DINARRECAPS8 5/27/23 DINARRECAPS8 5/27/23

Iraqi News Highlights Saturday Evening 5-27-23

Tlm724 Administrator Bondlady’s Corner

Handal: We Seek To Expand Banking And Financial Relations With The International And Regional Environment

Economy News-Baghdad The head of the Iraqi Private Banks Association, Wadih al-Handal, confirmed that the association seeks to expand banking and financial relations between Iraq and its regional and international surroundings.

Tlm724 Administrator Bondlady’s Corner

Handal: We Seek To Expand Banking And Financial Relations With The International And Regional Environment

Al-Handal said in his speech during the annual banking conference, which was attended by "Al-Iqtisad News", that "digital transformation is an important matter at the level of all sectors in our dear country, Iraq, and linking digital transformation with electronic payment, which takes great resonance during this period, especially with government plans and the efforts of the Central Bank aimed at achieving this transformation and benefits."

The major benefits that it brings to all aspects of the citizen's life and the economic and financial cycle, and the related need to develop human capabilities, expertise, systems, and the application of the highest standards of information security and infrastructure that can be expanded and modernized.

He added that the conference "is concerned with expanding banking and financial relations with the international and regional environment to form partnerships and alliances that open horizons for the flow of foreign investments to enter Iraq within controls that rely on transparency and flexibility in completing and accelerating work, and on the other hand we seek to review the obstacles facing domestic and foreign investment in the banking and financial sector."

In terms of market risks, legislation and regulations,” stressing the importance of “the government approach in relation to reforming the banking system through restructuring and mechanization of government banks and stimulating, developing and enabling private banks to support investment and development.”

Al-Handal continued, "We believe that the basis of development and growth is the human factor, and for that we always strive to develop local skills and expertise in various specialties to include them in the labor market and provide decent job opportunities for young people that guarantee them a decent life and benefit the various business sectors. We will announce a pioneering project within the work of this conference." about this ".

Earlier in the day, the activities of the annual Iraqi banking conference were launched under the auspices of Prime Minister Muhammad Shia al-Sudani, the support of the Central Bank of Iraq, and the organization of the Iraqi Private Banks Association.

The annual banking conference organized by the Association of Iraqi Private Banks is held with the support of the Central Bank and in the presence of a large number of banking leaders in Iraq in addition to the governors of Arab and foreign central banks and international financial institutions.

Views 176 Added 05/27/2023 - https://economy-news.net/content.php?id=34429

The Finance Committee Discusses The Oil Sector File With The Parliamentary Oil And Gas Committee

Saturday 27 May 2023 16:04 | Economical Number of readings: 136 Baghdad / NINA / - The Finance Committee, chaired by Atwan Al-Atwani, and in the presence of a number of its members, hosted today the Oil, Gas and Natural Resources Committee, to discuss the proposals submitted regarding the oil sector.

At the outset of the hosting, Al-Atwani said, according to the statement of the Parliamentary Media Department: “The Finance Committee takes into account all the observations received from the parliamentary committees that reflect positively on the citizens and the country in general, adding that the committee entered into precise details about studying the paragraphs and items of the budget, with the aim of reducing spending.” And increase non-oil revenues, explaining that the committee is about to complete the completion of the budget law and is awaiting setting a date for a vote on it in the House of Representatives.

Heibet al-Halbousi, Chairman of the Oil Committee, also appreciated the continued efforts of the Finance Committee to ripen the budget law and its keenness to complete it fully, while listening to the details related to the oil field and the problems about the projects of the Ministry of Oil, oil exports, licensing round contracts, and the need to secure the necessary sums for the continuation of the work of oil companies.

The Parliamentary Finance and Oil Committees discussed the article related to the issue of collecting fees from the proceeds of selling oil derivatives, in addition to the work of oil refinery companies and the costs of liquidation and export in order to increase the oil revenues that supply the state treasury./ End https://ninanews.com/Website/News/Details?key=1056051

The Stability Of The Exchange Rates Of The Dollar In Baghdad With The Closing Of The Stock Exchange

Economy Saturday, May 27, 2023 Baghdad / The National News Center The exchange rates of the US dollar against the Iraqi dinar stabilized today, Thursday, on the main stock exchange in the capital, Baghdad.

The correspondent of the National News Center said, “The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded an exchange rate of 146,000 dinars, compared to 100 dollars, while the prices this morning were 146,200 dinars.”

He added, "The buying and selling prices have stabilized in the exchange shops in the local markets in Baghdad, where the selling price reached 146,500 dinars, while the purchase prices amounted to 145,500 dinars per 100 dollars." https://nnciraq.com/207758/

Al-Alaq Announces The Launch Of 4 Projects, Including The Establishment Of A Financial Center In Baghdad

Economy Saturday, May 27, 2023 Baghdad / National News Center Today, Saturday, the Governor of the Central Bank, Ali Al-Alaq, announced the launch of four projects, including the establishment of a financial center in Baghdad.

Al-Alaq said at the annual banking conference, which was attended by the National News Center, that “we announce the launch of four projects, which are the reform of government banks, the establishment of a pioneer bank to support microcredit, the establishment of a loan guarantee company, and the establishment of a financial center in Baghdad.” https://nnciraq.com/207695/

An Expert Details The Importance Of The Path Of Development And Its Economic Returns To Iraq

May 25 09:16 Information / Baghdad...Economic expert Nasser Al-Kinani confirmed, on Thursday, the possibility of establishing the Silk Road without spending any money, pointing to the possibility of charging the costs of establishing the road to the beneficiary countries, whose goods will pass through it. Al-Kinani told Al-Maalouma,

"The (Silk) Development Road is a very large project linked to the port of Faw and economic development related to factories and housing projects that provides Iraq with large profits and revenues."

He added, "The Silk Road, despite its great importance to Iraq, the idea of making the country a transit that costs 16 billion dinars to establish a railway is not a good idea."

He pointed out that "Iraq can not bear the costs of the road by making the implementation of the countries whose goods will pass through Iraq, in addition to that the country will benefit from such a project in building factories and stimulating international trade."

And he indicated that "Iraq can benefit from the amount of 16 billion dollars allocated for the construction of the road, especially since there are those who benefit from the road and can pay this amount," explaining that "the amount allocated for the project is 500 billion dollars, and China can complete the project without incurring Iraq these costs.

It is noteworthy that the road will be completed in 2028, and according to the Prime Minister's advisory office, it will provide 100,000 job opportunities and generate revenues of $4 billion annually. ended 25 n

https://almaalomah.me/news/economy/خبير-يفصل-أهمية-طريق-التنمية-ومردوداته-الاقتصادية-على-العراق

From The Port Of Al-Faw To Turkey.. Al-Sudani's Office Publishes The Details Of The Development Road Conference

Today Information / Baghdad.. The media office of the Prime Minister clarified the details of the Development Road Conference, which was hosted by the capital, Baghdad, this morning, Saturday, stressing that the road connects southern Iraq with its north, passing through to Europe.

In a statement received by the office, the office said, "The prime minister opened the conference and stressed the present and future importance of the development path project, and the interdependence of the reasons for economic integration of the countries of the region with the interests and partnerships that the path path will enhance, and all projects related to it."

The participating delegations discussed "the process of initiating implementation steps, and transforming the understandings between the leaders of countries into a road map that witnesses the start of development projects related to the path of development."

They also discussed "the importance of the project for the countries of the region, regional partnerships and ways to consolidate them, access to economic integration among the participating countries, and the establishment of economic development platforms that enhance the ability of the peoples of the region to face economic challenges."

The conference witnessed "a comprehensive review of the multimedia methods included in the project, and the capabilities it offers in regional connectivity, in addition to the infrastructure that diversifies the transport, industry, agriculture and renewable energy sectors, and the investments that will be made available in airports, express trains and land roads."

Likewise, "the path that starts from the port of Faw and its integration with the region's ports all the way to the Turkish border was reviewed, feasibility studies, the results of work with advisory bodies, the implementation timetable, the financial returns it provides, and data related to all its details."

The conference concluded with the formation of technical committees to develop a full vision of the nature and extent of the participation of brotherly and friendly countries in this vital strategic project.

The capital, Baghdad, hosted the Development Road Conference, with the participation of ministers of transport or their representatives from countries;

The Kingdom of Saudi Arabia, the

Islamic Republic of Iran, the

Republic of Turkey, the

Hashemite Kingdom of Jordan, the

Syrian Arab Republic, the

State of the United Arab Emirates, the

State of Kuwait, the

State of Qatar, and the

Sultanate of Oman, in addition to representatives of the

European Union and the

World Bank. finished/25 h

https://almaalomah.me/news/economy/من-ميناء-الفاو-الى-تركيا-مكتب-السوداني-ينشر-تفاصيل-مؤتمر-طري

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

https://www.bondladyscorner.com/

Dinar Recaps 20 5/27/23 Dinar Recaps 20 5/27/23

Goldlocks Economic News For Saturday 5-27-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

Good morning Dinar Recaps,

Goldilocks posted some news links with comments this morning:

"Today, Saturday, the Governor of the Central Bank of Iraq, Professor Ali Mohsen Al-Alaq, announced the establishment of the Riyada Bank for Social Development, and the new bank will work to support the segments of Iraqi society, pointing out that the bank has social and economic dimensions, and the Central Bank of Iraq will provide the necessary support through various initiatives to make this project a success."'

Goldilocks and Seeds of Wisdom

Thank you RJ

Good morning Dinar Recaps,

Goldilocks posted some news links with comments this morning:

Iraq is currently activating the private sector through the new banking initiative of the Riyada Bank for Social Development.

This project will liquidate non-oil sectors, provide letters of guarantee, and liquidity for low-income segments of the society.

It will level the playing field for many sectors of the Iraqi economy.

https://cbi.iq/news/view/2344

~~~~~~~~~~

What is IOSCO?

"IOSCO is an umbrella organization of regulators which includes the following:

Securities and Exchange Commission of the US.

Financial Services Agency of Japan.

Financial Conduct Authority of the United Kingdom.

BaFin of Germany.

All of these are polling the public on the regulations."

The First Set Of Global Laws are making their way into the Crypto Currency World.

There are more on the way, and these set of laws are designed to secure Global transactions from money laundering and terrorism.

Inventiva LINK

~~~~~~~~~~

"Bank for International Settlements to issue second set of policy for retail CBDC."

We are starting to get more clarity on Central Bank Digital Currencies.

The wholesale side of CBDCs are in process of implementation, but the CBDCs on the retail side are still in process of forming guidelines for implementation.

Many of the concerns people have noted include privacy issues. On the technical side, scalability in using it as another form of a currency payment for the general public has not been worked out.

The retail side of CBDCs may take some time to develop, but stablecoins that represent a country's currencies are expected to find clarity by the end of June.

Financial Express LINK

~~~~~~~~~~

The SEC has now adopted a T+1 settlement date.

It used to take 2 days for a settlement transaction between a broker and a dealer.

Because of the new digital asset-based trading system, security-based swaps are now done in one day i.e. currencies.

JDSupra LINK

Law Cornell Edu LINK

~~~~~~~~~~

Protocol 20 is coming into play in our new digital asset-based trading system.

This is the new tokenized standardization process for currencies in digital format coming into play.

The standardization of currencies are in process and moving to an implementation stage.

This uniformity will organize a structure of exchange creating more money velocity and demand for countries' currencies around the world.

These new demands will create more purchasing power for their use.

https://blockzeit.com/brc20-src20-orc20-more-the-information-you-need-to-get-up-to-speed/

~~~~~~~~~~

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

DINARRECAPS8 5/27/23 DINARRECAPS8 5/27/23

Iraqi News Highlights Saturday Afternoon 5-27-23

Tlm724 Administrator Bondlady’s Corner

The Governor Of The Central Bank Announces The Initiation Of The Establishment Of The Riyada Bank For Social Development

Economy| 01:48 - 05/27/2023 Baghdad - Mawazine News The Governor of the Central Bank, Ali Al-Alaq, announced today, Saturday, the initiation of establishing the Riyada Bank for Social Development, while confirming that the bank will provide the necessary support for the establishment of the bank.

Iraqi News Highlights Saturday Afternoon 5-27-23

Tlm724 Administrator Bondlady’s Corner

The Governor Of The Central Bank Announces The Initiation Of The Establishment Of The Riyada Bank For Social Development

Al-Alaq said in a speech during the annual Iraqi banking conference, that "within the framework of the Central Bank's endeavor to support the Iraqi economy and the private sector and stimulate the banking sector, we are currently working on completing new projects, including: Youth and owners of small and medium enterprises, and secondly:

the Prime Minister’s launch of the Riyada initiative for development and employment, and this will be the first source in Iraq that cares about vulnerable groups, especially for low-income people, women and owners of small and micro projects, as well as owners of innovation and entrepreneurship and granting them soft loans and simple guarantees because of their great impact reduce unemployment and poverty rates.

He added, "The Prime Minister launched a while ago his initiative to support youth, which is a pioneering initiative for development and employment," calling on banks to "contribute to the establishment of a pioneering bank for social development because of its social and economic dimensions, and its contribution to increasing the percentage of the non-oil economy."

He pointed out that "the Central Bank will provide the necessary support for the establishment of this bank in terms of organization, financing and transfer of lending to small projects that we have started since 2015 to this bank, and this will give the bank a strong start by providing this financing from the Central Bank." https://www.mawazin.net/Details.aspx?jimare=227785

World Bank: Iraq Needs 21 Billion Dollars In The Transport Sector

Economy| 01:46 - 05/27/2023 Baghdad - Mawazine News The representative of the World Bank confirmed, on Saturday, that Iraq needs 21 billion dollars in the transportation sector during the next five years.

And the representative of the World Bank said in his speech during the development conference held in Baghdad, that "Iraq needs to invest more than $ 21 billion in the transport sector during the next five years," pointing out that "the path of development will increase the interdependence between Iraq and the countries of the region."

He added, "The development path project will significantly reduce pollution emissions," stressing that "the World Bank is committed to supporting Iraq in modernizing infrastructure and creating job opportunities." https://www.mawazin.net/Details.aspx?jimare=227784

Al-Sudani: The Road To Development Is An Economic Artery And A Promising Opportunity For A Convergence Of Interests

political| 11:23 - 05/27/2023 Baghdad - Mawazine News The work of the Development Path Conference was launched in the capital, Baghdad, under the auspices of the Prime Minister, Muhammad Shia'a Al-Sudani.

Al-Sudani said in his speech during the opening of the conference: "I welcome the delegations participating in the Development Path Conference, and your presence in Baghdad is part of the solutions," adding: "For decades, our region has faced multi-rooted obstacles that extended to multiple problems."

He stressed, "The obstacles become easy to cooperation, and this is what we understand from officials," pointing out that "the path of development is an ambitious and deliberate plan to change reality towards a mature economic structure."

He continued, "We stand on the threshold of the key to confronting the influences that will pass through the path of development," stressing that "the path of development is an economic artery and a promising opportunity for the convergence of interests, history and cultures."

He added, "This government has committed itself to starting from the actual needs of the Iraqi people according to studied priorities," adding, "We have established this conference through constructive understandings with the leaders of your brotherly and friendly countries."

Al-Sudani concluded his speech by saying: "We are continuing with everything that serves our people, and increases the gates of communication with the geographical neighborhood and cultural extension." Ended https://www.mawazin.net/Details.aspx?jimare=227777

Advisor To The Prime Minister: The Path Of Development Will Transform Iraq Into An Attractive Environment For Investment

Economy| 02:32 - 05/27/2023 Baghdad - Mawazine News, the media advisor to Prime Minister Hisham Al-Rikabi confirmed, on Saturday, that the path of development will turn Iraq into an attractive environment for investment.

Al-Rikabi said, in a tweet on the "Twitter" platform: "With the launch of the conference activities in Baghdad, the path of development will transform Iraq into an attractive environment for investment and a meeting point for interests among the countries of the region."

He added, "The road will create a state of diversification and economic pluralism." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=227792

Achieving A Growth Of 31%.. The Volume Of Deposits In The Banking Sector Rises To 20 Trillion Dinars

Economy News-Baghdad On Saturday, the director of the banking department at the Central Bank, Qusma Saleh, revealed the indicators of the Iraqi banking sector in 2022.

In a speech during the annual Iraqi banking conference, Salih said, "The number of letters issued through the guarantee letters platform amounted to more than 62,120 letters of guarantee, with a total amount of about (39) trillion dinars, until 5/25/2023."

She added, "Total assets in the banking sector grew by 29%, to achieve 188 trillion dinars in 2022, while cash and pledge credit amounted to 93 trillion dinars, achieving a growth of 13% in the same year."

She pointed out, "The total volume of deposits in 2022 increased by 31% over the past year, to reach 20 trillion dinars."

As for the total property rights, it amounted to "20 trillion dinars, achieving a growth of 3% compared to 2021." according to fit

140 views 05/27/2023 - https://economy-news.net/content.php?id=34431

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

https://www.bondladyscorner.com/

Dinar Recaps 20 5/27/23 Dinar Recaps 20 5/27/23

"Tidbits From TNT" Saturday 5-27-2023

TNT:

CandyKisses: Parliamentary Finance confirms the readiness of the budget and its handover today to the Presidency of Parliament for the purpose of voting on it

The Parliamentary Finance Committee announced today, Saturday, that the budget will be ready to be handed over to the Presidency of Parliament for the purpose of voting on it, after completing some transfers in the financial aspects and amending the schedules.

Committee member Moeen Al-Kazimi said in a press statement followed by NRT Arabia, that "the region's share in the budget was voted on in Articles 13 and 14 after an amendment was made to the budget version sent by the government, despite the objection of the Kurdistan Democratic Party bloc.

Noting that "as the committee has completed all the articles of the 67th budget, and today, Saturday, some transfers are completed with the financial aspects and the schedules are amended, and the budget will be ready to be handed over to the Presidency of Parliament for the purpose of voting on it."

TNT:

CandyKisses: Parliamentary Finance confirms the readiness of the budget and its handover today to the Presidency of Parliament for the purpose of voting on it

Al-Kazimi added that "there is no adjustment to the region's share in the budget, and it remained as it came from the government 12.67%), pointing out that "the amendment was added to the scenario of distributing oil exports from the region, which is that Iraq has an export share of 3 and a half million barrels per day of oil, so the region's share is 400 thousand barrels and the rest of the provinces export 3 million and 100 thousand barrels."

He explained, "The signing of oil contracts with companies is carried out by the Iraqi Ministry of Oil and not the territorial government, and this is what has been confirmed by the Federal Court and the Arbitration Committee in Paris," continuing that "oil revenues from the four companies operating in the region will be deposited into the Central Bank account in the name of the Ministry of Finance, and the Federal Prime Minister will authorize the Prime Minister of the region to disburse, and the region's share will be transferred to the bank account provided by the regional government."

Al-Kazimi indicated that "a paragraph has been added, which is that the region has no right to export oil from Nineveh wells or Kirkuk and other materials that control accounts with the region, and there are provisions for non-oil revenues and their delivery to the federal government," adding that "there is another article related to the amounts that the territorial government was deducted from the salaries of its employees as compulsory savings, so the law included an article that forces the territorial government to pay this saving and return it to employees and its percentage of 10% of the salary monthly, until the employees of the region complete their entitlements from the compulsory savings exercised on them during the previous period."

In addition, committee member Jamal Cougar noted that "the budget can be handed over to the presidency of parliament tomorrow, Sunday, because there are paragraphs that have not yet been completed, which are transfers, schedules, the issue of some additional paragraphs and the overall vote on the budget within the committee."

On Friday, the Parliamentary Finance Committee announced the completion of voting on the most important dilemma in the federal budget, which is the share of the region despite the objection of the Kurdistan Democratic Party, and only a few simple paragraphs in the tables and transfers remain for the committee, which need about 24 hours.

The Finance Committee is likely to hand over the draft budget to the Presidency of the House of Representatives tomorrow, Sunday, to be included on the agenda.

https://www.nrttv.com/ar/detail3/12188

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Tishwash: Mazhar Salih: Restoring confidence in the Iraqi dinar is a national necessity

Experts and consultants in financial and economic affairs saw that the governmental procedures and the steps of the Central Bank of Iraq regarding limiting the obligation of ministries and state institutions to pay wages for goods and services in Iraqi dinars and urging merchants and companies to do so, are likely steps to restore confidence in the country's national currency, indicating that the market's linkage to two currencies, one of which is foreign, undermines The state of stability and generates turmoil in the market.

And the Advisor to the Prime Minister for Financial Affairs, Dr. Mazhar Muhammad Salih, stated in an interview with “Al-Sabah” that “pricing in the currency of another (foreign) country subjects the general level of prices to market disturbances and speculators, and thus deprives the monetary authority from exercising the power of stability according to Central Bank Law No. 56 of 2004.

He pointed out, "The government took the decision to deal in the Iraqi dinar with what was announced by the monetary authority insisting that it be the unit of payment, value, and the unit of legal dealing in internal transactions, and no other currency is considered in Iraq except in the Iraqi dinar, while foreign currency is for the purpose of external transactions only."

Salih noted that "dealing in foreign currency depends on monetary policy and the general level of prices depends on market speculation. On this basis, the supremacy of the national currency and its defense through monetary policy is the only right platform for monetary stability and keeping monetary income away from the forces of conflict."

He explained that "the existence of two currencies in one economy is dangerous, and it means that monetary policy is given with all its components and influence in the national economy through a currency other than the country's currency, so the decision came to not consider any monetary unit except in the Iraqi dinar in order to impose monetary stability in transactions, contracts, payment and receipt, and distancing."

The introduction of any hybrid currency in economic transactions, which is the legal monetary unit adopted in linking price stability and the stability of the value of the national currency without being disturbed by foreign currencies entering the economy.

In addition, the expert on economic affairs, Nabil Jabbar Al-Ali, said in an interview with "Al-Sabah": "Because of the shake-up of confidence that the Iraqi dinar has gone through among traders since the end of the year 2020 until this moment, the central bank administration and the government are restoring the reputation of the Iraqi dinar." ".

He added, "The sudden change in the exchange rate in December 2020 and the broad government promises at the time of several benefits regarding that decision and the failure to implement any of them, affected many commercial transactions and raised inflation by a high rate and the inflation of the exported cash until it became difficult to control the stability of the currency, which prompted many to The belief that the dinar has become an unreliable currency because of these fluctuations in government policies.

He pointed out that "the Central Bank administration is trying today to work to re-strengthen the status of the Iraqi dinar and its stability in front of currencies in order to stabilize the markets and end the state of turmoil, as well as reduce inflation rates and reduce their damage to the incomes of Iraqis." link

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Tishwash: International agency: The dollar is losing its hegemony over time, and everyone is uniting against it..Is its collapse approaching?

Rivalry with China, fallout from Russia's war in Ukraine and debate in Washington over the US debt ceiling have led to a rethinking of the dollar's place as the world's dominant currency.

The use of the dollar as a weapon to punish Russia has also fueled speculation that countries will diversify their portfolios away from the dollar.

Here are some arguments for why de-dollarization has occurred - or perhaps why it has not.

The share of the dollar is declining

The dollar's share of official foreign exchange reserves fell to a 20-year low of 58% in the last quarter of 2022, according to IMF data.

What happened in 2022 was a very sharp decline in the share of the dollar in real terms,” said Stephen Jane, CEO of Eurizon SLJ Capital Limited, adding that this was a reaction to the freezing of half of gold and currency reserves. Russia's foreign exchange of $640 billion in the wake of its invasion of Ukraine in 2022. This made countries like Saudi Arabia, China, India and Turkey tend to diversify their reserves into other currencies.

The dollar's share of central banks' foreign reserves in the fourth quarter of 2022 reached its lowest level in two decades, but the move was gradual and is now at about the same level as in 1995.

However, central banks hold dollars in case they need to support exchange rates during economic crises. If their local currencies weaken too much against the dollar, oil and other commodities traded in US currency become very expensive, increasing the cost of living and fueling inflation.

The dollar held sway over commodity trade, allowing Washington to block market access for producing countries from Russia to Venezuela and Iran.

But the situation has changed now. Where India buys Russian oil in UAE dirhams and rubles. Meanwhile, China turned to the yuan to buy $88 billion worth of Russian oil, coal and minerals. CNPC and France's Total (EPA:TTEF) completed their first yuan-denominated LNG trade in March.

De-dollarization... is a complicated matter

De-dollarization would require a vast and complex network of exporters, importers, currency dealers, debt issuers and lenders to independently decide on the use of other currencies. But this is not likely in the near future.

The Bank for International Settlements said that about half of countries' total foreign debts are in dollars, and half of world trade is settled in dollars.

"There is no mechanism to get banks, companies and governments to simultaneously change their behavior away from the dollar," said Barry Eichengreen, a professor of economics and political science at Berkeley.

The dollar.. an unshakable foundation

Since large bank deposits are not always insured, companies use government bonds as an alternative to cash. Thus, the dollar's position is supported by the $23 trillion US treasury market - seen as a safe haven for money.

“The depth, liquidity, and integrity of the treasury market is a big reason the dollar is the leading reserve currency,” said Brad Setser, a fellow at the Council on Foreign Relations who tracks cross-border currency flows.

International holdings of Treasuries are vast and there is no reliable alternative yet. The bond market in Germany, for example, is relatively small, at just over $2 trillion.

Commodity producers may agree to trade with China in yuan, but recycling cash into Chinese government bonds remains difficult due to account opening difficulties and regulatory uncertainty.

continued dominance

Moody's said that the increasing geopolitical tensions and brinkmanship pursued by the United States have fueled speculation about ending the dominance of the dollar, but there are no current viable alternatives.

Moody's said in a note that despite the continuous decline in the dollar's share of central bank reserves, the dominance of the US dollar over the international trade and finance systems will continue for decades despite new challenges, even if a multipolar currency system emerges.

Analysts of the rating agency said that the greatest risk to the dollar's position comes from the risks arising from the mistakes of US policy itself, such as the US default on its debts, for example, expecting that the dollar's share of reserves will continue to decline further. link

Mot: .... Ahah - Leave it to the Bus Driver!!! ~~~~

Mot: . Yeppers--- Ur Lesson frum Mot fer Today!! ~~~

DINARRECAPS8 5/27/23 DINARRECAPS8 5/27/23

Saturday Morning Iraq economic News Highlights 5-27-23

Parliamentary Finance: The Budget Will Be Ready For Presentation To The House Of Representatives Tomorrow, Saturday

Iraq 17:01 - 2023-05-26 A member of the Parliamentary Finance Committee, Representative Mudhar Al-Karwi, confirmed, on Friday, that he had bypassed 5 of the most important complexities of the 2023 budget. Al-Karawi said in a press interview, “The 2023 budget is almost complete in terms of items and appendices, and there is a series of evening sessions to resolve some issues, but in general, the budget witnessed many changes in important files".

Saturday Morning Iraq economic News Highlights 5-27-23

Parliamentary Finance: The Budget Will Be Ready For Presentation To The House Of Representatives Tomorrow, Saturday

He added, "5 of the most complexities of the 2023 budget have been overcome, most notably the financial deficit and securing the entitlements of important segments in terms of stabilization, in addition to the entitlements of the provinces within the development of the regions."

He pointed out that "the 2023 budget will be ready to be presented to the House of Representatives tomorrow, Saturday, in any case, stressing its importance in ensuring the financial benefits of all ministries, state institutions and their employees." https://kirkuktv.net/AR/Details/15489

The Iraqi Budget.. The Agreements Of The Adults Are Being Tampered With By The Young

2023-05-27 Shafaq News/ The Iraqi politician, Mishaan Al-Jubouri, said that the "adults" agreements signed between Baghdad - Erbil have become a case of futility by those he described as "the little ones" and their attempts to display their heroism, considering the matter as "dangerous and shameful".

Al-Jubouri wrote in a tweet on Twitter, "There is no doubt that there are deputies and politicians working with all their energy to spoil the Baghdad-Erbil agreement, especially about the budget, which represents the basis for ensuring the country's unity, political stability and citizen's rights in all of Iraq and Kurdistan."

He pointed out, "It is dangerous and shameful that the agreements of the adults signed between them collapse and become a cause for the futility of the youngsters and their attempts to showcase their heroism!?"

And the President of the Kurdistan Region, Nechirvan Barzani, expressed his "deep concern" about what he called "the changes that affected the paragraphs of the Iraqi general budget bill related to the constitutional rights of the Kurdistan Region," and said that he "totally" rejects them.

It is scheduled that the Iraqi parliament will vote in today's session, Saturday, on the draft budget law.

The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, said, in turn, that "a group in the Finance Committee of the Iraqi Parliament made changes to the draft federal budget, violating a prior agreement we concluded with the State of Prime Minister Muhammad Shia al-Sudani and his government," noting that "the agreement that is The cornerstone of cooperation between Erbil and Baghdad, and everyone must respect its provisions.

Yesterday, Thursday, the Parliamentary Finance Committee voted to oblige the Kurdistan Region to pay 10% on a monthly basis from the salaries deducted to its employees, while this was included in the budget amendments that are being discussed.

The Kurdistan Regional Government announced its refusal to make any change to the articles and items that include financial dues for the region and are included in the draft Iraqi general budget law for the next three years.

And the Iraqi Council of Ministers approved, on the 13th of last March, the largest financial budget in the history of the country, which exceeded 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit of 63 trillion Iraqi dinars, taking advantage of the rise in oil prices globally. , which constitutes more than 95% of the country’s financial revenues, amid objections from financial and legal experts regarding the budget items, but it has not yet been approved due to disagreements.

And the Kurdistan Regional Government implemented Resolution No. (64) issued since 2016, the policy of financial austerity through the compulsory savings program for employees, except for the security forces (Asayish and Peshmerga), as savings began from 15% of the employees’ salaries, with 50% deducted from the pension for special grades. .

While the Finance Committee in the Kurdistan Parliament returned in 2022 to form a sub-committee to prepare a report on restoring the salary saving system, which will be submitted to the Presidency of Parliament upon its completion.

Recently, the regional government has denied, on several occasions, the reduction of salaries or the re-imposition of compulsory savings, considering the matter as a "red line" that cannot be touched. LINK

Presidency Of Parliament Is Preparing To Receive The Draft Budget

Iraq 2023/05/27 : Shaima Rashid Yesterday, Friday, the Parliamentary Finance Committee finished voting on the most important dilemma in the federal budget, which is the share of the region, despite the objection of the Kurdistan Democratic Party. The House of Representatives is tomorrow, Sunday, to be included in the agenda.

A member of the Finance Committee, Moin Al-Kazemi, told Al-Sabah: “The region’s share in the budget was voted in Articles 13 and 14 after an amendment was made to the copy of the budget sent by the government, despite the objection of the Kurdistan Democratic Party bloc.”

Indicating that, “Thus, the committee will have completed all the 67 articles of the budget, and today (Saturday) some transfers will be completed in the financial aspects and the amendment of tables, and the budget will be ready to be handed over to the Presidency of Parliament for the purpose of voting on it.”

And he added, “There is no amendment to the region’s share in the budget, and it remained as it came from the government at 12.67%,” indicating that “the amendment was added to the scenario of distributing oil exports from the region, which is that Iraq has an export share of 3 and a half million barrels per day of oil, so the region’s share became 400.” One thousand barrels, and the rest of the provinces export 3,100,000 barrels.”

And he continued: “The signing of oil contracts with companies is carried out by the Iraqi Ministry of Oil and not by the regional government, and this is what was confirmed by the Federal Court and the Arbitration Committee in Paris.” And he indicated that “oil revenues from The four companies operating in the region will be deposited in the central bank account in the name of the Ministry of Finance, and the federal prime minister will authorize the prime minister of the region to spend, and the region's share will be transferred to the bank account provided by the regional government.

A paragraph has been added, which is that the region is not entitled to export oil from the wells of Nineveh or Kirkuk and other materials that control accounts with the region, and there are provisions related to non-oil revenues and handing them over to the federal government. Its employees as compulsory savings, so the law included an article obliging the regional government to pay this savings and return it to the employees at 10% of the salary per month, until the employees of the region complete their entitlements from the compulsory savings that were practiced on them during the previous period.

For "Al-Sabah", that "the budget can be handed over to the Presidency of Parliament tomorrow, Sunday, because there are paragraphs that have not been completed yet, namely the transfers, schedules, the issue of some additional paragraphs, and the overall vote on the budget within the committee."

There is another article related to the sums that the regional government used to deduct from the salaries of its employees as compulsory savings, so the law included an article obliging the regional government to pay this savings and return it to the employees, at the rate of 10% of the salary per month, until the employees of the region complete their entitlements from the compulsory saving that was practiced on them during the previous period In addition, a member of the committee, Jamal Cougar, told Al-Sabah that "the budget can be handed over to the Presidency of Parliament tomorrow, Sunday, because there are paragraphs that have not been completed yet, which are transfers, schedules, and the issue of some additional paragraphs, and the overall vote on the budget within the committee."

In addition, a member of the committee, Jamal Cougar, told Al-Sabah that “the budget can be handed over to the Presidency of Parliament tomorrow, Sunday, because there are paragraphs that have not been completed yet, which are transfers, schedules, and the issue of some additional paragraphs, and the overall vote on the budget within the committee.”

Edited by: Muhammad Al-Ansari https://alsabaah.iq/77689-.html

Learn About The Iraqi Government's Revenues And Expenditures In 2023.. Economic: Decline In Net Surplus

[/size] Economy 2023-05-27 | Alsumaria News – Economy Economic expert Manar Al-Obeidi revealed, today, Saturday, May 27, 2023, the Iraqi government's revenues and expenditures during the first quarter of the current year 2023, indicating that there is an increase in the expenditures of the first quarter of the current year 2023 compared to last year 2022.

Al-Obeidi said in a statement received by Alsumaria News, "The financial statements for the first quarter of the fiscal year of the Iraqi government showed a decline in the total net surplus, despite the increase in the value of revenues as a result of somewhat higher oil prices, until it reached the deficit stage in March."

He added, "In a comparison between the data of the first three months of 2023 with the data of the same months of previous years, a significant increase in expenditures is noted, and expenditures for the month of March 2023 exceeded the barrier of 9.65 trillion dinars."

And he continued, "The first quarter of 2023 achieved a surplus of 4.6 trillion Iraqi dinars, despite the total revenues being around 27 trillion dinars, while the surplus in the first quarter of 2022 amounted to 11.4 trillion Iraqi dinars, and the total revenues were 35 trillion dinars."

And he indicated that "the increase in expenses for the first quarter of the current year is due to the increase in exchange rates, such as an increase in salaries, as well as an increase in the bill for paying debts and their interests, as well as an increase in social welfare expenses." LINK

Dinar Recaps 20 5/26/23 Dinar Recaps 20 5/26/23

"Vietnam and Zimbabwe News" Posted by Harambe at TNT 5-26-2023

TNT:

Harambe: PM: Vietnam values comprehensive partnership with US | Vietnam+ 5/26/23

Vietnam always treasures comprehensive partnership with the US, Prime Minister Pham Minh Chinh told a delegation from the US Senate led by Senator Mike Crapo in Hanoi on May 26.

PM Chinh spoke highly of the maintenance of high-level contacts, especially the recent successful phone talks between Party General Secretary Nguyen Phu Trong and US President Joe Biden.

He suggested that in the near future, both sides continue enhancing cooperation in the fields of economy, trade, investment, science and technology, education and training, innovation, digital transformation, and climate change response.

TNT:

Harambe: PM: Vietnam values comprehensive partnership with US | Vietnam+ 5/26/23

Vietnam always treasures comprehensive partnership with the US, Prime Minister Pham Minh Chinh told a delegation from the US Senate led by Senator Mike Crapo in Hanoi on May 26.

PM Chinh spoke highly of the maintenance of high-level contacts, especially the recent successful phone talks between Party General Secretary Nguyen Phu Trong and US President Joe Biden.

He suggested that in the near future, both sides continue enhancing cooperation in the fields of economy, trade, investment, science and technology, education and training, innovation, digital transformation, and climate change response.

The host asked the US senators to support the US opening its market to and limiting anti-dumping investigations and trade remedy measures against Vietnamese goods, especially agro-forestry-fisheries, which directly affect the people’s livelihoods.

He also urged the US Congress to continue heeding and allocating resources for cooperation with Vietnam in overcoming the war consequences, as well as offer support to the Vietnamese community in the US.

Expressing their impression on Vietnam's country, people, and development, the US senators said they support a strong, independent, self-resilient, and prosperous Vietnam and respect its independence, sovereignty, and political regime.

They said they will promote substantive and effective relations between the two countries, wish for stronger partnerships in trade and investment, and support negotiations on bilateral and multilateral trade agreements of which both countries are members.

The guests vowed to back Vietnam's and ASEAN's stance on the East Sea issue and underlined the need to maintain peace, stability, freedom, security and safety of navigation and overflight in the waters.

https://en.vietnamplus.vn/pm-vietnam-values-comprehensive-partnership-with-us/253727.vnp

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

Harambe: Zimbabwe's Debt Crisis: Here Are The Lenders And How Much They Are Owed | Pindula (5/26/23)

President Emmerson Mnangagwa and Finance and Economic Development Minister Mthuli Ncube attended a Roundtable meeting on Zimbabwe Debt Arrears Clearance in Sharm el-Sheikh, Egypt recently.

The roundtable meeting was held on Wednesday evening and was a side event during the African Development Bank (AfDB) annual general meetings.

Zimbabwe is facing an external debt crisis which has made it difficult for the country to secure loans from international financial institutions such as the International Monetary Fund (IMF) due to arrears.

What Is External Debt?

According to an online source, external debt or foreign debt is the portion of a country’s debt that is borrowed from foreign lenders, including commercial banks, governments, or international financial institutions.

These loans, including interest, must usually be paid in the currency in which the loan was made.

If a country cannot repay its external debt, it is said to be in sovereign debt and faces a debt crisis.

Zimbabwe’s Debt Inherited From Rhodesia

Debt Justice says Zimbabwe inherited a sizeable debt from Rhodesia, which grew through the 1980s, that is, the first decade after the country gained independence.

In 1980, Zimbabwe inherited a US$700 million debt from the Rhodesian government of Ian Smith.

The loans had been used to buy weapons in the 1970s, breaking United Nations (UN) sanctions.

The new Government reportedly came under international pressure to take on the debt, whilst being promised over US$2 billion by Western governments for reconstruction and development. Most of the aid money reportedly never materialised.

Zimbabwe also received loans from the United Kingdom and Spain to buy Land Rovers and military aircraft and from the World Bank to plant trees.

By 1990, to keep paying the debt, Zimbabwe had to take out bailout loans from the IMF and World Bank.Zimbabwe defaulted on repayments in 2000 and the lenders stopped lending to the country.

What Is a Default?

Default is the failure to make required interest or principal repayments on a debt, whether that debt is a loan or a security.

Sovereign default occurs when a country does not repay its debts. Though a country cannot be forced to satisfy its obligations by a court, countries that default on sovereign debt might have trouble borrowing again and are likely to have to pay a higher interest rate if they get the chance.

According to Investopedia, the common causes of sovereign defaults include economic stagnation, political instability, and financial mismanagement.

How Much Does Zimbabwe Owe?

In October 2022, the Ministry of Finance’s Public Debt Management Office released a medium-term debt management strategy that had the latest data on the extent of the country’s debt crisis.

It said the total Public and Publicly Guaranteed (PPG) debt in December 2021 was US$17.2 billion.

This was made up of external debt of US$13.4 billion (77.9%) and domestic debt of US$3.8 billion (22.1%).

The total public debt included blocked funds of US$3.533 billion and an obligation of US$3.5 billion to compensate white former farmers for improvements on resettled land.

Besides the principal amounts owed, Zimbabwe also has arrears and penalties because of not paying its debts on time.

What Are Arrears?

When a country is said to be in arrears, it would have failed to make regular contractually required payments. The term arrears applies to an overdue payment.

In December 2021, Zimbabwe had piled up external debt arrears and penalties of US$6.6 billion. This included penalties of US$2.01 billion by December 2021.

Of the total external debt arrears, US$4.2 billion (63%) was due to the bilateral creditors, while US$2.4 billion (37%) was due to the multilateral creditors such as the World Bank and others.

Who Does Zimbabwe Owe?

As of December 2021, Zimbabwe owed US$5.6 billion to bilateral creditors – such as individual countries – and US$2.7 billion to multilateral creditors – international financial institutions.

External Debt

US$3.9 billion is owed to the Paris Club. This is a group of creditor countries that has 22 permanent members that include Australia, Austria, the UK, Japan and the USA.

US$1.8 billion is owed to the non-Paris Club bilateral creditors.

US$1.5 billion is owed to the World Bank

US$711 million is owed to the African Development Bank

US$358 million is owed to the European Investment Bank

Over the years, the Government has taken over the Reserve Bank of Zimbabwe (RBZ)’s debt.

Zimbabwe owes US$111 million to creditors under the 2015 RBZ Debt Assumption Act, while US$4.9 billion is external debt on RBZ’s balance sheet.

Zimbabwe’s Chinese Loans

In 2022, Ncube told Parliament that Zimbabwe had borrowed US$2.7 billion from China since 1980.

He said the outstanding debt to China as of August 2022 amounted to US$1.768 billion.

Most of the Chinese loans have been borrowed for infrastructure projects but Zimbabwe was struggling to service some of the running Chinese loans.

According to the mid-term Debt Management Office, China was not releasing as much of the loans as needed because Zimbabwe was in arrears.

Treasury said Zimbabwe was in arrears on loans for the Victoria Falls Airport (US$65.36 million), NetOne Network Expansion Phase I & II (US$66.65 million) and TelOne National Broadband Expansion Project (US$8.0 million).

Zimbabwe’s Arrears Clearance And Debt Process

In 2022, President Emmerson Mnangagwa appointed African Development Bank President Akinwumi Adesina as leader of Zimbabwe’s arrears clearance and debt process.

Addressing delegates during the inaugural Dialogue Platform on Zimbabwe’s Arrears Clearance and Debt meeting at the Rainbow Towers Hotel in Harare in 2022, Ncube said Adesina had agreed and committed to working with other institutions to support Zimbabwe in clearing its arrears and resolving its debts owed to international creditors.

Former Mozambique president, Joachim Chissano, was appointed the facilitator between the Zimbabwean government as a debtor, bilateral credit partners, and other relevant stakeholders.

Chissano is being supported by a technical advisor the former prime minister of Mozambique, Luisa Diogo.

In October 2022, Ncube said the country had started to make token payments to the IMF, World Bank, and other lenders. He said:

We’ve begun to make token payments to the World Bank, the AfDB (African Development Bank), European Investment Bank.

And all the Paris Club creditors, 17 of them, we will be making token payments to show that we want to be a good debtor.

Ncube also said IMF staff would visit Zimbabwe in December and then discuss a staff-monitored programme in the first and second quarter of 2023.

He said this would enable access to “resources from a sponsor who will help us with bridge funding in order to clear the arrears” to international lenders.

Debt Restructuring

Ncube said the “sponsor” will help Zimbabwe to restructure its debt to bilateral Paris Club creditors.

Debt restructuring is a process that involves getting lenders to agree to reduce the interest rates on loans, extend the dates when the debtor’s liabilities are due to be paid, or both.

Zimbabwe’s Debt Crisis And Reforms

In May 2023, Mnangagwa told development partners and creditors that Zimbabwe was committed to implementing key reforms that are critical to resolving the country’s debts and arrears.

He was speaking during the high-level debt resolution forum in Harare which was also addressed by Adesina and Chissano.

The Herald reported that the majority of Zimbabwe’s combined US$8.3 billion bilateral and multilateral debt was accounted for by arrears.

However, in May 2023, Trading Economicsprojected Zimbabwe’s External Debt to trend around US$18.6 Million in 2023.

South Africa’s Finance Minister Enoch Godongwana said that his country supports Zimbabwe’s implementation of key reforms to resolve its debt problems.

Gondongwana presented a message of support during a round-table meeting on Zimbabwe’s debt arrears clearance at the African Development Bank (AfDB)’s 2023 annual meetings.

He said any challenge faced by Zimbabwe will also affect South Africa’s economy.

Zimbabwe is a major market for South African products. South Africa also hosts millions of Zimbabwean economic refugees.

Adesina said Zimbabwe’s arrears clearance and debt resolution involves governance, rule of law, human rights, freedom of speech, and electoral reforms among other issues. He said:

The issues are not just economic or financial. They also involve governance, rule of law, human rights, freedom of speech, political level playing field, electoral reforms that will assure free and fair elections — as well as fairness, equity and justice for the commercial farmers and other businesses who were dispossessed of their lands, for which there is a clear need for restitution and compensation.

https://www.pindula.co.zw/2023/05/26/zimbabwes-debt-crisis-here-are-the-lenders-and-how-much-they-are-owed/

DINARRECAPS8 5/26/23 DINARRECAPS8 5/26/23

Iraqi News Highlights Friday Afternoon 5-26-23

Tlm724 Administrator Bondlady’s Corner

Minister Of Finance: We Are Making Great Efforts To Provide Justice To All Segments Of Society

Political | 01:13 - 05/26/2023 Baghdad - Mawazine News, Minister of Finance, Taif Sami, confirmed today, Friday, that great efforts have been made in order to provide justice to all segments of society.

Sami said in a statement, "We are making great efforts to be fair to all segments of society, and we are working to adjust the conditions of the remaining contracts and daily workers, in coordination with their departments."

Iraqi News Highlights Friday Afternoon 5-26-23

Tlm724 Administrator Bondlady’s Corner

Minister Of Finance: We Are Making Great Efforts To Provide Justice To All Segments Of Society

She added, "We have made great efforts to confirm more than 237,439 of the owners of Resolution 315 in state departments, and we have confirmed more than 396,894 of contract holders in state departments."

And she continued, "We were able to create more than 138,000 degrees for those whose contracts were terminated by the security authorities." https://www.mawazin.net/Details.aspx?jimare=227727

Tomorrow... Baghdad Will Host The Conference Of Transport Ministers Of Neighboring Countries And The Gulf Cooperation Council To Discuss The Path Of Development

Friday 26 May 2023 10:28 | Economical Number of readings: 535 Baghdad / NINA / - Tomorrow, Saturday, a conference of transport ministers for the Iraqi neighboring countries and the Gulf Cooperation Council countries will be held in Baghdad to discuss the strategic development path.

The government spokesman, Basem Al-Awadi, said: "This conference comes within the government's path in strengthening cooperation and economic interdependence with brothers and friends, which represents a foundation for peace, stability and prosperity for our peoples, and consolidation of Baghdad's position as the House of Peace as a tent for security and partnership, and a starting point for sustainable development." And the path of development

is A road extending from Basra to the Turkish border, about a thousand kilometers long. It starts from the ports of Basra. The expected time to travel is between 12 and 16 hours for cars, and less than that for the train if the railway is completed. / https://ninanews.com/Website/News/Details?key=1055795

The Stability Of The Exchange Rates Of The Dollar Against The Dinar In The Local Stock Exchange

Friday 26 May 2023 14:29 | Economical Number of readings: 270 Baghdad / NINA / - The exchange rates of the dollar against the dinar witnessed stability today, Friday, on the local stock exchange.

The selling price of the dollar amounted to 146,500 dinars for 100 dollars, while the purchase price was 145,500 dinars for 100 dollars, and they are the same prices as yesterday, Thursday./ End 9

https://ninanews.com/Website/News/Details?key=1055838

Oil Prices Were Unchanged During Friday Trading

Economy| 08:55 - 05/26/2023 Baghdad - Mawazine News Oil prices remained almost unchanged during early trading today, Friday, while markets await clarity on the next moves in oil production policy by OPEC and its allies, after conflicting messages that made it difficult to predict the results of their next meeting.

By 0022 GMT, Brent crude fell four cents to $76.22 a barrel, while US West Texas Intermediate crude rose nine cents, or 0.1 percent, to $71.92 a barrel.

Both benchmarks fell by more than $2 a barrel when they settled on Thursday, after Russian Deputy Prime Minister Alexander Novak downplayed the possibility of further production cuts by the OPEC+ alliance at its meeting in Vienna on June 4.

Russian President Vladimir Putin said on Wednesday that energy prices were approaching "economically justified" levels, also suggesting that there may not be an immediate change in the alliance's production policy.

Their statements contrast with comments made this week by Saudi Energy Minister Prince Abdulaziz bin Salman, in which he called on short sellers to "exercise caution".

Some investors interpreted this as a sign that OPEC+ may consider further production cuts.

Markets continue to monitor the US debt ceiling talks, as President Joe Biden and Republican House Speaker Kevin McCarthy appeared to be close to reaching an agreement to cut spending and raise the debt ceiling.

The dollar rose for the fifth consecutive session against a basket of currencies, which curbed oil prices.

A rising US currency makes commodities denominated in it more expensive for holders of other currencies, dampening demand. https://www.mawazin.net/Details.aspx?jimare=227703

Economist: Amending The Budget Items Related To The Region Will Complicate The Relationship With The Government

Friday 26 May 2023 Economical Number of readings: 147 Baghdad / NINA / - The economic expert, Nabil Al-Marsoumi, confirmed that the Parliamentary Finance Committee's vote to amend the paragraphs related to the Kurdistan region will complicate the relationship between the region and the center.

And Al-Marsoumi mentioned in a post followed by / NINA /: “The Finance Committee amended (Article 13 / second / a), which stipulates, according to the government copy sent, obliging the region to export no less than 400,000 barrels,” noting that “the text of the article after the amendment is that the region is obligated to deliver The crude oil produced in its fields at a rate of not less than 400,000 barrels per day is sent to the Ministry of Oil to be exported through SOMO or used locally in Iraqi refineries.

He added, "The amendment added a kind of complication to the relationship between the center and the region because of the technical difficulties related to the delivery of the region's oil to the center on the one hand, and because of the region's stripping of the authority to export oil on the other hand."

Al-Marsoumi indicated that “paragraph C of the same article was also amended, after it stipulated the commitment of the Ministry of Finance to pay the region’s dues monthly and to make accounting settlements on a quarterly basis, meaning that the region was receiving its dues in the 2023 budget,” noting that “the new amendment is necessary The region must pay its oil and non-oil revenues before receiving its share of the budget.

And he continued, "Article 14 was also amended, after it used to provide for the deposit of the total revenues of the region's oil in one bank account. It now requires the region to deposit oil revenues in a bank account opened in the Central Bank of Iraq, while the region was seeking to open the account in Citi Bank." ".

He stressed that "the region has prevented the extraction of oil from the fields of Kirkuk and Nineveh, which are currently under its control, which currently constitutes more than a third of the region's production of crude oil." https://ninanews.com/Website/News/Details?key=1055854

Prime Minister: Iraq's Doors Are Open To Fruitful Partnerships

Prime Minister Muhammad Shia al-Sudani affirmed that Iraq has overcome security difficulties and its doors are open to fruitful partnerships.

The media office of the Prime Minister said in a statement: "Prime Minister Muhammad Shia' al-Sudani received the Minister of Foreign Affairs of the Czech Republic, Jan Lipavsky, and his accompanying delegation. trade between Iraq and the Czech Republic.

Al-Sudani expressed, according to the statement, "his welcome to the minister and the guest delegation, noting that" Iraq has overcome security difficulties, and that its doors are open to fruitful partnerships with all friends, stressing that the opportunity is available for Czech companies to contribute to government plans for infrastructure construction and modernization of services. ".

Al-Sudani referred to "the positive positions of the Czech Republic and support for the efforts of the Iraqi security forces in their war on terrorism, as part of the efforts of the International Coalition to Combat Terrorism and the NATO training mission in Iraq," noting that "the government seeks to formulate a new vision between Iraq and the international coalition, on the basis of The actual need and future visions for challenges.”

And the statement continued, “The Czech minister, for his part, affirmed that his country’s government welcomes the Iraqi economic steps, which enhance stability and sustainable development, praising the positive future direction presented by the Iraqi government.” And he indicated, “a delegation of businessmen and representatives On behalf of twenty Czech companies, he is currently visiting Iraq to discuss opportunities for joint economic cooperation.

The statement concluded, "Libavsky presented an official invitation from the President of the Czech Republic to the Prime Minister to visit Prague, in order to strengthen and strengthen bilateral relations for the benefit of the two friendly countries." https://www.radionawa.com/all-detail.aspx?jimare=34483

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

https://www.bondladyscorner.com/

Dinar Recaps 20 5/26/23 Dinar Recaps 20 5/26/23

Goldilocks " The Global Currency Reset is a Reality, My Friends."

Goldilocks and Seeds of Wisdom

Thank you RJ

Good morning Dinar Recaps,

Goldilocks posted links with their explanations and commentary:

What will happen if the U.S. hits the debt ceiling?

A number of things are going to happen if this becomes the situation we find ourselves.

I am going to mention one that may be a possibility whether or not we hit the debt ceiling or not.

Our seniors are going to receive their social security check one day late.

Goldilocks and Seeds of Wisdom

Thank you RJ

Good morning Dinar Recaps,

Goldilocks posted links with their explanations and commentary:

What will happen if the U.S. hits the debt ceiling?

A number of things are going to happen if this becomes the situation we find ourselves.

I am going to mention one that may be a possibility whether or not we hit the debt ceiling or not.

Our seniors are going to receive their social security check one day late.

This may not seem like much to many of you, but it means the world to those waiting on that paycheck to pay their bills on time

Yes, it's the accumulative effect of bills being pushed back even one day that has a profound effect on liquidity provided for a monetary system. If you think we are beyond bank failures, you will need to think again for June.

Companies depend on these seniors to pay their bills on time. If they don't, it is a disruption in their service that can be provided to all of us.

Now, let's look at the numbers. Those collecting social security checks make up 30% of our nation. This means that one in three people you meet collects some form of social security to live.

On June 1st, 2023, 1/3 of our nation's potential for operating costs will be set back one day.

This will affect liquidity on the market, liquidity in our banks, liquidity in our companies, liquidity for employees, and the list goes on and on.

To make matters worse, this is only one spending cut of many that will come on June 1st.

At that point, hard decisions will have to be made until a tipping point reaches a consensus.

We have to reset our economy to new prices for goods and services. Purchasing power will be elevated due to gold and silver rising to make up the difference in pegged currencies.

These shifts will be gradual at first, and then, begin to create a society much different than we know now.

All we can do at this point is wait on the decision that is made.

Just so you know, these articles share how we hit the debt ceiling in January, but we have been borrowing money from Peter to pay Paul.

If we raise the debt ceiling, there will be other consequences such as inflation already out of control.

There are no good choices out there beyond a reset of an entire global economy. It's just a matter of time.

All roads lead to gold.

CNN LINK

NBC News LINK

CBS News LINK

Zippia LINK

~~~~~~~~~~

This banking announcement comes from (OCC) the Office of Comptroller of the Currencies.

They are providing a new manual for banks to operate from going forward.

If you look closely at the contents of this article, you will notice that the banks are currently being reset.

They're being RESET in the way they do business, invest in the market, Capital requirements, and much more.

This reset will affect our markets and our money going forward.

Actions are taking place right now to this end.

The Global Currency Reset is a reality, my friends.

We are right in the middle of it.

Mondovisione LINK

~~~~~~~~~~

"In Notice 2014-21, the IRS announced its position that cryptocurrencies constitute property for tax purposes, rather than foreign currency, and observed that while cryptocurrency may operate like “real” currency in some environments, it “does not have legal tender status in any jurisdiction.”'

In other words, cryptocurrency is considered property to the IRS. And paper money, it will be used as legal tender and medium of exchange.

Short and sweet.

Cadwalade LINK

~~~~~~~~~~

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

DINARRECAPS8 5/26/23 DINARRECAPS8 5/26/23

Friday Morning Iraq Economic News Highlights 5-26-23

Warning Against Tampering With The “Quota”...The Budget Session Is Threatened With A “Boycott”

Today, Thursday, the Kurdistan Democratic Party warned against tampering with the share of the Kurdistan region in the budget, indicating that any tampering will lead to obstruction of the session of passing the budget law.

The leader of the party, Wafaa Muhammad Karim, said, in a press interview seen by “Takadum”, that “determining the percentage of the Kurdistan region from the budget law according to (12.67%) was done in accordance with the political agreement between the forces of the State Administration Coalition and the governments of Baghdad and Erbil,” noting that “Any manipulation of this percentage is unacceptable, and this contradicts the agreements that took place during the last period.”

Friday Morning Iraq Economic News Highlights 5-26-23

Warning Against Tampering With The “Quota”...The Budget Session Is Threatened With A “Boycott”

And Karim said, “There are those who want to manipulate this percentage and the paragraphs of the Kurdistan region within the budget law, and this manipulation will impede the passage of the budget,” stressing that “any manipulation of the paragraphs of the region will lead to a boycott of the voting session by the Kurdish and Sunni political forces, and for this one must be careful who wants to obstruct the passage of the budget.” budget.”

Parliament Speaker Muhammad al-Halbousi had set next Saturday as a date for voting on the budget, which has been under discussion by the Parliamentary Finance Committee for a month, amid a dispute over some of the last paragraphs of the budget. https://takadum-news.com/archives/166218

Parliamentary Finance Provokes Barzani's Block And Forces It To Withdraw

Policy 2023/05/26 10:09 Number of readings: 171 Baghdad-Iraq today: A member of the Parliamentary Finance Committee, Mustafa Sanad, announced that the committee would vote on the budget materials related to the share of the Kurdistan region.

Sanad said in a statement, “The Finance Committee voted to amend the paragraphs related to the region and oblige it to hand over oil to (SOMO) for export or to deliver it locally in the event of the inability to export it, as well as opening the account exclusively by the Minister of Finance, and the conditions for disbursement of dues are subject to by commitment.”

Sanad pointed out, "The representatives of the Kurdistan Democratic Party block with drew from the meeting." LINK

Will The Budget Hit The Political Agreement Between Baghdad And Erbil?

Economy |Baghdad today - follow-up Today, Friday, economic expert Nabil Al-Marsoumi revealed the most important amendments to the 2023 budget with regard to the Kurdistan region.

Al-Marsoumi said, in a clarification received by (Baghdad Today), that "the Parliamentary Finance Committee voted on several amendments related to Kurdistan, including:

First: Article 13, secondly, has been amended, as Kurdistan is committed, according to the government version of the budget, to export no less than 400,000 barrels per day, while this paragraph, after the amendment, provides for the region’s delivery of crude oil produced in its fields at a rate of not less than 400,000 barrels per day to the Ministry Oil to be exported through SOMO or used locally in Iraqi refineries. This amendment has added a kind of complication to the relationship between the center and the region because of the technical difficulties related to the delivery of the region's oil to the center on the one hand, and because of the stripping of the center of the authority to export oil on the other hand.

Second: Paragraph C of the same article was amended, which stipulated the commitment of the Ministry of Finance to pay the region’s dues monthly and to make accounting settlements on a quarterly basis, meaning that the region was receiving its dues in the 2023 budget before the oil was delivered, but in the new amendment, the region was obligated to pay its oil and other revenues oil before receiving its share of the budget.

Third: Article 14 was amended first, which stipulated that the total revenues of the region's oil be deposited in one bank account, and after the amendment, the region became obligated to deposit oil revenues in a bank account opened in the Central Bank of Iraq in Jin. The region was seeking to open the account in Citibank.

Fourth: Preventing the region from extracting oil from the fields of Kirkuk and Nineveh, which are currently under the control of the Kurdistan government, which currently constitutes more than a third of the region's production of crude oil. LINK

Will Iraq Be Able To Overcome Dependence On The Rentier Economy?

Information / Baghdad.. The researcher on economic affairs, Hisham Al-Baydani, explained that Iraq has the ability to overcome dependence on the rentier economy represented by oil exports, pointing to the importance of the development path in creating many job opportunities and linking Iraq with European countries.

Al-Baydani told Al-Maalouma, "The development road represents one of the projects that will make Iraq a large economic station, linking the Gulf countries and including ten regional countries to connect them to Turkey."

He added, "The project is supposed to pass through nine provinces from Basra in the south to Mosul Governorate at Fishkhabour point, and it represents the beginning of openness to the continent of Europe, and thus provides tens of thousands of job opportunities for Iraqis, and rapidly develops Iraq's relationship with the countries of the world."

And he indicated that "the project can unite Iraqi security and stability, but it needs a preliminary awareness and media campaign, especially that Iraq is trying to escape from the rentier economy towards diversifying sources." ended 25 n LINK

Tehran: We Are Working To Strengthen Iranian Gas Pipelines To Iraq

Today, Friday, Iranian Foreign Minister Hossein Amir Abdollahian called on his Iraqi counterpart, Fuad Hussein, to strengthen banking cooperation between the two countries.

And IRNA reported, this Friday morning, that Abdullahian’s statements came during a phone call with Fouad Hussein, where they discussed the latest developments in relations between the two countries, and an emphasis on implementing the security agreement signed between the two sides.

Among other issues discussed by the foreign ministers of the two countries was the need to strengthen Iranian gas transportation lines to Iraq and regional cooperation, at a time when the Iranian foreign minister expressed his gratitude for the financial and banking transfer related to the travel of pilgrims from Iran's credits via Iraq.

In the same context, the Iraqi Ministry of Electricity announced, last Tuesday, that Iran had reduced gas supplies to Iraq by about 20 million cubic meters during the past two days.

According to the Iraqi News Agency, the ministry’s spokesman, Ahmed Al-Abadi, said, “The Iranian side has reduced the quantities of gas flowing to Iraq by about 20 million cubic meters during the past two days,” adding that “the payment of money to buy gas from Iran does not involve any delay and there are no debts.” Al-Abadi said that a delegation headed by the Minister of Electricity will visit Iran next week to overcome the obstacles, pointing out that Iraqi officials will inform the Iranian side that Iraq is on the verge of entering peak loads due to high temperatures.

And he continued, “The Ministry of Electricity has put in its plan to reach the production of 24 thousand megawatts per day,” noting that “it is possible that the demand will rise to 35 thousand megawatts, and at that time the citizens will be affected because the volume of production will not reach the volume of demand at that time.”

A spokesman for the Iraqi Ministry of Electricity also confirmed that "work is continuing to improve the system and expand networks." https://takadum-news.com/archives/166255

The Influencer In Approving The Political Budget, Not The Economy.. A Researcher Warns That The Iraqi Economy Will Be Affected By An American Crisis

Baghdad today – Baghdad The researcher in political affairs, Nawal Al-Moussawi, revealed that there are challenges and objections based on political rather than economic grounds to the federal general budget.

Al-Moussawi said in a televised interview, followed by (Baghdad Today), that "the type of challenges and objections are (political) and not economic, which stands as an obstacle to passing the federal general budget."

Al-Moussawi added, "The influencers in passing the budget items are not economists, but politicians, who live in a critical state of challenge." she said.

Al-Moussawi confirmed, "Iraqi bonds in the US treasury increased last month to nearly (40) billion dollars," warning economists to "the debt ceiling crisis that the United States is going through, which is likely to affect the Iraqi economic reality."

Political parties had warned against the continued obstruction of approving the country's financial budget for the year 2023 and its effects on the country's interests, stressing that political differences prevent the possibility of passing it, amid calls to overcome the crisis and move towards approving important laws.

And the Council of Ministers approved, on the 13th of last March, the largest financial budget in the history of the country, which exceeded 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit of 63 trillion Iraqi dinars, taking advantage of the rise in oil prices globally, Which constitutes more than 95% of the country's financial revenues, amid objections from financial and legal experts regarding the budget items, but it has not yet been approved due to disagreements. LINK

With Documents.. Amending The Paragraphs Related To The Region's Dues In The Budget, And The Patriotic Union Confirms: A Historic Victory For The Kurds And A Blow To The Corrupt

Political | 05/25/2023 Baghdad - Mawazine News The Patriotic Union of Kurdistan confirmed that amendments were made to the paragraphs related to the dues of the Kurdistan region in the budget, while it considered these amendments as a historic victory for the Kurdish people and a blow to the corrupt.

The leader of the Patriotic Union of Kurdistan, Faiq Yazidi, said in an interview with Mawazine News, "The Patriotic Union of Kurdistan, by working jointly with our partners in the political process in the Parliament, managed to achieve victory for the people of the Kurdistan region and for the citizens and employees of the region by amending Paragraphs 13 and 14 related to the region's dues." Kurdistan in the budget.

He added, "What happened in the Finance Committee is, in fact, a historic victory for the Kurds in the political process since 2003. Yes, there have been amendments and these amendments have been fair and will be fair to the people of Kurdistan with regard to the export of oil and its revenues and with regard to resolving the salary crisis, and there is the issue of saved salaries and the amendments confirm the payment of 10 % per month of saved salaries, and the amendments also confirm the need for the Kurdistan Regional Government to commit itself to distributing what it receives from Baghdad from salary funds equally between the provinces, and in the event that the regional government does not meet with any province, the federal government will deal directly with it.

He continued: "Today is the real consolidation of the partnership between the Kurds and the Arabs, and what happened in the Finance Committee is a fatal blow to the corruption and the corrupt who have been controlling the oil file in the Kurdistan region for years and who plunder the salaries of the employees of the Kurdistan region once under the name of saving and once under the name of deduction, and this was evident with the withdrawal of the party's representatives." Kurdistan Democratic Party from the meeting of the Finance Committee.

He pointed out, "The Democratic Party wanted, through the budget law, to legitimize its corruption and legitimize its looting of oil wealth and salaries, as well as the terror and persecution of Kurdish citizens by delaying and saving salaries and introducing the Kurdistan region to economic crises since 2014."

And he went on, saying: "Yes, what happened is certainly a victory and part of the promises that we made to the people of Kurdistan to establish the rights of the Kurds in federal laws, on top of which is the budget and always defend the rights of the people of Kurdistan and in the interest of the citizens of the Kurdistan region and the rest of the Iraqi people."

He pointed out, "If the budget passed in this way, it represents the pinnacle of justice for the Kurds and the rest of the components, and a painful blow to corruption and to those who support corruption in the Kurdistan region." https://www.mawazin.net/Details.aspx?jimare=227695

Dinar Recaps 20 5/26/23 Dinar Recaps 20 5/26/23

"Tidbits From TNT" Friday Morning 5-26-2023

TNT:

Tishwash: Iraq and Iran confirm the strengthening of Iranian gas transportation lines and regional cooperation

Iranian Foreign Minister Hussein Amir Abdullahian and Iraqi Foreign Minister Fuad Hussein discussed, in a phone call, the latest developments in relations between the two countries.
Tasnim International News Agency reported that the two sides confirmed in these telephone talks the implementation of the security agreement signed between the two countries.

Among the other issues discussed by the foreign ministers of the two countries in this contact, is the need to strengthen Iranian gas transport lines to Iraq and regional cooperation.

In these telephone conversations, Amir Abdollahian expressed his thanks for the financial and bank transfer related to the pilgrims of the Holy House of God from the funds of the Islamic Republic of Iran, and called for further strengthening of banking cooperation. link

TNT:

Tishwash: Iraq and Iran confirm the strengthening of Iranian gas transportation lines and regional cooperation

Among the other issues discussed by the foreign ministers of the two countries in this contact, is the need to strengthen Iranian gas transport lines to Iraq and regional cooperation.

CandyKisses: Member of the Parliamentary Finance: We have overcome 5 complexities of the 2023 budget. Tomorrow is the day of decisive

Member of the Parliamentary Finance: We have overcome 5 of the most important complexities of the 2023 budget. Decisive tomorrow

Al-Maalouma/Baghdad.. Member of the Parliamentary Finance Committee, Representative Mudhar Al-Karawi, confirmed, on Friday, that 5 of the most important complexities of the 2023 budget have been exceeded.

Al-Karawi said in an interview with Al-Maalouma, "The 2023 budget is almost complete in terms of items and appendices, and there is a series of evening sessions to resolve some The issues, but in general, the budget witnessed many changes in important files.

He added, "5 of the most important complexities of the 2023 budget have been overcome, most notably the financial deficit and securing the entitlements of important segments in terms of stabilization, in addition to the entitlements of the provinces within the development of the regions."

He pointed out that "the 2023 budget will be ready for presentation before the House of Representatives tomorrow, Saturday, in any case, stressing its importance in ensuring the financial benefits of all ministries, state institutions and their employees."

The Parliamentary Finance Committee has been discussing the budget for weeks, in order to make changes that would prompt it to be presented to the parliament before the vote.

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CandyKisses: Parliamentary Finance votes on the proposal to regulate the relationship with the Kurdistan region in the general budget

Baghdad / Nina / The Parliamentary Finance Committee, with a majority of its members, voted during its meeting held on Thursday evening on the proposal related to the organization of the relationship between the federal government and the Kurdistan region in the federal budget.

In a tweet via the social networking platform, a member of the committee, MP Youssef Al-Kalabi, confirmed the withdrawal of the committee members from the Kurdistan Democratic Party bloc from the meeting in protest against the passage of the wording of the proposal with the approval of the majority of the other members.

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Tishwash: The Central Bank: Iraqi-Saudi cooperation in the field of exchanging experiences and electronic payment

The Central Bank of Iraq confirmed, on Thursday, the existence of Iraqi-Saudi cooperation in the field of exchanging experiences and electronic payment.

Deputy Governor Ammar Hamad Khalaf said, "During the meeting of the fifth session of the Iraqi-Saudi Coordination Council, cooperation was clear between the Central Bank of Iraq and the Central Bank of Saudi Arabia in many areas to provide banking services to merchants and beneficiaries."

Khalaf added, in an interview with the official news agency, that "one of the Iraqi banks has opened a branch in the Kingdom of Saudi Arabia, and there is another bank in the process of opening a branch in the Kingdom."

He continued, "There is cooperation in the field of exchanging expertise and information and developing expertise in the field of financial technologies, electronic payment and other banking services between the Iraqi and Saudi central banks link

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DINARRECAPS8 5/25/23 DINARRECAPS8 5/25/23

Iraqi News Highlights Thursday Evening 5-25-23

Tlm724 Administrator Bondlady’s Corner

Hisham Al-Rikabi: The Path Of Development Will Constitute A Quantum Leap In The Economic And Commercial Reality Of Iraq

Thursday 25 May 2023 | Economical Number of readings: 207 Baghdad / NINA / The media advisor to the Prime Minister, Hisham Al-Rikabi, affirmed: "The path of development will constitute a qualitative transition in the economic and commercial reality of Iraq."

Iraqi News Highlights Thursday Evening 5-25-23

Tlm724 Administrator Bondlady’s Corner

Hisham Al-Rikabi: The Path Of Development Will Constitute A Quantum Leap In The Economic And Commercial Reality Of Iraq

Al-Rikabi said in a tweet: "Iraq is counting on the path of development, which will constitute a qualitative transition in the economic and commercial reality of Iraq, as It will be the global corridor for the transportation of goods and energy, which will bring great gains."

He added, "These gains will contribute to diversifying Iraq's sources of income through its participation with the country's oil resources in supporting public budgets and enhancing job opportunities."/ End To

https://ninanews.com/Website/News/Details?Key=1055664

International Monetary: Iraq's Current Account Will Decrease Next Year

Thursday 25 May 2023 | Economical Number of readings: 226 Baghdad / NINA / - The International Monetary Fund expected, today, Thursday, that the current account balance for Iraq will decrease during the current year, and will turn negative in 2024.

And the Fund stated in its latest schedule for the current month of May: It is expected that the current account balance for Iraq will decrease during the current year. 2023 to 4.4% of GDP, down from 11.6% of GDP for 2022.

He added: It is also expected that the account balance for Iraq will decrease to become negative in 2024, to be -2.5% of GDP. The fund indicated that: The current account balance of Iraq was negative in 2020, recording -10.9%, to rise in 2021 to 7.8%, and then rose in 2022 to a rate of 11.6%.

He explained that: The highest current account balance for the Arab countries for the year 2022 was for Kuwait, which amounted to 28.5% of the GDP, followed by Qatar with 26%, then Saudi Arabia with 13.8%, while the largest negative balance of the current account among the Arab countries was the share of Tunisia. and Jordan with -8.5% and -7.4% respectively./End3

https://ninanews.com/Website/News/Details?key=1055659

A Slight Decline In The Exchange Rates Of The Dollar Against The Dinar On The Local Stock Exchange

Thursday 25 May 2023 | Economical Number of readings: 393 Baghdad / NINA / - The exchange rates of the dollar against the dinar witnessed a slight decline, today, Thursday, on the local stock exchange.

The selling price of the dollar was 146,500 dinars for 100 dollars, while the purchase price was 145,500 dinars for 100 dollars.

Yesterday, Wednesday, the selling price of the dollar reached 147,000 dinars for 100 dollars, while the purchase price was 145,000 dinars for 100 dollars./ End 7

https://ninanews.com/Website/News/Details?key=1055591

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