054367

The Discovery Of A Large Embezzlement Of Trusts And Ghamriyah Deposits In Basra

Money and business   Economy News-Baghdad  On Thursday, the Federal Integrity Commission revealed a large embezzlement of trusts and customs deposits in Basra Governorate for the years (2015 and 2016),

with an estimated waste of public money in the amount of (92) billion Iraqi dinars,

indicating the issuance of arrest warrants and travel bans against six customs officials. Southern Region and the Office of Financial Supervision in Basra.

The Commission's Investigation Department stated in a statement that

"its investigative procedures led to the detection of embezzlement and theft of public money in the customs of the southern region," noting that

"the Commission's Investigation Directorate in Basra formed a team to investigate and investigate information it received from its private sources about allegations of corruption represented in the theft of customs trusts under Comorian permits and forged agencies, which caused the embezzlement of tens of billions of dinars.  And she added,

"The directorate's team, after obtaining judicial orders, proceeded to move to the concerned departments, as it monitored the presence of a letter issued by the Umm Qasr al-Shamali customs center alleging that all customs deposits and customs deposits had been burnt due to the protests," pointing out that

"the team after moving to The Border Crossings Authority concluded that the information contained in the book was inaccurate, and that no case of burning was recorded throughout the period of the protests.  And she indicated that

“the arrival of (75) customs declarations in the Umm Qasr customs center related to the book of the Office of Financial Supervision that includes checking the permits and that they fulfilled all procedures, while

it was found that the border sequences established in the office book and the names of importers belong to the customs declarations themselves, and after approaching the Umm Qasr customs center It turned out that all the permits were forged."  The department continued,

"The investigation and investigation procedures resulted in the former director of the Office of Financial Supervision in Basra issuing an order assigning himself to audit (315) statements and handing over the book himself to the director of customs in the southern region and organizing the book of validity of issuance," warning that

"the correct contexts required the formation of a team." From the Office of Financial Supervision by at least three persons to audit the customs declarations.  She pointed out that

"the cadres of the Commission's Investigation Directorate in the governorate intensified their efforts through their team, whose procedures included the Southern Region Customs Directorate - the Financial Department," pointing out that

"those procedures resulted in the team's conclusion that all trusts and deposits for previous years were disbursed under forged customs agencies." And that

the numbers of the clients’ documents that are confirmed in the agencies are duplicated and carry the same serial numbers for the persons entrusted, as well as other agencies issued by the Nahrawan Notary Public that were relied upon to deliver the checks, where the team was able to control the notices of the amounts that were released and ordered to be disbursed by the customs managers of the southern region (previous and earlier).  And she added,

"The team moved to Al-Rashid Bank to link the initial documents, on the basis of which the trusts and customs deposits were received and the Customs Directorate of the Southern Region, as it recorded the statements of the legal representative of the Directorate, and the legal representative of the Office of Financial Supervision, and accordingly the director of the financial department was brought in according to Article (340). ) of the Penal Code, which in turn explicitly admitted that the defendants released the customs deposits from the bank according to those forged declarations.  She added,

"The judge of the Basra Investigation Court, which is specialized in hearing cases of integrity, and based on the procedures of the investigative body, issued arrest warrants and travel bans against officials in the customs of the southern region, and

they are each of the former director of the customs of the southern region, the former director of the legal department and his assistant, and the directors of the audit and the legal department in it. In addition to the former director of the Office of Financial Supervision in the governorate,

and the most prominent defendant in the tax deposits case, based on the provisions of Article (315) of the Iraqi Penal Code, he also decided to refer the investigation papers and the accused to the Second Karkh Investigation Court and based on the provisions of Article (54) of the Law The principles of criminal trials, because there is a previous case pending before it.  The department noted,

"The commission's team was able to implement the arrest warrant against two of the defendants: the former director of financial control, and the assistant director of the legal department in the Directorate of the Southern Region," noting that

"the investigation, investigation, follow-up, audit, and investigation procedures are still ongoing, and that the amounts announced Theft or embezzlement does not represent the final amount, as the total amount will be announced after the completion of its procedures in the case.

Views 247    Added 05/18/2023 - 4:54 PM    https://economy-news.net/content.php?id=34288

World Bank: Iraq Needs 2.3 Billion Dollars If There Is No Food Security This Year

money and business  Economy News _ Baghdad  The World Bank saw that Iraq needs more than 2.3 billion dollars for the current year 2023, to finance its needs, in the event of severe food insecurity.

The bank said in a report on the effects of food insecurity in the Middle East, seen by "Al-Iqtisad News", that

"Iraq's needs were estimated during the year 2022 to meet its needs for development financing in the short term for people suffering from food insecurity in it (the limit).  Lowest calories) $2.02 billion.  He added,

"It is expected that these needs in Iraq will reach between 1.72-2.33 billion dollars in 2023, and in 2024 they will reach between 1.67-2.58 billion dollars, and in 2026 they will reach between 1.65-3.27 billion dollars." 

According to the World Bank, people who suffer from severe food insecurity are defined as the number of people within the population who live in families classified as suffering from severe food insecurity, and

this classification means if at least one adult in the family reports a reduction in the amount of food consumed. In a whole year, missing meals, feeling hungry, or having to go a single day without eating due to lack of money or other resources.  He added,

"The most Arab countries whose needs were estimated to meet development financing in the short term for people suffering from food insecurity in them are Yemen, where it was estimated in 2022 at $13.32 billion, followed by Syria, which was estimated at $4.3 billion, followed by Egypt, which was estimated at 3.45 billion dollars.  Views 160   05/17/2023 - https://economy-news.net/content.php?id=34249

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

https://www.bondladyscorner.com/

Goldilocks "Iraq, Arab and IRS News" Friday 5-18-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

Good morning Dinar Recaps,

Goldilocks posted comments and links this morning:

The situation concerning Iraq - Security Council, 9324th meeting

https://media.un.org/en/asset/k14/k142c9enwg

The video below explains the issues surrounding the regulation of cryptocurrencies and stablecoins.

It reveals how the debate is beginning to heat up at this time and who is going to control them.

Stablecoins will be used for trading purposes and banking purposes. This is why the CFTC and the SEC are both involved in this decision-making process.

Both agree that a deep dive into the exploration of their usefulness is so important before they are implemented into the general population.

This video covers how an asset backed token can and will keep these assets stable and help bring even more money velocity/value to our paper currencies around the globe. These new protocols will increase demand and purchasing power for both the digital asset and currencies over time.

It is known that when this process is over we will find our digital assets representing our National Currencies "begin to" raise in value. Again, they are expected to finish this process by June 30th.

It is important that we understand that this process will give rise to the meaning of Global Currency Reset.

© Goldilocks

https://www.bloomberg.com/news/articles/2023-05-18/cftc-chair-rostin-behnam-discusses-crypto-regulation-on-odd-lots

~~~~~~~~~~

"Could Friday’s summit be Arab League’s first major transformational gathering in 20 years?"

In this Summit, Saudi Arabia's meeting with members of various Arab countries will determine if they are going to continue to follow Washington's lead or move into more independent policy protocols.

I think most of us know at this point the direction they are going, and this will shift the Global Transfer of Power significantly.

Today is definitely one of those days for the history books whereby the direction of our Global Nation shifts into new Governmental alliances around the world.

This meeting has the ability to shift the power of the dollar's influence and trigger the leveling of currencies event.

© Goldilocks

https://www.irishtimes.com/world/middle-east/2023/05/18/could-fridays-summit-be-arab-leagues-first-major-transformational-gathering-in-20-years/

~~~~~~~~~~

The IRS is creating a new e-filing system that will be tested next year.

It is currently in the works and will be ready for use in 2024.

Why? A lot of people are expressing the desire to file directly to the IRS.

This service will be free and open to the public.

© Goldilocks

https://www.federaltimes.com/federal-oversight/2023/05/17/irs-moves-forward-with-free-e-filing-system-pilot-program/

~~~~~~~~~~

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Friday Morning Iraq Economic News Highlights 5-19-23

Friday Morning Iraq Economic News Highlights 5-19-23

Iraq's Budget Is On The Security Council Table.. Plasschaert: Its Approval Is Important And Dependence On Oil Must Be Reduced

2023-05-18 Shafaq News/ The UN representative, Jeanine Plasschaert, revealed today, Thursday, that approving the Iraqi general budget is a "necessary and pivotal" matter, while she called for a structural change in Iraq's oil-dependent economy.  "Plasschaert: We are disappointed that the 2020 agreement has not been implemented in Sinjar," the UN representative said during the UN Security Council session.

"The Iraqi government is focused on consolidating the pillars of political stability, and has taken clear positions against corruption," Blaskhart added.

Regarding the budget, the UN envoy indicated that "agreeing to pass it quickly is pivotal and necessary, and its approval would support the provision of appropriate public services and the organization of provincial elections."   And Blaskhart indicated that "Iraq needs a structural change in its economy, which depends on oil."   LINK

Blaskhart: Millions Of Dollars In Losses From Iraq's Revenues Due To The Stoppage Of Oil From Türkiye

2023.05.19 - Baghdad - Nas   The UN representative in Iraq, Jenin Plasschaert, said that stopping oil exports through Turkey exposes Iraq to losses of millions of dollars in imports, while praising the efforts aimed at Iraq's independence in the field of energy, especially gas, in reference to Iran. 

 In her briefing she gave to the United Nations Security Council and followed by “NAS” (May 19, 2023), Blaskhart stated that “on April 4, after the issuance of a ruling by the International Court of Arbitration based in Paris, and given the absence of the long-standing oil and gas law, Waiting for him, Baghdad and Erbil announced that they had reached a temporary agreement that would allow the resumption of oil exports through the Turkish port of Ceyhan.   

  And she indicated, "On May 10, the Iraqi government asked Turkey to allow the resumption of exports. However, it has not resumed so far. Since oil pumping was stopped on March 25, hundreds of millions of dollars in revenue is likely to be lost."   

  She added, “I would like to commend the government's efforts in pushing Iraq closer to energy independence. Again, this will not happen overnight, but through the issuance of new licensing rounds and efforts to reduce energy waste, including reducing gas flaring – This ambitious goal is getting closer and closer.     https://www.nasnews.com/view.php?cat=107559

Al-Mattalabi: Resolving The Government Changes Will Be After The Approval Of The Budget

Information/Baghdad..  The independent politician, Saad Al-Mutalabi, confirmed on Friday that the government changes that Al-Sudani intends to make will be decided after the approval of the budget in Parliament, pointing out that the mechanism of change is still vague and unknown whether Al-Sudani bears responsibility for it or is done through the political blocs.

Al-Muttalbi told Al-Maalouma that, "Prime Minister Muhammad Shia'a Al-Sudani, and in the event that he obtains real support from the blocs in the House of Representatives, he will move towards making changes in positions and ministerial portfolios within his cabinet."

He added, "The government cabinet has been built on the basis of balance, but the difference in it from previous governments lies in the fact that the prime minister persuaded the political blocs to carry out the process of evaluating officials and replacing the negligent ones."

And he indicated that "the way to change officials who fail to perform duties is still unknown, although the change is coming, whether by direct implementation by the Prime Minister or through political blocs, and this matter will take place after approving the budget and passing it in Parliament." LINK

Saudi Arabia: Coordination With OPEC + Enhances Market Stability

Economy  | Baghdad today - follow-up   The Saudi Minister of Energy, Prince Abdulaziz bin Salman, considered coordination with OPEC + countries as a cornerstone of efforts to enhance the stability of oil markets and maintain their balance and security of supplies in a manner that supports the growth opportunities of the global economy.

He also stressed the Kingdom's interest in cooperating with Arab countries in the field of energy, explaining that it is an "integral part" of its interest in strengthening its relations in its Arab depth in all fields.

And Prince Abdulaziz bin Salman indicated that this cooperation is embodied in coordination for joint Arab action, and in many projects, programs and initiatives, according to the Saudi Press Agency.

He explained that the Kingdom signed a number of memorandums of understanding with a number of Arab countries in the energy sector, such as those signed with the Arab Republic of Egypt, the Sultanate of Oman, the Hashemite Kingdom of Jordan, and the Republic of Iraq, which aim to enhance cooperation in the fields of electricity, renewable energy, clean hydrogen, and oil and gas. , petrochemicals, and other fields related to energy.

He also pointed out that there are also electrical interconnection projects between the Kingdom and the Arab countries, as the Kingdom is connected to all the Arab Gulf countries through the Gulf interconnection, and direct interconnection projects are being implemented between the Kingdom and Iraq, Jordan and Egypt.

 Prince Abdulaziz added that the electrical interconnection projects with the Arab countries aim to enhance the security of the interconnected national networks, their reliability, increase their ability to absorb the entry of renewable energy projects, create a regional commercial market for the exchange and passing of electric energy in order to achieve optimal investment and operation of national generation stations, export renewable energy and connect the Mashreq networks. Arab with its counterparts in the Maghreb.

The Saudi Minister of Energy affirmed that coordination and cooperation with Arab countries is witnessing continuous communication, whether through coordination councils or joint committees in various fields of energy and related issues, such as exchanging experiences in the fields of electricity, renewable energy, energy production and consumption efficiency, and digital transformation in energy uses and applications.

In addition to programs and plans to combat climate change, which include applying the circular carbon economy approach, emission reduction techniques, and others.

He expressed his hope that the Arab Summit held in Jeddah would be a new opportunity to achieve a greater and more effective breakthrough for cooperation, integration and coordination among Arab countries in all fields.   Source: agencies   LINK

An expert sets one condition related to Iran that "the exchange rate will not fall without it"

Economy  |Baghdad today - Baghdad   Today, Thursday, economist Nabil Al-Marsoumi stressed the difficulty of declining commodity and food prices after their rise, at a time when the country is witnessing economic fluctuations with regard to its economic relations with other countries.

Al-Marsoumi told (Baghdad Today) that "at a time when the government reduced the exchange rates of the dollar, the prices of commodities and foodstuffs remained high," noting that "the cheap dollar has become an easy target for smuggling to other countries."

He added, "After a period of 7 months has passed, a big problem has arisen in Iraq, which is the large volume of trade with Iran, as the country imports goods worth $10 billion, at a time when these amounts were settled with Iranian merchants through Emirati banks."

However, he added: "But after the application of the electronic platform, it became settled through cash dollars, so the smuggling of dollars appeared."

He pointed out that "if a new mechanism is not implemented with the approval of the United States on how to deal with Iran, this difference in the exchange rate of the dollar will continue."

It is noteworthy that the Iraqi market is the second trading partner market with Iran after China, with a growth rate of about 20% compared to last year, as Iran's net exports of non-oil commodities amounted to 61 million and 283 thousand tons during the past seven months.   LINK

The International Monetary Agency Expects Annual Inflation In Iraq To Rise To 6.6% In 2023

2023-05-18    Shafaq News / The International Monetary Fund expected that the annual inflation in Iraq will rise to 6.6% in 2023.

The fund said in its latest schedule for May of 2023 that "the annual inflation of consumer prices in Iraq is expected to rise during 2023 to reach 6.6%, after it was 5% in 2022."

He added, "It is also expected that the annual inflation in Iraq will decrease during the year 2024 to 1.6%," noting that "the annual inflation in Iraq during the year 2020 amounted to 0.6%, to rise in the year 2021 to 6%."

He pointed out that "the largest annual inflation recorded for the Arab countries during the year 2022 was in Algeria, where inflation reached 9.3%, followed by Egypt at 8.5%, while Saudi Arabia recorded the lowest annual inflation rate for the same year among the Arab countries at 2.5%." LINK

A Specialist Answers.. What Are The Available Options To Face The Interruption Of Kurdistan's Oil Exports?

2023.05.19 - Baghdad - Nas    On Friday, the economist and professor of economics at the University of Basra, Nabil Al-Marsoumi, explained the available options to face the interruption of Kurdistan region's oil exports. 

Al-Marsoumi mentioned in a post followed by “NAS” (May 19, 2023), that “in light of the Turkish BOTAS company’s disregard of the Iraqi request to resume exporting Kurdistan and Kirkuk oil via the Iraqi-Turkish line, and invoking flimsy arguments related to the line being damaged by the earthquake that Turkey was exposed to in the summer.” And the need to maintain it, which may extend to a few more months, causing severe damage to oil revenues by preventing about half a million barrels from being exported. 

  He added, "There are limited options that Iraq can resort to if the Iraqi oil outage extends for a longer period, including: 

First: Directing the largest possible amount of Kurdistan and Kirkuk oil for local consumption by refining it in the Al-Sumoud refinery with a capacity of 140,000 barrels per day, the Kirkuk refinery with a refining capacity of 56,000 barrels per day, the Al-Siniyah refinery with a capacity of 30,000 barrels per day, the Al-Kisk refinery with a capacity of 20,000 barrels per day, and a modern refinery With a capacity of 16,000 barrels per day, and Qayyarah with a capacity of 10,000 barrels per day. 

  Second: Enhancing the region's exports of crude oil to Turkey through tanks, as the Kurdish Kar company currently exports more than 40,000 barrels per day from the Khurmala field, and this amount can be increased, provided that it is included in the financial accounts in the 2023 budget. 

 Third: The agreement with Jordan to increase the quantities of crude oil exported to it, especially since Jordan currently imports about 150,000 barrels per day, while Iraq's current exports to Jordan do not exceed 10,000 barrels per day. 

Fourth: Given the low cost of exporting oil from Basra by sea to $1.35 a barrel, it is necessary to develop the export capacity of Iraqi oil southwards by sea to 6 million barrels by extending two offshore pipelines with a capacity of 48 inches, rehabilitating the ports of Basra and al-Amiya, building an offshore platform, and making measuring devices.  

  Fifth: It is very important to search for strategic solutions that increase the flexibility of exporting Iraqi oil by diversifying export outlets and subjecting these solutions to economic and technical evaluation away from the political aspect.     https://www.nasnews.com/view.php?cat=107553

"Tidbits From TNT" Friday Morning 5-19-2023

TNT:

Tishwash:  Economist: We are on the verge of a quantum leap in financial transactions

The researcher in economic affairs, Hisham Al-Baydani, explained, on Friday, that Iraq is on the verge of a quantum leap in the quality of financial transactions, especially with the entry into force of electronic applications in many institutions in order to get rid of the inflation that the country suffers from.

Al-Baydani told Al-Maalouma, that "Iraq, despite its late entry into the techniques of financial sciences and its applications, the coming months will witness a wide boom in the applications of electronic financial transactions after decades of traditional monetary trading."

He added, "What will happen from electronic transactions is only in implementation of the instructions of the Central Bank of Iraq to publish pos points, which would reduce the monetary mass in the country, which in turn is one of the causes of rampant inflation."

And that "this step, which will start in early June, will encourage Iraqis to save the value of their money electronically and start opening bank accounts that may increase the number of active accounts currently, which are estimated at seven million bank accounts."  link

Tishwash:  The United Nations enters the budget line and calls for expediting its approval

The representative of the Secretary-General of the United Nations in Iraq, Jeanine Plasschaert, confirmed that the urgent approval of the budget is extremely important.  

"The Iraqi government is focused on consolidating the pillars of political stability, and Iraq has enormous potential, and through the government's ambitious plans, many factors of instability can be addressed, provided they are fully implemented," Blaskhart said, during her briefing on Iraq before the Security Council, reported by the official agency.  

She added, "All eyes are on the Iraqi Council of Representatives, and agreement on an effective budget, sooner rather than later, is critical, as it provides the resources needed to turn certain goals of the government into reality - including adequate public services and organizing provincial elections."  

And she continued, "The government of Iraq has taken a frank and clear stance against the harmful effects of corruption, and reforms will not take root if they are suffocated by the weeds of nepotism and graft, and independent state institutions are of great importance."  

She pointed out that "the interactions in the relationship between Baghdad and Erbil are good. I stress the importance of proactive governance and thus institutionalizing the structure of relations. It is still necessary to go beyond the limits of circumstantial dealings."  

Regarding the political situation in the Kurdistan region, she said: "I hope that the parties will intensify their efforts now and overcome differences and work to serve the interests of all people. From one look at the history or geography of the region, it becomes clear to us the extent of the urgent need to reach sustainable solutions, and the region's parliamentary elections have been long overdue, and that another postponement." It will damage public confidence."  

On the water crisis in Iraq, Blaskhart confirmed, "Water is the most important climate crisis in Iraq, and the government is preparing plans for a large-scale modernization of water management systems in Iraq. The fair distribution of resources among Iraq's neighbors is equally important, and the only feasible solution lies in taking bold local measures and cooperation." close regional.  link

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

CandyKisses:  Parliament Finance announces the end of voting on most budget items

Baghdad - NAS  

The Parliamentary Finance Committee announced on Thursday the end of voting on most items of the general budget.  

The committee said in a statement received by NAS (May 18, 2023), that "the committee held its forty-sixth meeting to complete the budget law for the fiscal years 2023-2024-2025, and ended voting on most of the items and paragraphs of the budget in preparation for submitting it to the Presidency of the House of Representatives."  

The head of the committee, Atwan Al-Atwani, stressed during the meeting that "the fate of large segments of citizens is related to the vote on the budget law," adding that "the committee is keen to speed up its completion, to proceed appropriately to meet the aspirations of the people."  

According to the statement, the committee completed reading the budget items, which include determining the percentage of payment of late dues to the governorates according to maturity due to the increase achieved from the difference in the selling price of oil, and the disbursement of project implementation dues according to completion rates, as well as the mechanism for listing projects in accordance with the investment plan for the development of the regions, and the maturity of ideas on them.  

The committee also continued to discuss and vote on articles related to the provision of municipal services to neighborhoods adjacent to the basic design based on specific procedures, as well as subsidizing electric power and installing generating stations for all regions, and projects consistent with the government's priorities in accordance with the government program, and voting on them in a way that meets the public interest. 

According to the statement, the Parliamentary Finance Committee completed voting on many items of the Federal Budget Law after maturing visions and ideas in line with the requirements for implementing the government program.  

 Earlier, the parliamentary finance committee announced that it had reached the final stages of resolving the general budget law.    

A statement by the media department of the House of Representatives, a copy of which was received by NAS, (May 18, 2023), stated that "the Finance Committee, headed by Chairman of the Committee Atwan Al-Atwani, and its members attended a meeting that lasted late on Wednesday evening, regarding the finalization of the Federal Budget Law for the fiscal years 2023-2024-2025, in preparation for submitting it to the Presidency of the House of Representatives for inclusion in the Council's agenda."   

During the meeting, Al-Atwani stressed that "the committee has reached the final stages of resolving the general budget law," pointing to "the need to support strategic projects and follow development paths, provide the necessary resources to develop priority sectors, improve public services and infrastructure, and contribute to the investment of natural resources in order to achieve financial and economic stability for the state, in accordance with the implementation of the government program."   

The statement added that "the committee held extensive discussions on the mechanism for determining the need of spending units of financial allocations for the possibility of conducting transfers, ensuring exchange priorities, maximizing non-oil revenues, as well as emphasizing the involvement of the private sector, to contribute to improving production and the continuation of projects."   

The members of the Finance Committee expressed their observations on the validity of the general budget for one or three years, and the allocations for the development of the regions, as well as the audit of the legal texts received, while voting within the committee was held on a number of articles contained in the law.   

Mot:  ... hmmmmmmmmmmmmmmmm 

Mot... Ya Know Where the ""Potato Sack Race"" Orginated??

5 Alternative Assets That Are Chipping Away At The Greenback's Supremacy

5 Alternative Assets That Are Chipping Away At The Greenback's Supremacy

You Can't Replace The Dollar, But Here Are 5 Alternative Assets That Are Chipping Away At The Greenback's Supremacy

Huileng Tan  Thu, May 18, 2023

The US dollar is the world's most dominant reserve currency.   Amid the de-dollarization debate, countries are lining up backup reserve currencies for trade and payments.  Sanctions against Russia sound a cautionary tale over the power Washington — and the USD — wields.

The Chinese yuan, gold, Bitcoin, the euro, and a common BRICS currency aim to chip away at USD supremacy.  The dollar isn't going away, but other assets classes are slowly chipping away at its dominance.

US Dollar Notes

The US dollar is the world's top reserve currency — by far.CFOTO/Future Publishing via Getty Images

The US dollar has been the world's reserve currency since the second world war, playing a crucial role in the world's trade.

But countries globally are now lining up backup currencies for trade, as sanctions against Russia over its invasion of Ukraine have led to some prominent world leaders and business figures sounding a warning over the power Washington — and the US dollar — wields.

Sanctioned countries like Russia and emerging nations like Argentina have recently started using the Chinese yuan for trade, primarily with China.

Even so, there's no indication the dollar's dominance could fade in the foreseeable future, simply because the currency is such an integral part of the world economy, Insider's Jennifer Sor reported on May 6.

The dollar is by far the world's most dominant reserve currency — meaning a large quantity of a foreign currency held by central banks and major financial institutes for their use from investments to payments.

In 1999, over 70% of the world's foreign exchange reserves were held in the US dollar.

But that percentage has been dropping — the dollar's share in global foreign exchange reserves fell to under 60% in the fourth quarter of 2021, the International Monetary Fund, or IMF, said in a June 2022 blog post.

And despite accounting for the lion's share, or 54%, of global foreign exchange reserves in the fourth quarter of 2022, there has been a decline in the dollar's share of the total foreign reserve pie, per IMF data.

But this doesn't mean America's strategic competitors — like China — wouldn't stop challenging American hegemony. Even alternative currencies like the Swedish krona, the South Korean won, and the Australian and Canadian dollars have been chipping away at the greenback's share.

Read further for five assets that are trying to topple the dollar's dominance.

1. Beijing has big ambitions for the Chinese yuan. 

Chinese Yuan

The Chinese yuan is being used in some trade with sanctioned countries like Russia.Telegraph

The most high-profile contender to the US dollar is the Chinese yuan — Beijing has been trying to grow international adoption of its currency for years.

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

https://www.yahoo.com/news/cant-replace-dollar-5-alternative-071202434.html

Iraqi News Highlights Thursday Afternoon 5-18-23

Iraqi News Highlights Thursday Afternoon 5-18-23

Tlm724 Administrator Bondlady’s Corner

Central Bank Sales Increased During This Day

Economy  Thursday, May 18, 2023 Baghdad / National News Center  Today, Thursday, the Central Bank of Iraq's sales of foreign currency increased, to record more than $275 million.


According to the currency sale window schedule, followed by the National News Center, the Central Bank sold during its auction today 275,177,166 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 $228,177,166 million, while the remaining $47,000,000 million went in the form of cash sales.     https://nnciraq.com/206150/

The Exchange Rates Of The Dollar Are Witnessing Stability In The Local Market

Thursday, May 18, 2023 10:40 am  Baghdad / National News Center   Today, Thursday, the exchange rates of the dollar witnessed stability over yesterday’s prices on the Baghdad Stock Exchange and the governorates, as follows:

– Purchase prices: 144,000 dinars per 100 dollars   –  Selling prices: 143,000 dinars per 100 dollars

https://nnciraq.com/206099/

The Iraq file in a special session of the UN Security Council.. Remarks and praises

Posted On2023-05-18 By Sotaliraq   2023-05-18  The UN Security Council will hold a special hearing on Iraq today, Thursday, in New York, during which it is expected that the representative of the Secretary-General of the United Nations, Jenin Blaskhart, will deliver a speech on recent developments in the country, as well as the latest report of the “UNAMI” mission and issues related to losses Kuwait from the stage of the Iraqi invasion.

And the “Security Council News” website stated in a translated report that Iraqi Prime Minister Muhammad Shia’ al-Sudani recently announced the cabinet’s approval of the draft budget for the years 2023-2025, which is supposed to deal with the priorities he identified in his government program such as combating corruption and unemployment, creating job opportunities and supporting Low-income segments, reforming the economic and financial sectors, and strengthening public services.

The report indicated that Blaskhart is expected to provide the Security Council with a follow-up on the relations between the federal government and the Kurdistan Regional Government, as the two governments continued their dialogue on outstanding issues, such as revenue sharing and the oil law, in addition to the first visit of the Sudanese to the region on March 14 and 15, to The side of the arbitration case that froze the flow of oil sales from the region to Turkey, and then the settlement that took place between the governments of Baghdad and Erbil on this issue on May 11.

According to the UN report, the security situation will also be one of the themes of Plasschaert's speech, as ISIS continued to launch attacks, mainly in the governorates of Anbar, Baghdad, Diyala, Kirkuk, Nineveh, and Salah al-Din, while the Iraqi security forces continued to confront terrorist operations.

The report pointed out that the number of attacks attributed to ISIS during the first quarter of 2023 (92 attacks, compared to 188 attacks during the first quarter of 2022), which is the lowest quarterly number since Iraq declared its victory over ISIS in December 2017, which It highlights an overall decrease in attacks.

It is also expected that Blaskhart will address the harmful effects of climate change on Iraq, which is considered one of the most vulnerable countries in the world to be affected by climate, and suffers from increasing water scarcity as a result of desertification, salinity, and disputes over water management with neighboring countries, which caused a decrease in the water level in the Tigris and Euphrates rivers.

In addition, Blaskhart will address, in her press briefing before the Security Council, human rights issues and the humanitarian situation in Iraq.

A representative of Iraqi civil society will participate in the session, where she will talk about issues focusing on women, peace and security. According to the report, she will call for achieving justice in the participation of women in political life, and the importance of passing the Violence Against Women Law.

In addition, Plasschaert will raise the issue of regional influences on Iraq.

It is expected that the members of the Security Council will commend the progress made by the Iraqi authorities in implementing their governmental programs, including the agreement on the budget, setting the date for the provincial elections, and the interim agreement between Baghdad and Erbil on the sharing of oil revenues.

They would also welcome success in operations against ISIS and the strengthening of security stability, while emphasizing the importance of dealing with the root causes of extremism.

The session will also deal, according to the report, with the end of the UNAMI mandate scheduled for May 31, when some countries are expected to call for strengthening the mission's role in issues such as the role of women, human rights and climate change.   LINK

International Monetary Expects Annual Inflation In Iraq To Rise To 6.6%

Economy  Thursday, May 18, 2023   Follow-up / National News Center  The International Monetary Fund expected that the annual inflation in Iraq would rise to 6.6% in 2023.

And the fund said in its latest schedule for May of 2023: “It is expected that the annual inflation of consumer prices in Iraq will rise during the year 2023, to reach 6.6%, after it was 5% in 2022.”

He added, "It is also expected that the annual inflation in Iraq will decrease during the year 2024 to 1.6%," noting that "the annual inflation in Iraq during the year 2020 amounted to 0.6%, to rise in 2021 to 6%."

He pointed out that "the largest annual inflation rate recorded for the Arab countries during the year 2022 was in Algeria, where inflation reached 9.3%, followed by Egypt at 8.5%, while Saudi Arabia recorded the lowest annual inflation rate for the same year among the Arab countries at 2.5%."

https://nnciraq.com/206190/

UN Blaskhart: The Iraqi Government Has Taken Clear Positions Against Corruption

Iraq  Thursday, May 18, 2023 Baghdad / National News Center  The United Nations representative in Iraq, Jeanine Plasschaert, confirmed today, Thursday, that the Iraqi government has taken clear positions against corruption.

"The Iraqi government is focused on consolidating the foundations of political stability," Blaskhart said in her briefing to the Security Council on the situation in Iraq and its follower, the National News Center.

And she added, "The agreement to pass Iraq's budget quickly is pivotal and necessary," noting that "approving the budget would support the provision of appropriate public services and the organization of provincial elections."

She noted that "the Iraqi government has taken clear positions against corruption," calling on the parties in the Kurdistan region to "overcome their differences."

And she continued, “I hope that Baghdad and Erbil will intensify their efforts to overcome differences.”

https://nnciraq.com/206227/ 

Shareholders Of The European Bank For Reconstruction And Development Approve The Bank's Expansion In Iraq And Africa

Thursday 18 May 2023 17:18 | Economical Number of readings: 84  Baghdad / NINA / - The European Bank for Reconstruction and Development announced, today, Thursday, that shareholders have approved the bank's expansion in Iraq and Africa.

And he said in a statement: There is a study of a proposal to increase the capital by between three and five billion euros.

He added: A detailed proposal on increasing the paid-up capital will be prepared by the end of this year, pledging more support for war-torn Ukraine.

Last March, the European Bank for Reconstruction and Development announced the allocation of $1.6 billion over the next two years to support reconstruction and recovery in areas hit by the earthquake in Turkey three months ago./End   https://ninanews.com/Website/News/Details?key=1054182

Oil Is Falling In The World Markets

Economy| 09:07 - 05/18/2023  Follow-up - Mawazine News  Oil prices fell in early Asian trading today, Thursday, as dealers watched cautiously for signs of progress in talks to raise the US debt ceiling.

Brent crude futures fell 24 cents, 0.3 percent, to $76.72 a barrel by 04:39 GMT.

US West Texas Intermediate crude also fell 23 cents to $72.60 a barrel. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=227106

Parliamentary Finance: We Have Reached The Final Stages Of Resolving The Budget Law

Political | 02:18 - 05/18/2023   Baghdad - Mawazine News  Today, Thursday, the Finance Committee confirmed that it has reached the final stages of resolving the general budget law.

A statement by the Parliament's Media Department stated, "The Finance Committee held, chaired by the Chairman of the Committee, Atwan Al-Atwani, and in the presence of its members, a meeting that continued late on Wednesday evening, regarding putting the final touches to the Federal General Budget Law for the fiscal years 2023-2024-2025, in preparation for submitting it to the Presidency of the House of Representatives to include it within Council agenda.

Al-Atwani stressed, during the meeting, that "the committee has reached the final stages of resolving the general budget law," pointing to "the need to support strategic projects and follow development paths, and provide the necessary resources to develop priority sectors, improve public services and infrastructure, and contribute to the investment of natural resources; in order to achieve The financial and economic stability of the state, in accordance with the implementation of the government program.

The statement added, "The committee held extensive discussions regarding the mechanism for determining the need for spending units from financial allocations for the possibility of making transfers, ensuring exchange priorities, and maximizing non-oil revenues, as well as emphasizing the involvement of the private sector, to contribute to improving production and continuity of projects."

The members of the Finance Committee expressed their observations regarding the validity of the general budget for one or three years, and the allocations for the development of regions, in addition to checking the legal texts contained, while a number of articles contained in the law were voted within the committee. Ended 29/N33    https://www.mawazin.net/Details.aspx?jimare=227130

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

https://www.bondladyscorner.com/

Some "Iraqi News" posted by Clare at KTFA 5-18-2023

KTFA:

Clare:  The Central Bank disables all electronic payment cards.. and a source of {Euphrates News} explains

 5/18/2023

An informed source revealed that the Central Bank of Iraq suspended most of the electronic payment cards, including the Master Card, due to a regulatory process.

The source told {Euphrates News} agency that: "All banks and banks to which cards were issued by electronic payment companies, including {Soj}, Ishtar Gate and Qi Card, are currently suspended according to the decision of the Central Bank since last Thursday."

He added, "Maybe there are three banks that are still working with their electronic cards, since they are the ones issuing them, and they are also awaiting settlement."

The source pointed out that "MasterCard's entry into Iraq was delayed due to the Central Bank auction, and it is paid in dollars, which are issued exclusively to companies by the Central Bank."

He explained that "Master Card and [Suge] have been suspended, including palm cards, pending instructions from the Central Bank," noting that "most of the cards issued in Iraq are suspended due to a change in the central bank's system and may return to work in the next two days."  LINK

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

Clare:  Economist: The government is moving towards eliminating the parallel market for dollars

Baghdad... 

The researcher in economic affairs, Muhammad Attia Al-Saadi, considered the security and control campaigns to deter dollar dealers in the commercial markets as the right step towards reducing the gap between the official and parallel price. 

Al-Saadi told Al-Maalooma, "The problem of the dollar's high price did not end with merchants and company owners entering the electronic platform to buy dollars from the Central Bank." 

He added, "Many car and electrical companies and merchants were dealing in the process of buying and selling in dollars with citizens, which prompted the government to impose dealings in dinars by force by taking legal pledges." 

Al-Saadi expected that "the exchange rate will witness a decrease in prices in the coming days," pointing to "the importance of intensifying government measures, monitoring manipulators, and blocking the path towards any speculators who constantly update their methods to speculate in dollars and exhaust citizens with high prices."    LINK

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Clare: Finance announces the settlement of most articles of the 2023 budget law, in preparation for its approval

Baghdad

On Thursday, the Parliamentary Finance Committee held its forty-sixth meeting within a series of important meetings to complete the federal general budget law for the fiscal years 2023-2024-2025, as it finished voting on most of the budget items and paragraphs in preparation for submitting it to the Presidency of the House of Representatives.

The head of the committee, Atwan Al-Atwani, said in a statement that "the fate of large segments of citizens is related to voting on the budget law," adding that "the committee is keen to expedite its completion, to proceed in an appropriate manner that meets the aspirations of the people."

The committee completed "reading the items of the budget that include determining a percentage for the payment of arrears dues to the provinces as due due to the increase achieved from the difference in the price of selling oil, and the disbursement of dues for project implementation according to completion rates, as well as the mechanism for listing projects according to the investment plan for the development of regions, and the ripening of ideas regarding them."

The committee also continued "discussing articles related to the provision of municipal services to neighborhoods adjacent to the basic design based on specific procedures, as well as subsidizing electric power and installing generating stations for all regions, and projects consistent with the government's priorities according to the government program, and voting on them in a way that meets the public interest."

And the Parliamentary Finance Committee ended "voting on many provisions of the Federal General Budget Law after the ripening of visions and ideas in line with the requirements of implementing the government program."  LINK

Clare:  The European Bank for "Reconstruction and Development" is expanding in Iraq

5/18/2023

The European Bank for Reconstruction and Development announced, on Thursday, the shareholders' approval of the bank's expansion in Iraq and Africa, while confirming a study of a proposal to increase the capital by between three and five billion euros.

"A detailed proposal for increasing the paid-up capital will be prepared by the end of this year," the bank said, in a statement, pledging at the same time to "more support for war-torn Ukraine."

The loan, which focuses on emerging markets, has already allocated 3 billion euros to Ukraine and is to be invested in 2022-23.

The bank's president, Odile Reno Basso, said during the bank's annual meeting that the assistance would continue, and that the increase in paid-up capital would give the bank the way to maintain this level of investment.

Last March, the European Bank for Reconstruction and Development announced the allocation of $1.6 billion over the next two years to support reconstruction and recovery in areas hit by the earthquake in Turkey three months ago.   LINK

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

Clare:  The Kurdistan Region is building the "largest" solar power plant in Iraq

5/18/2023

Today, Thursday, the Kurdistan Regional Government will start laying the foundation stone for a new solar power plant, the largest in Iraq.

The Ministry of Electricity in the Kurdistan Regional Government said in a statement received by Shafaq News agency; "It will be the largest solar power plant in the Kurdistan Region and Iraq."

The statement indicated; He pointed out that the capacity of the station is 25 megawatts of electricity and contains a large number of panels, and it is environmentally friendly and the electricity it generates is connected to the national electricity grid.

He pointed out that currently, "20% to 30% of the electricity in the Kurdistan Region will be generated from solar energy, and the Kurdistan Regional Government wants to increase this amount and is implementing similar projects for this purpose."

And that "the project costs 100 million dollars, on an area of ​​590 dunums, and it will be completed within a year."

There are two solar power stations in the Kurdistan Region with a capacity of 3 megawatts, while the government decided to build a power station "at a cost of 235 billion dinars with a capacity of 100 megawatts" in the Soran region.   LINK

Goldilocks "The Trigger For Gold is About to be Set and Pulled" 5-18-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

Good morning Dinar Recaps,

Goldilocks posted comments and links this morning:

We are continuing to see a lot of de-dollarization take place. This is leaving a vacuum that has to be fulfilled in propping up other currencies around the world, especially in the East.

Many of these countries are already beginning to prop up their National Currencies with gold.

The trigger for gold is about to be set and pulled.

 It looks like we are going to see a slingshot move to the upside. In order for a rock to sling forward on a slingshot, it has to be pulled back creating tension on the sling causing the rock to propel forward very fast.

At the same time, this will cause a reaction in the markets as assets will look to find support. There will be an attempt for the dollar to do what it can no longer do, and this is where gold will step in to fulfill its new role.

I expect this process to take around 4 to 6 weeks.

© Goldilocks

https://youtu.be/dm5C8SIPBiE

We now have a wind-down process in place for the markets and a building-up phase taking place to liquidate the new markets.

Banking protocols are now in place to support the market as they transition. New guidelines have been formed to make this transition as smooth as possible by the SEC.

On the other hand, we have the CFTC forming new guidelines for currency swaps and other assets. Exchange centers are expected to register with the CFTC for their ability to do so.

Many exchange centers have already done this process, but new ones are forming and expected to follow these new guidelines.

DCR or Debt Coverage Ratio staff will be a part of this process to make sure both parties in an exchange have appropriate debt coverage ratios to fulfill an order.

The two press releases I am sharing with you goes over in a little more detail what has just been stated.

© Goldilocks

https://www.sec.gov/news/press-release/2023-95

https://www.cftc.gov/PressRoom/PressReleases/8705-23

~~~~~~~~~~

"Stellar’s smart contract gets massive engagement as it prepares to launch on the mainnet."

Stellar is attracting thousands of developers engaged in securing placements for their digital assets on this new smart contract platform developed by XLM.

This new smart contract digital ledger transmission system (Soroban) will ensure secure payments on both sides of an execution in trade.

This is the final phase of the QFS that is in process of being tested and soon to be interfaced with all the quantum computers ready to go live around the world.

It is important that you understand the above information because it will complete the final process necessary to run the QFS.

I will be monitoring this testing phase for it's completion as it will finalize the new digital asset-based trading system and allow us to move forward with our new Global Economy.

© Goldilocks

https://stellar.org/blog/soroban-stellar-love

https://www.crypto-news-flash.com/stellar-high-performance-smart-contract-platform-soroban-reaches-significant-milestones-and-attracts-thousands-of-devs/

~~~~~~~~~~

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" Thursday Morning 5-18-2023

TNT:

Tishwash:  World trade abandons the dollar.. 60 countries kick the hard currency and resort to the yuan

Trading in local currencies is now a common practice in the global economy among many countries, where the local currency trade (LCT) has gained so much momentum that bilateral trade agreements by local currencies and de-dollarization are now widespread. 

In the aftermath of the pandemic and the crisis in Ukraine in particular, many medium and small countries are now sharing local currencies in their trade dealings, and are abandoning the US dollar, which dominates a large part of the global economy.   

Russia And Bangladesh Recently announced their intention to make payments in yuan, in order to overcome the challenges posed by US sanctions against Russia. Before that I signed Bangladesh And India on a trade agreement in Indian rupees.

 A report by the European magazine Modern Diplomacy says that eastern countries now prefer to trade in local currencies, and not only Bangladesh  And India And Russia. Where announced Brazil And China Recently announced plans to trade in the yuan. In addition, there are proposals about creating a new currency to replace the dollar in BRICS countries.

What does de-dollarization mean?

The term "de-dollarization" refers to the process of moving away from the use of the dollar in international trade. In order to reduce risk and vulnerability in transactions, the dollar has been used traditionally in international trade, in addition to this it is the result of the supremacy of the United States in terms of soft power and the global economy.

The European Journal says that de-dollarization is a strategy previously used by countries to challenge the United States, however, in the post-Covid period, fluctuations in foreign exchange reserves (Forex) and the global dollar crisis are among the main reasons behind the current de-dollarization process, so geopolitical competition Dwindling confidence in the dollar is currently a contributing factor to this process.

Trading local currencies is a common approach to de-dollarization. The term LCT stands for Local Currency Cross Border Trade. Here the currencies are converted directly based on the exchange rates of these countries, and the rupee-based trade agreement is considered between Bangladesh And IndiaAn example of an LCT.

Apart from the LCT, the third currency trade is currently another aspect of the de-dollarization process. One such example is the payment between Bangladesh And Russia In Chinese yuan, where I decided Bangladesh And Russia The use of the yuan to settle loans in order to evade US sanctions on the use of Russia For Universal Gate - Swift.

What new countries intend to “de-dollarize” or trade in local currencies?

Today, some 60 countries are involved in trading in their own currencies, and it is also practiced by many of the United States' longtime allies in the Global South, such as India which currently has LCT agreements with 19 countries.

Saudi Arabia has begun to accept the yuan in oil trade, and other Gulf countries are considering allowing the yuan in oil trade as well. Previously, oil was only sold by the Gulf states in US dollars, however it seems that they are now considering taking in additional currencies.

The idea of ​​creating a new currency is another noteworthy initiative in the ongoing de-dollarization process. The BRICS organization is working to facilitate trade among its members to launch a new currency. The BRICS countries currently account for 41% of the world's population and 31.5% of the world's GDP. To reduce its dependence on the dollar, Indonesia adopts the BRICS model.

In addition, a new single currency known as the "sur" has been tentatively adopted in Latin America, where you want it Brazil a nd Argentina, the two Latin American giants, to start using the currency in their bilateral trade to reduce their dependence on the dollar.

Why are countries moving away from the dollar?

The current process did not happen over the course of a day or a year. Instead, it was a long-term process that lasted the past 20 years. The percentage of global reserves held in dollars is gradually decreasing, according to Bloomberg. The percentage of dollars held in foreign exchange reserves has fallen from 73% in 2001. to 58% by 2023.

While the dollar's share in global reserves is declining, the yuan's share is gradually increasing and currently ranks fifth in the world with a share of 3%. 

The yuan surpassed the euro as the second largest foreign currency in the world Brazil in foreign exchange reserves, which is one of the key factors behind the LCT deal. The share is increasing China of global foreign exchange reserves along with international trade and investment.

Is the Chinese yuan in a strong position to compete with the dollar?

In addition, many countries have begun to believe in the yuan as a reliable and trustworthy currency, as a result many countries choose the yuan over the dollar, because the use of the yuan in international trade also helps the country maintain a balance in its foreign exchange reserves.

And the United States has taken advantage of its financial system to subdue its geopolitical opponents, especially in conflicts with China And Russia. 

This "weaponization" of the currency is undermining international confidence, and the geopolitical use of the dollar, which is seen as a global commodity, is making the Chinese and Russians nervous. And RussiaThey are already banned from Swift, which makes it difficult for them to do business with other countries.

The unilateral measures and choices taken by the US administration regarding the dollar exacerbate the current dollar crisis in the global market. The United States has increased its interest rate eight times in the past year, resulting in higher exchange rates that affect people who use dollars around the world. thought the political scientist Fareed Zakaria Also, the United States itself is responsible for such a decline in the use of the dollar due to its geopolitical use and weaponization.

However, in addition to geopolitical and trust issues, the process of de-dollarization is also driven by high exchange rates and low foreign exchange reserves in developing countries. The economy is already suffering in the post-Covid era, and in the context of the crisis in Ukraine. They are turning to LCT to preserve their hard-earned cash, in order to prevent future distress. Additionally these nations have grown to rely on both Russia And Chinain a complicated way.

Therefore, they cannot simply ignore their business relationships with these American competitors. They use either the LCT or the Yuan to keep these trade links going. 

For example, touts Bangladesh A neutral and balanced foreign policy towards the major countries. It must pay for the $12 billion nuclear project it has with Russia, so resort  Bangladesh And Russia to the yuan to avoid complications related to sanctions. The same applies to Brazil, as it intends to use its reserves of yuan.

Although the dollar's share in global foreign exchange is declining, ideas for launching new currencies are advancing, trading in the yuan is gradually increasing, LCT agreements are also on the rise, the dollar still has the largest market share with 58%, yet there is no prominent competitor. It is the closest competitor, and the euro share is only 20%.

So the current process can be described as a “beginning,” and it is still too early to know whether or not the process will end the Bretton Wood system.

However, there is no denying that Zakaria also believes that the United States itself is responsible for the de-dollarization, because it failed to maintain On trust, it has been used as a weapon of public interest.   link

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Harambe:   Vietnam a promising market for wealth and personal banking | VnExpress International (5/17/23)

Taylan Turan, Group Head of Retail Banking and Strategy for HSBC's Wealth and Personal Banking business, said Vietnam is one of the bank's most strategic markets due to its potential for wealth and personal banking.

In 2022, HSBC reported its adjusted pre-tax profit in wealth and personal banking rose 35.5% year-on-year to $8.5 billion, while group results for the year rose to $24 billion from $20.6 billion.

Turan shared HSBC's plan for unlocking this promising market by offering wealth and personal banking services and products.

What are the most exciting prospects in Vietnam for HSBC?

It is my second time visiting Vietnam in this role and I am always inspired by the energy and dynamism of the place and the people.

We're optimistic about the country's prospects. It is the fastest-growing economy in ASEAN with a GDP growth rate of 8.02% year-on-year in 2022. It also registers the strongest growth in banking returns among ASEAN markets.

HSBC is contributing to this space through our wealth and personal banking business by supporting the evolving needs of the growing middle class. For example, mortgage financing for their aspirations to own a home, credit card services to make life easier and more convenient; help to manage their wealth via strategic partnerships (such as VinaCapital and Dragon Capital); as well as meeting the needs of families who wish to educate their children overseas.

What are the driving forces behind the growth in wealth and personal banking business?

One core factor is Vietnam's growing middle class which is set to make the country the world’s 10th largest consumer market by 2030, bigger than Germany and the U.K. This trend translates into rising incomes and affluence across all segments of society, and we anticipate the highest growth will be among high-net-worth individuals and the mass affluent population, as these segments hold over 80% of the overall liquid assets.

We expect this structural growth to increase demand for wealth and banking products and solutions, particularly in the retail space.

In 2020, Vietnam approved its National Financial Inclusion Strategy which aims to provide at least 80% of adults with a bank account; and the number of non-cash transactions is expected to expand between a fifth and a quarter annually by 2025. For Vietnam to attain its ambition, it needs the twin tactics of financial services expansion and a shift to a non-cash economy.

With the government's focus on financial inclusion, I see a huge opportunity for the country's wealth and personal banking market.

With such huge potential, what's HSBC's plan for Vietnam?

As we look to grow in Asia, Vietnam is one of our strategic priority markets in terms of wealth and personal banking.

The development of Vietnam's retail industry, including wealth and personal banking, is strongly supported by the country's stable economic growth and population size of approximately 100 million people who are relatively young with rising income levels. Coupled with increasing living standards, Vietnam is one of the most dynamic economies in Southeast Asia that is attracting retailers and financial services.

Firstly, we want to grow our unsecured lending business. Our ambition is to deliver products and services which meet the needs of our growing customer base in Southeast Asia. As part of this, we are doubling down on developing new digital capabilities that match the variety of their borrowing needs, as well as benefits they can use and enjoy instantly. As a leading card issuer in Vietnam, we are strongly placed to meet this strong demand.

For example, Vietnam has a low card penetration rate (only 17% of the population has a credit card), combined with fast-growing card spend at 19% CAGR between 2017 to 2025). This card spending growth is much higher than other markets (such as the Philippines, Indonesia, and Malaysia, at 7%, 6%, and 4% CAGR respectively), signaling a clear opportunity for us to support customers who need credit.

HSBC provides lending to consumers by making banking simple, better, and more accessible in a responsible way. We continuously improve our customer journeys, especially through digital channels, providing customers with simple and reliable information about our products that helps them to make sound financial decisions.

Secondly, we will build on our strong brand affinity to deepen our relationships with mass and emerging affluent customers. They represent the fastest-growing customer segment, and we expect them to grow at 10% CAGR between 2021 to 2025.

Among international banks operating in Vietnam, HSBC is the number one brand, as well as ar market share of affluent customers. I believe this ranking is largely part of our strong international propositions and best-in-class Premier Relationship Managers.

Last but not least, we aim to harness a rapidly rising need for mortgages - the fastest-growing lending product among the mass affluent segment. I’m told of an old saying that the three most important things in life are "Buying a buffalo, getting married, and building a house". We recognize the pace of Vietnam’s urbanization and need for housing, combined with its strong home ownership culture.

Global economic growth is projected to fall from 3.4% in 2022 to 2.8% in 2023 according to the IMF. Vietnam's GDP growth is expected to slow down this year, too. Is this really a good time for the retail sector?

Despite the challenges in the global environment, we’re optimistic about Vietnam and more broadly Southeast Asia. If you look at the spending trends, the picture is positive.

For example, spending by mass affluent customers - comprising millennials who are tech-savvy and enjoy traveling - is driving the region's economy. They account for two-fifths of household wealth in major Southeast Asia markets, and more than half of their total spending is in the premium and luxury categories. We expect the size of this segment to reach 136 million by 2030.

These regional economies continue to show resilience, with consumption growth driven by a full-scale reopening and pent-up demand, particularly for travel and leisure within the region. HSBC will continue to build innovative products and services that enable consumers to spend and borrow for the experiences that matter most to them and their families.

This year as a whole is going to be a tough one for Vietnam, but I believe that it will overcome the challenges and 2023 will utimately be successful.

https://e.vnexpress.net/news/business/vietnam-a-promising-market-for-wealth-and-personal-banking-4605847.html

Mot:  oooooh the Excitement of that marital Thingy! - Huh!!! 

Mot: ..... he slowly! -- and then --- and then ---

Thursday Morning Iraq Economic News Highlights 5-18-23

Thursday Morning Iraq Economic News Highlights 5-18-23

Sanad: The Council Of Ministers Amends The Budget And Sends It Back To Parliament

Thursday 18 May 2023 | Economical Number of readings: 124  Baghdad / NINA / - Independent MP, Mustafa Sanad Al-Mirani, announced that the Council of Ministers amended the budget and sent it again to Parliament.  Sanad said, according to a post on his personal page, “The Council of Ministers amended the budget and sent it again, to Parliament, adding, “We reached the Finance Committee yesterday.” Sanad did not mention the nature of the amendments made by the Council of Ministers to the budget law

https://ninanews-com.translate.goog/Website/News/Details?key=1054137&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Deputy Reveals Government Amendments To The Budget

Money and business  Economy News – Baghdad  A member of the Parliamentary Finance Committee, Saad Awad Al-Tobi, revealed, on Thursday, that the government has made amendments to the draft budget law, indicating that these amendments have not yet been presented to the committee.

Al-Toubi said, “The Finance Committee continues to vote on some budget items, and among the things that Article 29 voted on is the employee’s 5-year vacation with a nominal salary, during which he can work in the private sector, provided that the certificate is not counted for him if he studies during the vacation period.”

He explained that "the retirement contributions were the subject of controversy within the committee regarding the employees who were recently confirmed, as if they wanted to calculate their actual service, they had to pay the retirement contributions, which are 7% for the employee and 15% for the department, but in fact the employee is the one who pays it in full, Therefore, there was controversy because we want to pay it in installments to the employee for a period of five years.”

He added, “Among the things that were proposed and added to the budget is postponing the collection of debts from farmers up to 200 million dinars and less than that, provided that it is postponed for a period of three years for those required to advance the Agricultural Bank, and the committee also voted to return (the mobile recharge card tax), and although the Council The ministers canceled it three months ago, but the committee added it again,” noting that “this paragraph may be reconsidered, and in all cases it will be presented to Parliament for a vote, and it may be rejected.”

In an interview with the official Al-Sabah newspaper, Al-Toubi confirmed that "there are amendments to the general budget that have been received from the Council of Ministers, but so far they have not been presented to the committee."  Views 162  05/18/2023 - https://economy-news.net/content.php?id=34275

Finance Committee: The Budget May See The Light Next Saturday

Economy   05/18/2023 the number of readings: 198   Baghdad - Iraq today:  A member of the Parliamentary Finance Committee in the Iraqi Parliament stated that there are controversial articles among the political parties in the general budget law, which have not been voted on, especially those related to the Kurdistan region, noting that it is likely to vote on the bill next Saturday.

A member of the Parliamentary Finance Committee, Jamal Cougar, said in a press interview that the Finance Committee continued its meeting late last night, to discuss and vote on the articles and paragraphs included in the draft general budget law for the year 2023, and the Meetings will continue today as well.

Cougar indicated that "those controversial articles in the draft law were not voted on, that were postponed for the last days, including the articles related to the Kurdistan region," noting that "the Finance Committee can finish its work next Thursday, and present the budget in the parliament on Saturday for a vote.” on her".    LINK

Work A Plan Is Being Prepared For The Economic Empowerment Of Women

Iraq  2023/05/18    Baghdad: Batool Al-Hasani   The Ministry of Labor and Social Affairs prepared a plan to empower women who benefit from protection benefits and help them improve their economic situation, while it showed that more than 467,000 families are headed by women and receive a social protection salary.

 The Undersecretary of the Ministry for Administrative and Legal Affairs, Alaa Al-Sekini, told Al-Sabah: The Ministry is working to improve performance and raise the level of services provided to beneficiaries, both male and female, through realistic solutions to the problems and obstacles facing them, so that the goal is then achieved by providing actual services to all target groups, especially women.

And children, being the two most vulnerable groups in society, stressing that targeting poor families and the poorest areas is one of the ministry’s priorities, in addition to emphasizing the families headed by women in order to include them in the services provided by the ministry.

He added that a plan prepared by the Ministry is to form a work team to urge women beneficiaries of social benefits to enter courses to empower them and advance their economic situation and thus rise to the ranks of developed societies under the umbrella of the law, noting that the number of women-headed families registered with the Ministry exceeded 467 thousand families in Baghdad. and governorates, in addition to the thousands of families under coverage that were monitored by the research teams field.

Al-Sukaini explained that the Ministry is constantly organizing training courses for women and female graduates who do not benefit from social benefits with various skills and professions needed by the labor market and in a manner commensurate with their capabilities and academic achievement, and is also trying to find real job opportunities for them in coordination with the public and private sectors.

Edited by: Najm Sheikh Dagher   https://alsabaah.iq/77169-.html

Parliamentarian: There Are Many Violations In The Budget Law That Prevent Its Approval

Posted On2023-05-17 By Sotaliraq   2023-05-17  Independent MP Hadi Al-Salami considered, on Wednesday, that the Parliamentary Finance Committee violated the law by holding a session with the government to discuss the budget law, indicating that there are many irregularities in the budget.

Al-Salami said, "The Parliamentary Finance Committee violated the rules of procedure of the House of Representatives because of holding meetings to discuss the budget law outside the parliament building."

And he indicated that “according to the rules of procedure of the House of Representatives, members of the House are entitled to attend committee meetings, and the meeting of the Finance Committee in the guest house of the Council of Ministers was an obstacle to the attendance of members of Parliament and participation in the meetings of the Finance Committee and discussing the budget law.”

He pointed out that "the budget law contains a number of legal and constitutional violations, including the reason for the delay in sending it from the Council of Ministers to the House of Representatives and not sending the final accounts for previous years."

Al-Salami stressed that "the government also violated the financial management law because of the deficit rate in the budget law and did not send detailed tables regarding the budget law."

He added, "There is a general tendency to vote on the budget law, provided that legal violations are overcome by reducing the deficit rate and amending some articles of the budget law."

Last March, the Iraqi Council of Ministers sent the tripartite budget law to Parliament, but so far the law has not been included in the agenda of parliamentary sessions.  LINK

Finance Committee: The State Administration Requested That The Budget Amounts Not Be Affected

Posted On2023-05-18 By Sotaliraq    The Parliamentary Finance Committee confirmed that the state administration coalition obligated it not to prejudice the budget amounts, pointing out the possibility of covering the deficit in full for this year. Committee member Jamal Cougar said, "The deficit included in the budget bill amounting to 64 trillion dinars is planned and not real, because it will be approved for a fiscal year that we have not passed."

And Cougar continued, “Bridge the deficit will be through a sum of money amounting to 23 trillion dollars, which was not spent in the past year.” And he pointed out, “The year has passed half of it, and this provides us with a return that it did not spend the investment budget for the past period.”

And Cougar stated, “The Finance Committee conducted negotiations with the ministries regarding its previous budget. We did not find there an institution that spent more than 80% of its budget.”

And Cougar stated, “If this percentage is repeated this year, and with it what is round, the deficit will not exist and it will be fully addressed.” He noted, "The ministers' hosting did not affect the deficit and reduce it, because we were facing a political decision issued by the State Administration coalition, not to approach the total amount of the budget, which is 198.9 trillion dinars."

Cougar pointed out, "Not getting close to the number, as this leads to the deficit remaining as it is," stressing that "the meetings showed us the imbalances in the budgets of the ministries and governorates, and we will address this through transfers."

He stressed that "a number of issues reached through the meetings related to amendments that should be made to the law." Cougar added, "The law has reached its final stages and may be presented to a vote next week or the next."

For his part, committee member Mueen Al-Kadhimi stated that "all the observations he presented during the second reading of the law were taken into account and discussed."

 He stressed, "The conclusion will be submitted to the House of Representatives and the State Administration Alliance," expecting that "the final draft of the law will be prepared next week, so that it will be put 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-Kazemi 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 the 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.” 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

Parliamentary Finance Confirms That The Budget Is Close To Being Resolved: We Worked With All Our Energy To Reduce The Deficit

Political | 09:23 - 05/18/2023  Baghdad - Mawazine News, a member of the Parliamentary Finance Committee, Faisal Al-Naeli, said, on Thursday, that the committee "worked with all its energy" to reduce the deficit, as permitted by legal regulations and within the maximum limits to reduce the deficit difference

 News /, that “the budget paragraphs will soon be finalized.”

And he indicated, “The committee hosted many figures concerned with the budget, including the Minister of Finance, and clarification was made from them on all matters related to the budget paragraphs, and the minister was discussed with what the rest of the ministers put forward and the points proven by the Finance Committee

And he pointed out that "the budget discussions have decided its paragraphs in an approximate and final manner, and therefore the reading of its paragraphs will be completed to be sent to the House of Representatives for a final vote." https://www.mawazin.net/Details.aspx?jimare=227108

Deputy Reveals Government Amendments To The Budget

Political | 11:41 - 05/18/2023  Baghdad - Mawazine News,  a member of the Parliamentary Finance Committee, Saad Awad Al-Tobi, revealed, on Thursday, that the government had made amendments to the draft budget law, indicating that these amendments had not been presented to the committee yet.

Al-Toubi said, “The Finance Committee continues to vote on some budget items, and among the things that Article 29 voted on is the employee’s 5-year vacation with a nominal salary, during which he can work in the private sector, provided that the certificate is not counted for him if he studies during the vacation period.”

He explained that "the retirement contributions were the subject of controversy within the committee regarding the employees who were recently confirmed, as if they wanted to calculate their actual service, they had to pay the retirement contributions, which are 7% for the employee and 15% for the department, but in fact the employee is the one who pays it in full, Therefore, there was controversy because we want to pay it in installments to the employee for a period of five years.”

He added, “Among the things that were proposed and added to the budget is postponing the collection of debts from farmers up to 200 million dinars and less than that, provided that it is postponed for a period of three years for those required to advance the Agricultural Bank, and the committee also voted to return (the mobile recharge card tax), and although the Council The ministers canceled it three months ago, but the committee added it again,” noting that “this paragraph may be reconsidered, and in all cases it will be presented to Parliament for a vote, and it may be rejected.”

In an interview with the official newspaper, "Al-Sabah", and followed by Mawazine News, Al-Toubi confirmed that "there are amendments to the general budget that have been received from the Council of Ministers, but so far they have not been presented to the committee." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=227117