Monday Morning Iraq Economic News Highlights 5-22-23

Monday Morning Iraq Economic News Highlights 5-22-23

The International Monetary Fund Expects Iraq's Oil Production For The Current Year

2023-05-22 Shafaq News/ The International Monetary Fund expected, on Monday, that Iraq's oil production for the current year will reach about 4.63 million barrels per day.

The fund said in a schedule for May of this year, seen by Shafak News agency, that it is also expected to rise in 2024 at a rate of 4.74 million barrels.

He added, "Iraq's oil production in 2022 recorded an average of 4.44 million barrels per day, while in 2021 it recorded an average of 3.97 million barrels per day, and in 2020 it recorded an average of 4 million barrels per day."

He pointed out that "the highest rate of oil production among the Arab oil-producing countries was the share of Saudi Arabia, where production for the year 2022 reached an average of 10.57 million barrels, followed by Iraq, and then the Arab Emirates at a rate of 3.14 million barrels per day, while Bahrain was the least Arab country producing oil." At a rate of 190,000 barrels per day.   LINK

An Economist Determines The Reason For The Rise In The Dollar Again: Bank Sales And The Parallel Market

By Sotaliraq  2023-05-21  Economic expert Abd al-Rahman al-Mashhadani attributed on Sunday the reasons for the rise in dollar prices again to the sales of the Central Bank and the parallel market.

Al-Mashhadani said in an interview that “what the bank sells in terms of dollars through the auction that it conducts daily for foreign remittances, which amount daily to more than 250 million dollars, are not audited and it is possible that the bulk of them will be returned due to rejection, and therefore what the bank announces is not necessarily the final sales.” .

He explained that what “the bank sells in terms of remittances was audited by the US Federal Bank before an agreement was reached with JPMorgan Bank to conduct the audit, which is also more accurate and more severe than the audit of the US Federal Bank, which needs time to be audited, in addition to the use of the Central Bank of China.” Who also applies instructions and compliance with extreme precision.

He added, "As long as the transfers need time to be checked and are not executed quickly, the merchant resorted to the parallel market to buy dollars, and thus the dollar rose again in the parallel market, and the costs of buying dollars from the parallel market are less than the costs of transfers that are sent by the central bank because it is the bank." The broker will take a commission, and there is also a commission for the central bank, in addition to the fact that when the merchant contracts to ship his goods, it will be delayed in the factory, and therefore it will cost him money because of the floor.

The price of the dollar rose against the Iraqi dinar on Sunday, reaching 145 thousand dinars compared to 100 dollars, after the dollar prices witnessed a decline during the past week.  LINK

A New Rise In Dollar Prices In Baghdad And Kurdistan

2023-05-22 02:11  Shafaq News/ The exchange rates of the US dollar against the Iraqi dinar rose today, Monday, in the main stock exchange in the capital, Baghdad, and in Erbil, the capital of Kurdistan Region.

Shafaq News agency reporter said that the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded this morning, an exchange rate of 146,900 dinars against 100 US dollars, while the prices yesterday morning, Sunday, were 145,000 dinars.

The buying and selling prices also increased in exchange shops in the local markets in Baghdad, as the selling price reached 148,000 dinars for every 100 dollars, while the purchase price reached 146,000 dinars.

As for Erbil, the capital of the Kurdistan Region, the price of the dollar also recorded an increase, as the selling price reached 147,700 dinars, and the purchase price was 147,650 dinars for 100 dollars.  LINK

Budget Meetings Collide With Contentious Paragraphs And Insistence On Approving It This Week

Posted On2023-05-22 By Sotaliraq   Baghdad / Firas Adnan  The Parliamentary Finance Committee announced that the discussions on the budget had reached the controversial articles, pointing out that the most prominent of them is related to the share of the Kurdistan region and the provinces, expected to be completed and presented for voting during the current week, indicating that the total amounts of the law will remain as they are without making amendments to them, due to the agreement politician.

A statement by the House of Representatives stated that the Finance Committee held a meeting yesterday to complete the vote on the draft budget law.

Committee member, Representative Mustafa Al-Karawi, said, "The Finance Committee continues to hold its sessions on the budget and continues to vote on the paragraphs."

Al-Karawi continued, "Most of the paragraphs in the government project have been voted on, and there is little left, but they are related to political differences."

He pointed out, "The draft law is of a technical nature, but it is strange that there are those who are trying to involve it in political dialogues, and this is not true."

And Al-Karawi indicated that “discussions on the budget should come in a calm manner, and there can be no rush at the expense of the public interest.”

And he believes that “any mistake that we may make because of the law will have an impact on it for the next three years, given that the budget is planned for this period.”

Al-Karawi stressed that "when the committee received the project on the twenty-eighth of last month, it held meetings with ministers and governors, as it began its tasks according to the priorities available to it."

And he stressed, "The committee's plan, according to what was agreed upon with its presidency, includes starting with non-controversial paragraphs, so that members will not be preoccupied with controversial paragraphs that may need a political decision."

And Al-Karawi indicated that “the committee has finished most of the non-controversial paragraphs, and it has reached a discussion on the paragraphs related to the share of the Kurdistan region and its debts, as well as the entitlements of the provinces.”

And he reported, "There are governorates that demanded an increase in their shares in the budget, especially those described as poor and suffering from deprivation as a result of not having oil resources or border outlets such as Babel and Diwaniyah."

Al-Karawi stressed that "discussions on the budget may require some time, but it will not take long, but we will finish it soon and put it to the vote."

And he goes on to say that “members of the committee are trying to find out the real numbers that were mentioned in the budget regarding the share of the Kurdistan region, especially since the project came with 12.6% after excluding sovereign and ruling expenditures, with the addition of other amounts.”

Al-Karawi believed, "The discussion on the budget law in a transparent manner conveys messages of reassurance to everyone that the political process is proceeding successfully so that we do not face obstacles in passing it."

And he talked about "the committee's endeavor to deal with the budget in a clear and transparent manner, and to respect the political agreement, provided that everyone knows its content."

And Al-Karawi went on to say that “the law came with sums for the development of the regions, amounting to 2.5 trillion dinars, and there were claims to double it or make it 5 trillion, and some demanded that it be 8 trillion dinars.”

And he believed, "The settlement of the regional development file depends on the space granted to us within the Finance Committee in the transfer procedure between the doors."

And Al-Karawi went on, to «the importance of this transfer being studied in a way that enables the governors to implement their projects during the remaining period of the year, given that many of the draft law on emergency support for food security and development did not take full part in the work, and therefore it is necessary to obtain a balance between previous projects. And the new ones so that we do not stand in front of the accumulation of maintenance amounts at the expense of other sectors.

For his part, another member of the committee, Jamal Cougar, stated that "discussions on the law have reached their final stages, and the draft, in its final form, will soon be submitted to the Presidency of Parliament in order to present it to a vote."

Cougar added, "The political issues have been settled within the agreement between the federal government and the Kurdistan region, and there will be nothing new that delays the adoption of the law."

He pointed out, "The vote on the law may take place during the current week, after completing all logistical issues."

And Cougar indicated, “The State Administration Coalition obligated the Finance Committee not to make amendments to the budget that would reduce its amounts, given that this coalition is looking for government support and enabling it to proceed with service projects.”

And he stressed, "All dialogues regarding the budget are proceeding in the right direction, with the presence of political will that emphasizes the need to agree on the law and vote on it without side disputes."

And Cougar concluded, “The deficit for the current year will be secured through the round of oil sales for the past years, in addition to the remainder of the emergency support law for food security, and the budget will be passed for only seven months, and this clears the way for benefiting from sums that were supposed to be allocated.” for the past months.”

It is noteworthy that Parliament had earlier completed the first and second readings of the draft budget law submitted by the Council of Ministers for three years, and according to the project, its amounts amount to 200 trillion dinars, which is the highest in Iraq’s history, with a large deficit of 64 trillion dinars.

LINK

The Central Bank.. New Directives To All Licensed Banks

2023.05.22 - Baghdad - Nas   On Monday, the Central Bank of Iraq issued new directives to all licensed banks. 

 The directives, which "NAS" reviewed (May 22, 2023), included "reducing commissions for transferring foreign currencies, and publishing the percentages of these commissions on the official websites of banks."     https://www.nasnews.com/view.php?cat=107725

Video From Kurdistan.. Beating, Punching And Cracking In The Region's Parliament Among The Kurdish Deputies

Policy  |Today, 10:5   Baghdad today – Kurdistan   The proceedings of the session of the Parliament of the Kurdistan Region, today, Monday, witnessed a clash of hands, beatings, punches, and breaking of the contents of Parliament between the Kurdish members of the Parliament.

(Baghdad Today) obtained a video showing what happened in the session, including a clash of hands, beatings, punches, and breaking the contents of the parliament between the Kurdish members of the parliament, while a number of the region’s journalists who were inside the parliament building were injured to cover the proceedings of the session.

The Kurdistan region is witnessing sharp political differences between the Kurdistan Democratic Party and the Patriotic Union, which today have reached the point of a clash, and observers believe that the predominance of either party in this file may pave the way for changes in the political scene within the region during the coming years.   LINK

Goldilocks "Global Currency Reset in the Making" Sunday 5-21-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good afternoon  Dinar Recaps,

Goldilocks posted links and comments this morning:

"CME Group completed its conversion (https://finance.yahoo.com/news/cme-group-completes-key-milestones-165900034.html) to the Secured Overnight Financing Rate (SOFR) as the standard benchmark reference for over-the-counter (OTC) derivatives trades in April and LCH will complete its conversion  (https://www.risk.net/derivatives/7956146/swaps-market-braces-for-60-trillion-libor-conversion)containing U.S. dollar LIBOR vs. fixed interest rate swaps on May 20."

"By June, roughly $60 trillion in U.S. dollar contracts will be secured to SOFR."

Almost all of the market has converted over to SOFR lending rates.

By the end of June, the US dollar SOFR contracts will be completed.

This will collateralize the dollar with a tokenized asset of real value.

Take a close look at what we have been studying for the last year and a half and putting the pieces of the puzzle to the new Quantum Financial System together.

And now, we are close to the end of our journey in finalizing the QFS.

By the end of June, the US dollar SOFR contracts will be completed.

\Yes, our currencies will be backed by gold, digitized as well, and new standard protocols to be implemented early July.

A new Gold Standard economy will begin.

In early July, the FEDNOW services for the US will go live with an International Payment System.

At that time, countries will be mobilizing their efforts and interfacing quantum computers from around the world to talk to one another and make bilateral trade agreements through smart contracts and artificial intelligence securing funds on both sides of a trade in Cross Border International Trading.

New Bridge tokens will come out at that time to make all of this possible. Even Ripple has created a new platform for CBDCs to trade between Central Banks and the new digital-asset Banking System.

This will cause new demands on currencies around the world and increase purchasing power. These sequence of events will begin to create new values on National Currencies.

By the end of June, the US dollar SOFR contracts will be completed.

It will be a Global Currency Reset in the making.

© Goldilocks

Special Note:

* The above is a process and not a date for rates. We will go through the new Forex/Cross Border International Trading System, our Bankers, and Intel providers for additional information at that point.

We will be done with the QFS, and new values will begin to surface on everything going forward.

https://finance.yahoo.com/news/long-live-sofr-swaps-124725770.html

https://cryptotvplus.com/2023/05/ripple-launches-cbdc-platform-for-central-banks-financial-institutions/

https://www.assetservicingtimes.com/assetservicesnews/technologyarticle.php?article_id=14359&navigationaction=technologynews&newssection=technology

~~~~~~~~~~

Referring to the approval of the Prime Minister on 4/5/2023 for all licensed banks to reduce commissions for foreign currency transfers, and to publish the percentage of these commissions on their official websites, and the violating bank will bear the necessary fines and penalties, including deprivation of the external transfer process.

https://cbi.iq/news/view/2339\

~~~~~~~~~~

Important:

Just a note for everyone to be reminded that I do not make recommendations for assets to be bought on this page, but I do show you ones that can be.

This does not mean that I endorse any of them. You have never heard me say that on this page. It is important that you do your own research.

If you read my pinned messages when you join this page, you will know that we are a group brought together to learn about the QFS.

Recently, I shared with you documents in an interaction between the SEC and Franklin Templeton assets. The registration process began in 2019, and we are recently seeing articles shared on this page about the liquidation process of that privilege to register on the QFS.

© Goldilocks

~~~~~~~~~~

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

MilitiaMan "Disabled Electronic Payments-Cards- Small Denominations

Disabled Electronic Payments - Cards - Small Denominations

MilitiaMan and Crew:  5-21-2023

In Iraq Central Banks disabled the electronic payment cards. We have not seen that before.

These were Ishtar gate Qi cards, Mastercard, Visa,  and other electronic platforms were supposed to be down about 2 days. This started last Thursday.

We don’t know if they are fully live yet or not.

Listen to full video for all the news……

https://www.youtube.com/watch?v=YHbNDvLg7p8

Iraqi News Highlights Sunday Afternoon 5-21-23

Iraqi News Highlights  Sunday Afternoon 5-21-23

Tlm724 Administrator Bondlady’s Corner

Integrity And Financial Oversight Confirm The Importance Of Coordination And Cooperation For The Success Of The Government Program In Combating Corruption

local| 05:20 - 05/21/2023   Baghdad - Mawazine News  The head of the Federal Integrity Commission, Haider Hanoun, stressed today, Sunday, the importance of strengthening the bonds of joint cooperation between the national oversight bodies, while pointing out that the Integrity Commission and the Federal Financial Supervision Bureau represent the first wall against corruption and abuse of public money.

Hanoun praised, during his visit to the headquarters of the Federal Office of Financial Supervision and the meeting with its president, Rafel Yassin, and the advanced staff in it, in a statement, a copy of which Mawazine News received, "the outputs of the Bureau's work after it is one of the inputs to the investigative work of the commission,"

 calling for "intensification of cooperation and the need for direct coordination Between the two parties, in order to reduce corruption and preserve public money, describing the Bureau as one of the most important financial institutions of the Iraqi state and that "it is part of us and we are part of it", and that the two institutions depend on the Iraqi people to clean state institutions from the dirt of corruption and the clutches of the corrupt.

The statement added, "The two parties agreed to work in high coordination and cooperation for the success of the government program, especially the paragraph related to combating corruption, assigning internal audit units in ministries and agencies not associated with a ministry, governorates, and all institutions, and providing them with qualified elements and activating them as the oversight body emanating from the womb of those institutions and the first line of defense."

 towards corruption, and an emphasis on accelerating the application of governance and automation in state institutions, which will reflect positively on reducing levels of corruption, and calling for the establishment of a joint conference between the two parties and with the participation of the Higher Institute for Financial and Accounting Studies and coordination with the Public Prosecution Service.

https://www.mawazin.net/Details.aspx?jimare=227357

The President Of The Republic Assures Blaskhart Of The Need To Support The Government In Implementing Its Programme

Political | 04:40 - 05/21/2023  Baghdad - Mawazine News, President of the Republic Abdul Latif Jamal Rashid stressed today, Sunday, the need to support the government in implementing its program in response to the aspirations of the Iraqi people for a free and dignified life.

The media office of the President of the Republic said in a statement, a copy of which was received by Mawazine News, that "Today, Sunday, the President of the Republic, Abd al-Latif Jamal Rashid, is in the Baghdad Palace, the Special Representative of the Secretary-General of the United Nations in Iraq, Jeanine Blaskhart."

The statement added, "The President of the Republic listened to an extensive explanation provided by the Special Representative of the Secretary-General of the United Nations about her recent briefing on the general situation in Iraq, which she presented to the UN Security Council.

 Blaskhart affirmed the United Nations' support for everything that would consolidate security and economic stability in Iraq and ensure the safety of Iraq." its citizens and the provision of their service and humanitarian needs, as Mrs. Blaskhart expressed her happiness with the development and stability of the security situation in the capital, Baghdad, and other cities, which she emphasized in her briefing.

He explained that "the President of the Republic spoke about developments in the general situation in the country, and His Excellency indicated that the efforts made by the government to address many files are related to improving the conditions of citizens and their living and service conditions," noting the need to support the government in implementing its program in response to the aspirations of the Iraqi people for a free and dignified life. .

And Rashid indicated, according to the statement, "working to establish a higher council for water in order to preserve water security related to the climate and understandings with neighboring countries, and to obtain a fair and necessary amount of water, in addition to improving water management and removing abuses."

And the statement continued, "The President of the Republic discussed with Blaskhart the role of the United Nations Mission in Iraq and the importance of work and coordination to overcome obstacles facing a number of issues, especially the issue of the displaced, combating climate and environmental changes and water scarcity." https://www.mawazin.net/Details.aspx?jimare=227354

Trade Intends To Create A New System For Electronic Collection

Economy| 11:55 - 05/21/2023  Baghdad - Mawazine News   The Ministry of Commerce intends to establish an electronic collection system in preparation for announcing the launch of the construction basket project to facilitate the process of constructing and rehabilitating residential homes.

The Minister of Commerce, Atheer Al-Ghurairy, said, "The establishment of an electronic system for collecting and applying for loans comes for the purpose of collecting amounts for the purpose of obtaining construction, health and electrical materials within the (construction basket) project."

He explained, "The main objective of establishing the system is to provide services related to construction materials for the purpose of advancing the process of constructing and rehabilitating residential homes, as well as automating requests for loans through a modern and integrated system for citizens and the private sector by creating an electronic account, and filling out a special form for the loan so that this process is electronic and integrated." ".

Al-Ghurairy referred to "coordination with the competent ministry's companies to market construction materials with a proposal to open sales centers for the companies to be a commercial or marketing tributary for the offerings of these various materials,

in addition to the 15-affiliated centers of the company in the governorates, including three centers in the areas of Al-Haswa and Al-Hurriyah Al-Karrada in Baghdad." In addition to providing citizens and the private and public sectors with the mechanism of direct sale of construction materials or the mechanism of disbursement fees on (MasterCard) or (QiCard).

Al-Ghurairy pointed out, according to the official newspaper, that "an initial agreement was reached with the management of an Islamic bank to discuss the electronic payment mechanism according to the government program for installing electronic payment devices in some of the sales centers of the General Company for Construction Materials in an initial experimental way to move towards electronic payment and get rid of liquidity problems." Cash". https://www.mawazin.net/Details.aspx?jimare=227332

An Economist Told Nina: The Debts Of Mobile Phone Companies To The Government Are More Than $7 Billion

Sunday 21 May 2023 | Economical Number of readings: 515  Baghdad / NINA / - The economist and political expert, Jalil Al-Lami, revealed that the debts of mobile phone companies to the government are more than $7 billion.

He said to the Iraqi National News Agency / NINA /: The government should work to collect the debts of the mobile phone companies / Asia, Atheer and Korek, which exceed 7 billion dollars.

Al-Lami added: These debts can contribute to addressing the financial deficit crisis on the one hand, and securing salaries and basic expenses on the other hand, in addition to enriching the country from borrowing and its negative consequences on the economic situation.

He explained: However, the Iraqi government, on the seventh of July of last year, renewed the licenses of the mobile phone companies for an additional five years, although the Iraqi judiciary issued a state order that the renewal of licenses of the three companies is illegal.

Al-Lami continued: The government proceeded with the renewal, as the companies pledged to pay 50% of their debts and launch the 4G service, indicating that it was more appropriate for the government to establish a national telecommunications company to maximize revenues that contribute to oil compensation and citizen support.   https://ninanews.com/Website/News/Details?Key=1054701

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

https://www.bondladyscorner.com/

Zimbabwe Debt Resolution Will Open Funding Floodgates

TNT:

Harambe:  ‘Zimbabwe debt resolution will open funding floodgates’ | The Sunday Mail (5/21/23)

THE successful conclusion of discussions on Zimbabwe’s arrears clearance and debt resolution will lay a firm foundation for the lifting of economic sanctions and help to unlock fresh and affordable external long-term funding for the country.

Zimbabwe is working with international and bilateral organisations to clear its external debt, which stood at US$14 billion as of September 2022, as well as pay its obligations to white former commercial farmers through the Global Compensation Deed (GCD) for improvements on farms acquired under the land reform programme.

Under the GCD, signed in 2020, the white former commercial farmers would be paid US$3,5 billion, which is part of Zimbabwe’s total external debt of US$14 billion, owed to various multilateral and bilateral partners, including the African Development Bank (AfDB), the World Bank (WB) and the Paris Club.

To operationalise the debt clearance strategy, President Mnangagwa appointed AfDB president Dr Akinumwi Adesina to champion the country’s arrears clearance and debt resolution process.

Dr Adesina is working together with former Mozambican President Joaquim Chissano, whom President Mnangagwa appointed high-level facilitator for the debt dialogue process between Zimbabwe and the international creditors.

In separate interviews, following the Fourth Structured Dialogue Platform discussions on Zimbabwe’s debt resolution process held in Harare on Monday last week, economic commentators commended the Government for showing the will to resolve the country’s unsustainable debt.

Zimbabwe’s huge debt burden is one of the major issues that have prevented the country from accessing affordable long-term funding from international financiers such as the WB and the International Monetary Fund (IMF).

Economist Professor Gift Mugano said the significance of the dialogue was that Zimbabwe was already engaging creditors at a high level.

“That, on its own, gives hope that there is some kind of goodwill to have a solution, it’s different from a scenario whereby no one is talking to you, where no one is talking, and there is no hope. The second issue is that the bilateral partners, the American and British governments, and also the European Union are participating and they have laid down what must be done …,” he said.

“If we sail through this whole process, Zimbabwe is back to business on the global stage in terms of access to offshore funding, meaning that the country can now attract capital or long-term finance.

“What is very important is for us to be patient and to be pragmatic. I am happy that at a higher level, our President is participating, and this shows political will.”

Under Zimbabwe’s arrears clearance and debt resolution process, three sector-specific working groups have been established to focus on economic reforms; governance; land tenure reforms and compensation under the GCD and bilateral investment promotion and protection agreements.

For over two decades, Zimbabwe has not been able to access the much-needed lines of credit from the international community.

The country has often had to use expensive sources of capital, which would burden taxpayers; or financing mechanisms that, at times, upset the economy.

“If you look at the three conditions raised in the dialogue, there is a reminiscence of ZDERA (Zimbabwe Democracy and Economic Recovery Act). ZDERA is about human rights, land reform and debt, so the compensation deed is dealing with land reform, and the issue of human rights is very clear, and the Constitution is very clear.

“If we address those three elements, it means we have addressed ZDERA and there will be no need for sanctions; they will be lifted automatically,” said Prof Mugano.

Economic commentator Mrs Chipo Warikandwa echoed similar sentiments, saying now that there were discussions around Zimbabwe’s arrears clearance and debt resolution, what was critical was to iron out all the issues that have been put on the table.

“If we successfully and amicably address all the concerns the parties are discussing, certainly, there is no reason for the sanctions not to be lifted. What is also critical is focusing on paying the US$3,5 billion to the white former commercial farmers under the Global Compensation Deed.

“It is also pleasing to note that the AfDB president has hinted that his institution is working on crafting innovative financial instruments to frontload the mobilisation of the US$3,5 billion,” she said.

Zimbabwe National Chamber of Commerce past president Mr Trust Chikohora said so far, Zimbabwe was not receiving balance of payments support and concessionary loan funding from multilateral institutions due to the debt arrears situation.

This, he said, was because such global lenders like the IMF and the WB use a collaborative system known as pari passu, which makes it difficult for any country in arrears with any one of them to access fresh funding.

“If you don’t get funding from those institutions, you also do not get funding from other international funders, even in the private sector.

“So, if we get the funding (from private and non-multilateral institutions), it will be offered at very punitive rates because the fact that we are not getting support from multilateral institutions means Zimbabwe will now have a very high-risk factor and that affects us as a country and it militates against us getting the much-required funding at affordable rates.

“So, it is important that this dialogue, which is ongoing, comes to an end successfully, with all the parties reaching common ground,” he said.

At the Fourth Structured Dialogue Platform discussions, Dr Adesina said he was pleased with the level of progress achieved so far by the parties in trying to find a solution.

Mr Chikohora said the main reason the WB and IMF were giving for not lending to Zimbabwe was based on the soaring debt.

“So, if we clear the arrears and the debt that we have, Zimbabwe should be able to unlock fresh funding from the multilateral institutions. If we are able to restructure that debt and clear those arrears, it will go a long way towards opening up lines of credit and funding for Zimbabwe.

“We know that sanctions are also the real big reason Zimbabwe doesn’t get funding, although the arrears are also used as an excuse. I believe that’s why people like former President Chissano are involved.

“People like the former President Chissano bring in the political side as a respected statesman to also unlock the doors as far as the sanctions are concerned so that we tackle both issues (arrears and sanctions),” he said.

https://www.sundaymail.co.zw/zim-debt-resolution-will-open-funding-floodgates

Sunday Morning Iraq Economic News Highlights 5-21-23

Sunday Morning Iraq Economic News Highlights 5-21-23

The Iraqi Citizen Prefers The Dollar Over The Dinar In His Pocket.. And Calls To Support The Local Currency

May 21, 2023   Baghdad / Obelisk Al-Hadath: The Iraqi dinar is trying to compete with the US dollar in the Iraqi markets, although shop owners and merchants prefer the dollar and seek to acquire it.

And the Iraqi citizen is keen to put the dollar in his pocket, while dealing daily to buy goods is in dinars.

Traders' preference for the dollar over the dinar leads to higher prices.

One of the reasons why the local currency suffers from large fluctuations in value is the economic and political turmoil, while the US dollar is considered a global stability currency, and enjoys great confidence by investors and individuals worldwide.

The ministry’s spokesman, Khaled Al-Muhanna, said that there is a government tendency to remove all foreign currencies from dealing in the local market, indicating that this principle is being worked on by the countries of the world, especially since there is no justification for dealing in dollars in the local market by shop owners, so whoever needs dollar currency is only importers. However, the purchase process in the local market does not need to deal in dollars or any other foreign currency.

The concerned authorities are trying to target dealing in foreign currencies, and consider it an activity that exposes its owner to legal accountability.

And if the value of the Iraqi currency is enhanced, it can be a competitor to the US dollar, which today is the most widely accepted and widespread currency in the world because it can be used in international commercial transactions, in international banking and financial transactions, as well as in travel and tourism, and in the event that the Iraqi citizen finds this The advantages in the Iraqi dinar, he will inevitably deal with it.

The phenomenon of the high price of the dollar against the Iraqi currency plays an influential role in economic phenomena that affect the lives of citizens and reflects the state of the Iraqi economy and the level of economic and political stability in the country.

The economic expert, Salam Sumaisem, said that in order for the economic situation to improve, the status of the Iraqi dinar must be strengthened.

In the case of high inflation rates, this negatively affects the purchasing power of the local currency. In contrast, the US dollar is considered a stable currency and can provide protection to its holders from the effects of domestic inflation.

Observer of Iraqi affairs, Aslan Dhafer, believes that the strength of the Iraqi dinar is done by encouraging industry and agriculture, and transforming Iraq from an importing country to an exporter.

And the former deputy, Ammar Youssef Hammoud, considered that all countries are preserving the purchasing power of their currency by preventing and reducing transactions in foreign exchange within their markets, while setting specific controls for foreign transactions, adding that Iraq today is in dire need of government controls that adopt the dinar instead of the dollar in all transactions inside. Iraqi markets.    Prepared by Muhammad Al-Khafaji   https://almasalah.com/archives/53041

The Budget Voting Session May Be Disturbed By The Factor Of Allocations For The Southern Governorates

May 21, 2023  Baghdad / Obelisk Al-Hadath: Representatives waved to boycott the voting session on the budget in the event that the allocations for the center and the south remained the same, amid demands to amend the allocations for the central and southern governorates in the budget.

The central and southern governorates are areas rich in oil resources in Iraq, but the distribution of oil revenues has not always been fair for these areas, as those governorates suffer from a lack of investment, weak infrastructure, high rates of unemployment and poverty, while other governorates with less oil wealth receive more money. from the central government.

The Parliamentary Finance Committee is preoccupied with discussing the remaining articles and developing appropriate formulations and proposals in preparation for resolving the budget law.

Zahra Al-Bajari, the representative of the Sadiqun Bloc, said that it is about one trillion and 650 billion dinars. Allocations for Basra and the province need more than 3 trillion, threatening to boycott the voting session on the budget if the allocations for the center and south remain the same, while calling on the representatives of the center and the south to stand with their provinces to amend their allocations in the budget.

Representative Yasser Al-Husseini said that the share of the central and southern governorates is disadvantaged in the budget law, and we demand its fairness.

Accusations are directed at political parties that prefer the northern and Kurdish provinces at the expense of the southern provinces. This supposed preference leads to the allocation of more resources, projects, and economic opportunities to the northern governorates, which increases the central and southern governorates' feelings of injustice and marginalization.

And a member of the Parliamentary Finance Committee, Mustafa Sanad, considered that the central and southern governorates were wronged in the budget.

The figures indicate that the southern and central governorates have allocated five trillion, while the Kurdistan region has been allocated 22 trillion.

Observers believe that the current budget has been unfair to many southern governorates such as Maysan, Wasit, Muthanna, Dhi Qar and others, as its percentage ranged from 1% to 2% only.

Since 2003, the governments that have worked on approving budgets have not done justice to the central and southern governorates, and they have always been wronged compared to Kurdistan.

The deficit rate amounted to 63.275 trillion dinars, with the adoption of a price of $70 per barrel of oil, given that more than 95 percent of budget revenues depend on oil sales.

The central and southern governorates suffer from a lack of basic services such as water, electricity, health and education, and some believe that there are abuses in distributing these services in unfair ways, which leads to exacerbating the burning injustice.

These and other aforementioned issues may contribute to the central and southern governorates' feelings of injustice and marginalization, and reinforce aspirations aimed at achieving a more balanced distribution of wealth.   Prepared by Muhammad Al-Khafaji   https://almasalah.com/archives/53039

Economic Analyst: The Budget Deficit Is An Excuse To Withdraw The Citizen's Money Under The Pretext Of Covering It

Economic affairs analyst Dergham Muhammad Ali confirmed that the high budget deficit is unacceptable and unrealistic, calling for a review of it and not imposing taxes to cover it and withdrawing citizens' money.

Muhammad Ali said in a press interview seen by “Takadum”, that “the estimated deficit of the expected budget is the highest in the history of Iraq,” adding that “covering the deficit by imposing additional taxes is the destruction of the fragile market economy that has been suffering from high inflation for several years.”

He pointed out, “The budget expanded spending without finding real resources, and thinking of putting pressure on the citizen through any type of tax is considered economic sabotage and an unprecedented increase in inflation rates and will lead to a distortion of the government’s image, indicating that, the government must rectify any promotion of the existence of taxes that exhaust the citizen by any means.”

One way or another is that it will lead to an increase in inflation much more than the desired benefit from these taxes, if they have any benefit in the first place.

At the same time, the economic analyst called on the House of Representatives and the Finance Committee to raise any paragraph that contains excessive and illegal taxes on the citizen.

https://takadum-news.com/archives/165400

Iraq's Oil Exports To America Declined Within A Week

 2023-05-21 Shafaq News/ The US Energy Information Administration announced, on Sunday, that Iraq's oil exports to America decreased, reaching an average of 174,000 barrels per day during the past week.

"The average US imports of crude oil during the past week from nine major countries amounted to 5.793 million barrels per day, up by 930,000 barrels per day from the previous week, which amounted to 4.863 million barrels per day," the administration said in a report seen by Shafaq News agency.

She added, "Iraq's oil exports to America amounted to an average of 174,000 barrels per day during the past week, decreasing by 73,000 barrels as a daily average from the previous week, in which oil exports to America amounted to an average of 247,000 barrels per day."

She pointed out that "most of America's oil revenues during the past week came from Canada at a rate of 3.592 million barrels per day, followed by Mexico at an average of 676 thousand barrels per day, and oil revenues from Saudi Arabia amounted to an average of 415 thousand barrels per day, and then Colombia at a rate of 339 thousand barrels per day."

According to the administration, “the amount of US imports of crude oil from Nigeria amounted to an average of 329,000 barrels per day, from Brazil at a rate of 144,000 barrels per day, from Ecuador at a rate of 101,000 barrels per day, and from Libya at a rate of 23,000 barrels per day, while it did not import any amount of oil.” Russia".    LINK

Parliamentary Finance: The Budget Will Be Passed "Easily"

Money  and business  Economy News – Baghdad   The Parliamentary Finance Committee suggested, on Sunday, that the draft budget will be completed tomorrow, Monday, at the latest, indicating that the law will be passed “easily.”

Committee member Jamal Cougar said, “The draft budget will be completed within the Finance Committee on Monday, as a maximum, because the remaining matters do not exceed three paragraphs, and all matters have been resolved, as the issue of the region’s share remains, the issue of transfers is resolved, and the issue of resolving the paragraphs that Parliament intends to add to the budget.” ".

He added, "As for passing the budget, it will be passed easily for a number of reasons, the first of which is that everyone is waiting for the budget because it serves all segments of society, and secondly that the blocs that make up the government are themselves in control of Parliament and therefore the oversight body will go to pass the budget easily, and thirdly that there are no major changes that have occurred." on the budget, and therefore what came from the government will mostly be passed.”

He explained, "This year's budget will be passed with its deficit, and as for the budget of the next two years, a restriction has been added to it, which is that the government is mandated to send schedules," ruling out that "there will be an appeal from Parliament in the draft budget, because it is possible that the budget is presented to (the coalition of management State) or there is a session for him regarding it, and thus Parliament will not delay in voting on it after it has been voted on in the Finance Committee.

In an interview with the official Al-Sabah newspaper, Cougar said, "The amendments that arrived from the government to the draft budget are simple, as the numbers are the same, but there is a variable number, which is the number of the region's employees, which has changed, as the number has been reduced, not increased."    Views 28  05/21/2023 - https://economy-news.net/content.php?id=34316

The First Threat To Boycott The Budget Voting Session - Urgent

Baghdad today-Baghdad   Zahra Al-Bajari, a representative of the Al-Sadiqun bloc, warned to boycott the budget voting session in protest of the allocations for the center and south.

Al-Bajari, head of the Parliamentary Transportation and Communications Committee, told (Baghdad Today) that "Basra's allocations amounted to about one trillion and 650 billion dinars, but the province needs more than 3 trillion."

And it indicated that "Basra pays loan dues for projects that do not belong to it," threatening to "boycott the voting session on the budget if the allocations for the center and south remain the same."

And she indicated that "the region's declared allocations are 17 percent, and the real one is more than 20 percent, calling on the representatives of the center and south to stand with their provinces to amend their allocations in the budget."  LINK

A Final Review Of Budget Materials Prior To Voting On Them This Week

Posted On2023-05-21 By Sotaliraq   Baghdad / Firas Adnan    The Parliamentary Committee has reached the final stages of preparing the budget law, and is in the process of submitting its report in the coming hours to the Presidency of Parliament and the State Administration Alliance, confirming that the voting process will be completed within the next two days, and talked about additional materials that were placed on the draft, which contains 67 articles.

A statement by the House of Representatives, received by (Al-Mada), stated that “First Deputy Speaker of Parliament Mohsen Al-Mandalawi met with the chairman and members of the Parliamentary Finance Committee, to complete the discussion of the articles of the draft federal budget law for the fiscal years 2023-2024-2025.”

Al-Mandalawi said, according to the statement, that “the Parliamentary Finance Committee is making exceptional efforts to produce and mature the provisions of the budget bill in a discreet manner, as it is for three fiscal years.” Al-Mandalawi added, “The members of the committee have completed voting on most of the articles of the law, and they are continuing their meetings to resolve the few remaining paragraphs, and submit the final report to the Presidency of the Council to set a date for voting on the budget.”

On a related note, member of the Finance Committee, Representative Jamal Cougar, stated that "the committee began a few days ago with the final drafting of the materials, and most of the paragraphs have been completed."

And Cougar added, “Setting a date for the vote could take place within the next two days, after we complete all the related matters.” And he pointed out, “The committee, according to what is stipulated in the rules of procedure of the House of Representatives, is submitting the draft to the Presidency in order to determine and vote on the law.”

And Cougar believes that “the law will be fully voted on during the current week, perhaps that Monday or Tuesday.”

And he stated, “The law came from the government with 67 articles, and there will be additional articles that will be developed by the Finance Committee by virtue of its terms of reference, provided that the treasury does not cost additional burdens.”

And Cougar indicated, “The additional materials relate to the proposals of deputies and specialists that we received, and the government did not refer to them in its draft that it submitted to Parliament.”

And he pointed out, “The methodology obliges us to first finish the materials that were received from the government by completing their formulation in the fullest way, and then we go to the additional materials.”

And Cougar stated, "Our task in the committee ends with completing the final draft and submitting it to the Presidency of Parliament. As for the voting process, it pertains to Parliament in general, after the date of the session is determined."

He denied, “the existence of obstacles to the voting process,” noting that “some of the political blocs were trying, at the beginning of the draft’s entry to parliament, to link its approval to the implementation of the political agreements of the state administration coalition, but this was overcome after the completion of the first and second readings.”

And Cougar continues, “The second reading means that we listened to the opinions of all deputies, and then held meetings with ministers, governors and other officials to find out the needs of state institutions for allocations.”

And he continues, “The committee has set for itself over the past days an extensive schedule that included more than one hosting, because we were in front of 18 governorates, 22 ministries, and a good number of independent bodies and institutions, so sitting with all of these parties requires a long time.”

And Cougar went on to say that “the law included financial revenues of 135 trillion dinars, most of which are from oil revenues, with expenses amounting to 199 trillion dinars, and this difference will be addressed through several chapters, most notably the activation of taxes, fees, collection and other non-oil revenues.” ‘

He added, "The political blocs wanted to finish legislating the law last week, but the committee is not concerned with these agreements because it works according to technical frameworks and wants to produce the project in accordance with the public interest and achieve the best positive results for the Iraqi economic reality."

And Cougar concluded, that “the second reading of the law goes through three stages, which is listening to the opinions of deputies, and that was over three sessions, and the second stage is related to hosting so that we are aware of all the numbers, and it took 30 sessions, and we have now reached the third and final stage, which is It is the final formulation of the project.

For his part, another member of the committee, Representative Mueen Al-Kazemi, stated that “the report of the Parliamentary Finance Committee regarding the budget law will be in two copies, the first to the Presidency of Parliament in order to set a date for the vote, and the other to the State Administration Alliance.”

Al-Kadhimi continued, "The recent meetings of the State Administration Coalition, which has the largest number of deputies in parliament, showed its keen interest in the necessity of approving the budget law, and these meetings set an initial date that was the end of last week."

And he believed, “There is no objection to extending the date to the current week in order to allow the Finance Committee to develop the final wordings of the law in a manner that is consistent with the public interest.”

And Al-Kazemi added, “The committee hosted the Minister of Finance, Taif Sami, more than once, and discussed with her about the law and the schedules contained in it, and it was agreed to start early in setting instructions for implementing the budget in order to implement it once it is published in the Official Gazette, because the situation cannot bear more delay.”

He pointed out, "Parliament had voted to extend its legislative term, as it will not enter into its legislative recess until after the budget is approved, in accordance with the provisions of the Iraqi constitution."

And Al-Kadhimi indicated that “the budget amounts will remain the same without making amendments to them, because Parliament wants to support the government in implementing its platform that includes the establishment of investment projects in important areas such as electricity, the construction of schools and hospitals, the construction of road and housing projects, and others that were mentioned in the ministerial curriculum of the government of Muhammad Shia’a.” Sudanese.”

 And he stressed, “The deficit will be covered during the current year from the rest of the emergency support for food security and development law that Parliament voted on last year, in addition to the round as a result of high oil prices, and that the budget will be approved for seven months of this year only, and therefore we will have funds.” sufficient to fill the deficit of 64 trillion dinars.

And Al-Kazemi continues, “The government can make amendments to the budget, which will extend to three years, in the month of October of each year and refer it to Parliament for approval, in order to keep pace with any development that takes place in the economic situation.”

And he stressed, "Parliament is keen to support the government's efforts by providing appropriate financial allocations in implementing the projects it wants."

Al-Kazemi concluded, "This budget is the highest in the history of Iraq, and its approval will help implement the projects that the Iraqis demanded in order to support their service status." LINK

"Tidbits From TNT" Sunday Morning 5-21-2023

TNT:

Tishwash:  Najaf markets apologize for dealing in dollars and the National Security punishes those who violate

Najaf - 964 On Sunday, the national security detachments in Najaf imposed advertisements at the entrances to public markets and shops prohibiting the circulation of dollars .in local transactions

 A country that trades exclusively in dinars: exhibitions and the wholesale market pledge not to deal in dollars (video) 

:the details The campaign was launched this morning, and included shopping centers and malls in the city center, to prevent trading in dollars and limit transactions to Iraqi .dinars only

The security detachments informed us to prevent dealing in dollars, and put signs inside the store emphasizing this decision, as they imposed this on all stores in the .mall A security source in the National Security Agency for Network : 964 The campaign aims to raise the market value of the Iraqi dinar, and we call on citizens to cooperate with us and understand the matter in order to serve the public interest. Those who fail to comply with these decisions will receive punitive .measures in accordance with the law  link

CandyKisses:  I posted this article yesterday but I could not get the picture of the home to post.  I was able to do it today.

Barzani offers his palace in America for sale for less than its price

Baghdad - Iraq Today:

The real estate magazine revealed that the palace belonging to the family of Massoud Barzani in the United States of America was offered for sale, worth $ 27 million, while noting that the property in question had previously been caused a media sensation about it.

The magazine said in a report that "the Bvarian Hills Palace in the US state of California, numbered 613, belonging to the Barzani family in the Kurdistan region of Iraq, was offered for sale for $ 27 million."

"The aforementioned property, which was purchased in 2019 by a limited investment company for the Barzani family, was recently offered for sale for a lower amount than the previous offer, as the price dropped from $ 30 million in 2022 to $ 27 million this year," she added.

She explained that "the aforementioned palace, which caused a stir in the American media after revealing that it belonged to Barzani, is indirectly registered in the name of former Kurdistan Regional President Massoud Barzani, and is part of (wealth) he owns inside the United States."

"The mansion in question is part of other properties, including another mansion located in the same high-priced area known as Beverly Hills," she said.

The other palace, located at 945 Foot Hill Road, worth a total of $20 million, was purchased by Barzani at the same time as he bought the palace currently for sale.

CandyKisses:  The dominance of the US dollar in the Middle East faces dangers. German report explains the reasons

Baghdad - NAS  

A German report said that Iraq has banned the use of the dollar in conducting internal trade transactions, while Saudi Arabia and the United Arab Emirates plan to sell oil in currencies other than the dollar.

 There are plans to adopt a new currency. What is the reason for the decline in the dominance of the US dollar in the Middle East?      

DW reported in its report (May 21, 2023) that the Iraqi government's decision to ban the use of the US dollar in conducting personal and commercial transactions in the country caused a shock in the car and real estate market. For years, Iraqis have been making expensive purchases using dollars.  

The supplement to the report is as follows:  

Because of the depreciation of the dinar, Iraqis need to accumulate a large amount of dinars to buy an expensive car or house, for example, so it is customary to use the US dollar to try to avoid this scenario.    

For decades, the dollar has been the "king of currencies" and the best to deal with in many countries in the Middle East, but this is changing, with senior officials in a number of countries in the region making statements that the dollar's dominance in the region may fade.  

In Iraq, the US authorities have been making it more difficult to bring dollars into the country because they are concerned about smuggling it to the sanctioned Iranian government, with many Iraqi politicians tacitly supporting Tehran. This shortage of dollars has led to fluctuations in the value of the Iraqi dinar due to its peg to the dollar.  

In order to end this crisis, the Iraqi government decided to impose a ban on the use of US dollars in conducting personal and business transactions in the country. In February, Iraq decided to pay for private sector imports from China in yuan.  

Earlier this year, Saudi Arabia's finance minister said his country was "open" to selling oil in currencies other than the dollar, including the euro and yuan. The UAE said it was in early talks with India to trade non-oil goods in Indian rupees. This was preceded by Cairo's announcement last year of plans to issue bonds in Chinese yuan following the issuance of Japanese yen bonds.  

This coincided with Egypt, Saudi Arabia, the United Arab Emirates, Algeria and Bahrain expressing interest in joining the BRICS countries that include Brazil, Russia, India, China and South Africa. Moscow said the next meeting of the alliance in June would discuss the creation of a new currency system to complete trade transactions between member states.  

Since 2021, the UAE has been participating in a pilot project run by the Bank for International Settlements on the use of digital currencies issued by central banks to complete payments between countries, including away from the dollar, with Thailand, Hong Kong and China among the countries participating in the project.  

Is the time of dollar dominance over?  

This has fueled speculation about a weakening dollar strength, with the New York Times reporting: "Is the dollar's dominance threatened?" and the Financial Times saying the world must "prepare for a multipolar world."  

Bloomberg reported last month that "dedollarization is happening at an astonishing pace," noting that the dollar now accounts for about 58 percent of global currency reserves, while in 2001 it reached 73 percent, while the late seventies of the last century was 85 percent. However, experts stress that the move away from the dollar is moving at a relatively slow pace, contrary to what press reports indicate.  

The dollar in the Gulf has not lost its splendor   

Gulf oil sales are linked to the dollar dating back to the seventies of the last century, where the countries of the region established a partnership with the United States. This means the United States guarantees the security of the Gulf in exchange for Saudi Arabia and the UAE exporting oil in turn, and most Gulf states have pegged their currencies to the dollar with the exception of Kuwait.   

Hassan al-Hassan, a Middle East policy researcher at the London-based International Institute for Strategic Studies, points out that "one of the biggest indicators of a real shift away from the dollar is the depeg of currencies from the dollar, but this has not happened so far."  

Daniel McDowell, a professor of political science at Syracuse University in New York, said Arab officials' talk of the fading dollar in the Middle East was still "rhetoric."  

"Making statements is easy, but implementing that is the test. For oil-producing countries like Saudi Arabia, such statements and incitements are only a way to attract U.S. attention. "Flirting with China may make politicians in the White House pay more attention to the interests of the Gulf states."   

But McDowell does not rule out the possibility that the dollar's dominance will fade in the coming days, adding: "All empires eventually collapse, but at the moment such talk is symbolic and political, and any change we see is still marginal and slow."  

War in Ukraine  

Experts agreed that the desire to search for currencies other than the dollar in the Middle East is due to Spin: the first is the Ukraine war. McDowell said sanctions have occupied a large part of the discussions, adding, "The more the United States uses the dollar as a foreign weapon, the more its adversaries move toward doing economic activities in other currencies."  

"A lot of Russian money is currently passing through countries in the Middle East and Asia, while these countries are seen as countries that have chosen not to comply with US and European sanctions against Russia or refused to implement them," al-Hassan said.  

However, if sanctions on Russia are tightened, including the option of "secondary sanctions", these countries will face greater difficulties in avoiding them, as secondary sanctions will be imposed on third parties, whether states or companies, making it more difficult to circumvent Western sanctions on Moscow.  

"Governments concerned about U.S. sanctions are increasingly thinking about how to move forward even if they have not yet shown any willingness to make a radical shift away from the dollar," McDowell said.  

The threat of the oil sector!  

Hassan revealed the second reason why countries in the region want to move away from the dollar, saying, "I think there is a sense that the United States may be trying to rewrite the rules of the global oil market to target Russian interests, which represents a strategic threat to Saudi Arabia."  

Saudi Energy Minister Abdulaziz bin Salman said in March that "capping oil prices will inevitably lead to market instability. "We will not sell oil to any country that caps prices on our supplies."  

Earlier, Algerian Energy Minister Mohamed Arkab expressed his country's opposition to any decision that would lead to a ceiling on natural gas prices, adding that "Algeria does not support the idea of price caps under any circumstances."  

Maria Demtritzis, a professor of economic policy at the European University Institute in Florence, said that with sanctions on Russia still ongoing, talk of moving away from the dollar would grow, but acknowledged it would not happen overnight.  

"Even if some countries wanted to resort to a currency other than the dollar, they would not be able to replace the settlement infrastructure provided by the dollar-denominated system."  

The "weapon" of banks!  

"If India wants to complete a deal with Chile, it will do so with dollars, but not only because any product can be priced in dollars, but also because of the use of US dollar infrastructure to settle the deal, which is the legal procedure to transfer money from one account to another," she said.  

"This has been provided by the United States for decades, which means that any alternative to the dollar would have huge legal and administrative implications: for example, Chile does not recognize the legal framework of the Indian rupee, which means that reaching a stabilizing phase for the central banks of both countries is still a long way off."  

Demirtzis pointed to the fact that the fact that the United States and Europe froze the reserve assets of the Russian Central Bank under their jurisdictions has led to the use of central banks as a weapon, which has harmed the international financial system.  

The fact that the United States and the European Union "are arming international trade and finance in the context of the war with Russia is why Middle Eastern countries are preparing for a multipolar world order, as these countries want to be better positioned both inside and outside the regions where the dollar is transacted", al-Hassan said.  

Mot: .. ooooh.... ooooh.... ooooh....

Mot:  .... Ever have This Moment! - Priceless!! ~~~~

Iraqi News Highlights Saturday Afternoon 5-20-23

Iraqi News Highlights Saturday Afternoon 5-20-23

Tlm724 Administrator Bondlady’s Corner

Do The Dollar Exchange Rate Differences Go To The Pockets Of Private Banks?

Money  and business   Economy News-Baghdad  The researcher and economist, Nabil Al-Ali, confirmed that private banks do not currently benefit from the dollar exchange rate differences.  Al-Ali told "Al-Iqtisad News" that "the differences in the exchange rate of the dollar between the official rate and the parallel rate do not go into the pockets of private banks, because the sale of the dollar today is done in favor of importing merchants directly.

These days, transfers are made to merchants with approximately 75% of trade and import at the official rate."   In other words, 75% of the current goods are imported at a price of 1320, and it is assumed that the markets will not be affected by the variables and fluctuations of the parallel exchange rate, even if the exchange rates reached 2000 dinars per dollar.

He explained that "before the implementation of the Central Bank platform, banks benefited directly from all the differences between the official rate and the parallel rate, because banks previously monopolized the process of making transfers and (sold) transfers to merchants according to the prices of the parallel market."

He pointed out that "only 25% of Iraq's current imports are currently affected by fluctuations in the exchange rate, because they are implemented without going through the platform of the Central Bank, and this percentage is decreasing." Views 33   05/20/2023 - https://economy-news.net/content.php?id=34306

Al-Rafidain Directs The Collection Of Government Contract Insurances And Amounts Of Letters Of Guarantee And Credits In Dinars

Economy| 04:05 - 05/20/2023   Baghdad - Mawazine News , Al-Rafidain Bank directed, on Saturday, to fulfill government contract insurances and amounts of letters of guarantee and credits in dinars.

The bank stated in a statement, which Mawazine News received a copy of, that, “Based on government directives and the instructions of the Central Bank of Iraq, Al-Rafidain Bank directed its branches to fulfill the insurances for all government contracts concluded in US dollars, including insurances or amounts of letters of guarantee, internal documentary credits, or bank guarantees.” , to be in Iraqi dinars instead of dollars and at the official exchange rate approved by the Central Bank of Iraq of 1,320 dinars per dollar.

The statement added, "This measure comes within the framework of achieving development and strengthening the value of the Iraqi dinar, by expanding the scope of its commercial uses and adopting the national currency at all levels."    https://www.mawazin.net/Details.aspx?jimare=227274

Head Of The Integrity Commission: The Silence Of The Private Sector On Extortion Made The Corrupt Commit Major Crimes

Economy| 01:27 - 05/20/2023  Baghdad - Mawazine News,  Head of the Federal Integrity Commission, Judge Haider Hanoun, called, on Saturday, businessmen, economists, elites and competencies for the participation of the Commission in its fight against corruption, pointing out that the Commission will "strike with an iron fist" the corrupt and abusers of public money, and provide a safe environment for businessmen and investment companies. Contribute to the governmental effort towards reconstruction and provision of services.

According to a statement by the Integrity Commission received by Mawazine News, Hanoun, in his speech at the forum held by the Federal Integrity Commission in cooperation with the Iraqi embassy in Abu Dhabi, the Iraqi Economic Council, and the Iraqi Business Council in Abu Dhabi, under the slogan "The Federal Integrity Commission and the private sector hand in hand to combat Corruption and support for investment.”

 He urged all segments of the Iraqi people to “cooperate with the Commission in prosecuting the corrupt and supporting the Integrity Army to break the thorn of the corruption army.” Pointing to “the importance of exploiting the harmony between the judiciary, the government, and the people’s representatives, and their true orientation to fight corruption,” addressing businessmen and investors by saying: "I pledge to you that we are with you step by step, so you must report and we must catch the corrupt."

He added, "The lack of cooperation of the private sector and its silence on extortion and corruption crimes gave the corrupt strength and made them commit major crimes such as the crime of tax secretariats, secretariats, and customs deposits that were revealed by the Commission in Basra," expressing his "regret for the reluctance" of some to report corruption, which he said was "affected." The first is the poor segments of the people.

Hanoun pointed out that "the responsibility requires saving the people from corruption and combating poverty through investment and the private sector, and doing everything we have for the poor who sacrificed everything to defend the homeland and its sovereignty and repel the attacks of terrorist organizations."

For his part, the Iraqi ambassador to the UAE, Mudhaffar al-Jubouri, confirmed, according to the statement, that "the economy is the real gateway to achieving societal, food, environmental and national security," noting that "the Iraqi government is seriously seeking to change economic and control policies."

Al-Jubouri continued, "its vision in combating corruption stems from its convictions of the extent of the political, economic and social damage that corruption causes in societies, the most dangerous of which is the waste of public resources, the shaking of citizens' confidence in the state, as well as the undermining of economic and social development efforts," adding that "despite the different state agencies In describing her functional work, however, the essence of her work meets in one goal, which is to create a safe and sustainable economy that guarantees the future of future generations. Ended 29/N33    https://www.mawazin.net/Details.aspx?jimare=227259

International Expectations For Iraqi Oil Exports To Rise To 3.8 Million Barrels Per Day In 2023

Energy   Economy News-Baghdad   The International Monetary Fund expected that Iraq's oil exports for the current year 2023 would reach an average of 3.89 million barrels per day.

And the fund stated in a report, that it is expected that "the rate of Iraq's oil exports for the year 2023 will reach about 3.89 million barrels per day, and that it will also rise in the year 2024 at a rate of 4.04 million barrels."

He added that Iraqi oil exports recorded an average of 3.65 million barrels per day in 2022, while in 2021 they recorded an average of 3.44 million barrels per day.

He added, "The highest rate of oil export among the Arab oil-producing countries was for Saudi Arabia, where exports for the year 2022 reached an average of 7.58 million barrels, followed by Iraq and then the Arab Emirates at a rate of 2.81 million barrels per day, while Bahrain was the least Arab country exporting oil at a rate of 15 million barrels per day." thousand barrels per day.

Views 87  05/20/2023 - https://economy-news.net/content.php?id=34304

Safaa Al-Aasam To / Nina /: The American Decision To Extend The State Of Emergency In Iraq ... Evidence Of Unwillingness To Leave

Saturday 20, May 2023 15:05 | political Number of readings: 259  Baghdad / NINA / - The security expert, Safaa Al-Aasam, confirmed: The American decision to extend the state of emergency in Iraq is evidence of the unwillingness to leave.

He told the National Iraqi News Agency / NINA /: The United States does not think about the interests of Iraq as much as its own, and the decision taken by President Biden to extend the state of emergency in Iraq is not to serve the country, but rather to serve its interests in the region.

Al-Aasam added: The continued establishment of the United States' largest base in Ain al-Assad, with the presence of the Incirlik base in Turkey and another in Qatar, are clear indications that it does not intend to leave the region and Iraq, which is the heart of the Middle East and the fourth richest oil country in the world.

Last week, US President Joe Biden signed a decree extending the state of national emergency related to the situation in Iraq.

A statement by Biden, published on the White House website, said, "There are still obstacles to the orderly reconstruction of Iraq, the restoration and preservation of peace and security in the country, and the development of political, administrative and economic institutions in Iraq."/ End 3

https://ninanews.com/Website/News/Details?Key=1054582

A Slight Increase In The Exchange Rate Of The Dollar In The Local Market

Saturday 20, May 2023 12:42 | Economical Number of readings: 444   Baghdad / NINA /- The exchange rates of the dollar against the dinar recorded, today, Saturday, a slight increase in the local markets.

As the selling price reached 145,750 dinars per 100 dollars, while the purchase price reached 143,750 dinars per 100 dollars, in the capital, Baghdad. /Ends8

https://ninanews.com/Website/News/Details?key=1054553

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Saturday 5-20-2023

TNT:

CandyKisses:  The Finance Committee completes voting on the paragraphs of the budget law

Baghdad Today - Baghdad

On Saturday, the Finance Committee held a meeting to discuss voting on the articles and paragraphs of the budget law.

The media department of the parliament said in a statement received by (Baghdad Today), that "the Finance Committee held a meeting to discuss voting on the articles and paragraphs of the budget law."

The Parliamentary Finance Committee is meeting now, to discuss and complete the vote on the articles and paragraphs of the budget law.

The parliament session is scheduled to be held today for the purpose of voting on the budget law, but the first deputy speaker of the House of Representatives, Mohsen al-Mandalawi, indicated that the vote on the law will be next Monday.

Tishwash:  Parliamentary warning against boycotting the budget voting session

The representative of Diwaniyah Governorate, Aziz Sharif Al-Mayahi, warned, on Saturday, against boycotting the voting session on the federal budget in the event that two important files were not included in it.

Al-Mayahi said in a statement received by Al-Maalouma, that "Diwaniyah governorate and its people are among the first to sacrifice for its success, and we made countless sacrifices for Iraq, the perpetuation of its democratic experience and the fight against terrorism," noting that "unfortunately, despite these sacrifices, the penalty was Neglecting the most basic rights approved by the constitution to preserve the citizen and provide him with a decent life.

He added, "Al-Diwaniyah, and everyone knows that it is one of the poor governorates, and does not have any additional resource or border outlet to support its economy, and even agriculture, which was the only support for its people, has entered a dangerous phase as a result of drought and lack of water quotas, which makes us before a serious stand to do justice to the province and save its people through Include two important files in the budget.

Al-Mayahi continued, "The first of these files is the allocation of job grades for their children as a result of the lack of other livelihoods and the high rate of unemployment in them, which created a population migration, especially from the youth segment, to other governorates to search for job opportunities and exclude them from the decision to stop job grades in the budget."

He added, "The second file is through increasing the governorate's allocations in the budget, in a way that provides it with sufficient space to complete the infrastructure and establish small and medium projects, in addition to establishing a free zone for trade exchange and a commercial airport because of the strategic and vital geographical location of the governorate, which allows revitalizing the status of the governorate and provides job opportunities for youth and supports its local economy.”  link

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CandyKisses:  Parliamentary Defense: Parliament is unanimous to remove US forces

Information / Baghdad

A member of the Parliamentary Security and Defense Committee, Hussein Al-Ameri, on Saturday, the existence of a parliamentary consensus on the implementation of the decision to remove US forces from Iraq, calling on the Prime Minister to inform Parliament about the reasons for the US presence in Iraq.

Amiri said in an interview with the agency / Information / that "the decision to remove US forces from Iraq is binding on the government as it was issued by the parliament during its fourth session and included the removal of all foreign forces."

He added, "Most of the political forces within the House of Representatives agree to remove all foreign forces, led by the Americans, from Iraq," noting that "the government is obligated to inform Parliament of the reasons for the presence of American forces and their military bases."

A member of the Rights Movement, Hussein Jassim, had called in a previous interview with Al-Maalouma Agency, Prime Minister Muhammad Shia'a Al-Sudani to abide by the House of Representatives' decision to schedule the American withdrawal from Iraq, stressing that Iraq does not need any foreign military presence.

The House of Representatives had voted early (May 2020) and unanimously on the decision to remove all foreign forces from Iraq, including the American ones. 

Mot: .. How Can You Argue With the Logic of the ""Wee Folks"" ~~~~

Mot: .. The First Teenage Rebellion 

Goldilocks " Transitioning a Global Economy" 5-20-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

Good morning Dinar Recaps,

Goldilocks posted comments and links this morning:

Parliamentary Finance completes voting on the paragraphs of the budget law

https://search4dinar.wordpress.com/2023/05/20/parliamentary-finance-completes-voting-on-the-paragraphs-of-the-budget-law/

Al-Mandalawi: The Finance Committee Has Completed The Vote On Most Articles Of The Budget Law

https://search4dinar.wordpress.com/2023/05/20/al-mandalawi-the-finance-committee-has-completed-the-vote-on-most-articles-of-the-budget-law/

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Countries around the world have spent a great deal of time strengthening the purchasing power of their currencies through hiking interest rates.

It was a necessary step in order to prepare countries around the world in a leveling-off process for the second half of this year.

This process is creating an even playing field among countries seeking financial inclusion in the new economy.

There are many factors that will boost an economy and especially the stock market, but the strengthening of a country's currency cannot be overlooked.

Throughout all of 2022, the raising of interest rates has positioned the global economy for the next phase of growth into a new digital asset-based trading system.

Transitioning a Global Economy will create volatility, but we have already priced these changes into the system.

Gold will serve as a buffer during stress points throughout this transition and the clearing of debt going forward.

Our current currency reforms around the world through the use of stablecoins that represents a country's currency will give us standards for these tokenized gold-backed assets.

Congress has until the end of June to finish the above phase of currency reset protocols.

This will allow us to begin interfacing quantum computers around the world in the first part of July as we mobilize the new Quantum Financial System.

We will begin to see Bridges built between countries' computer systems that will allow us to cooperate and coordinate currency transactions through an International Payment System (ISO20022) creating more money flow and more money velocity.

The demand for each country's National Currencies will increase its value and purchasing power around the world.

The second half of this year will bring in a Global Currency Reset in ways none of us can even imagine.

© Goldilocks

https://finance.yahoo.com/news/shanghai-stock-exchange-roll-index-093000632.html

https://www.federalreserve.gov/newsevents/pressreleases/other20230315a.htm

https://www.scmp.com/business/china-business/article/3220710/chinas-soe-tech-stocks-rally-strengthen-traders-seek-shelter-faltering-economic-recovery-say

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Do you remember talking about Franklin Templeton assets liquidating the new economic system?

They filed for this privilege back in 2019 with the SEC.

Many of these assets are operational on the new QFS.

© Goldilocks

www.sec.gov/Archives/edgar/data/1786958/000113743919000429/fttn1a092019.htm

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Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

US Presidents Raised the Debt Ceiling 42 Times in Recent History

US Presidents Raised the Debt Ceiling 42 Times in Recent History — Here’s Who Raised It the Most

John Csiszar Fri, May 19, 2023 ©National Archives and Records Administration

No topic has been hotter in mid-May 2023 than the debt ceiling, even though many people don’t fully understand what it is. In a nutshell, the debt ceiling is a line in the sand regarding the amount that the U.S. government is allowed to borrow. If it is exceeded, the government effectively shuts down.

Without the ability to borrow more money, the government typically can’t pay federal employees, keep federal buildings open or meet its monthly entitlement payments. This means that recipients of everything from Social Security to Medicare and Medicaid may not get paid.

As obvious of a problem as this is, it unfortunately hasn’t prevented the debt ceiling from being something of a political football in recent decades. An important thing to note is that increasing the debt ceiling does not give Congress the ability to go on a new spending spree. Rather, it allows the U.S. to pay the obligations it has already authorized. Thus, much of the political posturing is simply grandstanding.

Typically, tensions rise on both sides of the aisle until an agreement is “miraculously” reached, with Republicans and Democrats patting each other on the back and announcing how great it is to work in a bipartisan fashion. The party in power is always the one in the hot seat, as the opposition party typically leans on the debt ceiling in order to get their own measures passed, knowing full well that the White House will always need to raise the ceiling. But as the deadline approaches on roughly June 1, the fight seems certain to intensify.

As both Republican and Democratic presidents have been in power since 1981, both parties have presided over a rise in the debt ceiling. In all, since President Ronald Reagan first took office in 1981, U.S. presidents have raised the debt ceiling 42 times — with Reagan himself raising the ceiling the most times. Here’s a look at how many times each president since 1981 has raised the debt ceiling, and by how much.

Donald Trump — 2 Times

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

https://finance.yahoo.com/news/us-presidents-raised-debt-ceiling-110017986.html