Goldilocks: "Gold Will Set Us Free, and All Roads Lead To Gold." 6-1-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted some news articles and comments to help us understand what it all means:

Okay, the debt ceiling has just been raised. What now?

First of all, why did we do it? The simple answer is, we were out of money to pay our bills.

How are we going to solve this problem? We are going to issue over a trillion dollars worth of T-Bills over the next several months. This is assuming we have buyers to meet these new obligations.

At our current high interest rates, this is going to deplete our bank's reserves.

How does this affect a bank's outflows?

It is going to put more pressure on liquidity or cash availability to Banks.

On near-term loans and bonds, rates will increase and make funding for companies already paying high interest rates harder in securing loans.

The banks now have cash, but the price keeps getting higher and higher to borrow more and more money.

What happens if companies and investors do not buy these bonds for lack of reserves to pay the banks for what they need to service the community? At this point, local communities will face their own debt limit spending issues.

Well, the solution to this is why we are moving into the new SOFR lending rates.

Many companies have moved over to SOFR lending rates collateralized by gold, and they still have until the June 30th deadline.

The price of gold will escalate to keep pace with these changing tides in the marketplace. Here is where I expect to see a reset in gold.

The reliance on gold as a mechanism of payment to secure liquidity into the future based on a real value will begin to deflate inflationary pressures over time.

Gold has the ability to hold its value over any other asset for longer periods of time. As the value of the dollar decreases in its ability to pay for goods and services, attaching a fixed rate of gold on its purchasing power creates a hedge against inflation by giving the dollar a real value. This creates equanimity over time. It serves to act as an agent of change capable of bringing balance and real worth to goods and services.

As these mechanisms are achieved, real world prices can begin stabilizing money velocity and give us more purchasing power organically.

Banks and markets will adjust their values to meet these new demands creating price changes on all assets across all sectors of the market including a reset on purchasing power of currencies around the world.

Gold will set us free, and all roads lead to gold.

© Goldilocks

https://www.foxnews.com/politics/house-passes-mccarthy-biden-debt-ceiling-deal-sends-senate-five-days-funding-crunch

https://sofracademy.com/current-sofr-rates/

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Central Bank: The dinar is the national currency and there is no need to deal in dollars

https://search4dinar.wordpress.com/2023/06/01/central-bank-the-dinar-is-the-national-currency-and-there-is-no-need-to-deal-in-dollars/

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What happens when you and I begin circulating money based on real values after a reset?

We become participants in balancing a local, and even, global economy in paying for services and goods based on real values.

© Goldilocks

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On June the 7th, the CFTC is having a meeting. Below, you will see the items that are going to be discussed.

"The Commission will consider the following:

Final Rule: Governance Requirements for Derivatives Clearing Organizations

Proposed Rule: Derivatives Clearing Organizations Recovery and Orderly Wind-down Plans 

Proposed Rule: Amendments to Part 17 Large Trader Reporting Requirements

Proposed Order/Request for Comments: European Union Non-Bank Swap Dealer Capital Comparability Determination

Amendment to DCO Order of Registration: Cboe Clear Digital, LLC"

Did you notice this outline has to do with currency and digital currency swaps regarding large amounts along with reporting requirements? It also talks about National Infrastructure Projects. Does this sound familiar?

The Commodities Futures Trading Commission will serve as an important entity in our exchanges.

This meeting is taking place just weeks before or June 30th deadline.

© Goldilocks

https://www.cftc.gov/PressRoom/PressReleases/8709-23

https://www.investopedia.com/terms/c/currencyswap.asp#:~:text=A%20swap%20is%20a%20derivative,%2C%20commodities%2C%20or%20foreign%20exchange.&text=An%20interest%20rate%20swap%20is,on%20a%20specified%20principal%20amount.

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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

"Tidbits From TNT" Thursday Morning 6-1-2023

TNT:

Tishwash:  Advisor to the Prime Minister: Major projects will be launched after the approval of the budget

Today, Thursday, the political advisor to the Prime Minister, Fadi Al-Shammari, confirmed that major projects that Iraq has not witnessed in 50 years will be launched after the approval of the budget, while he indicated that the path of development will represent a qualitative transition for Iraq.

Al-Shammari said, in an interview with the Iraqi News Agency, followed by "Al-Iqtisad News", that "major projects that Iraq has not seen in 50 years will be launched as soon as the budget is approved."

He pointed out that "the southern governorates have suffered from grievances in the past, and the time has come to do justice to them with major strategic projects," stressing that "additional allocations for vital projects have been made for the holy cities of Karbala, Najaf, Kadhimiya, and Samarra."

Al-Shammari added, "Work is underway to prepare, through ad hoc committees, to draw the paths of the new highways linking Karbala and Najaf to the international highway without going through the city centers."

He continued, "The development path project is a qualitative transition for Iraq, as it will be a regional center for trade   link

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Tishwash:  The Central Bank promotes the use of payment devices (POS) in accordance with the decision of the Council of Ministers

The Central Bank of Iraq announces the entry into force of Cabinet Resolution No. (23044) for the year 2023, represented by increasing the number of electronic payment devices (POS), which are used starting from 1/6/2023 in government institutions and the private sector to enhance the culture of electronic payment and collection, and reduce The use of paper money in collection and commercial transactions.

And the Central Bank of Iraq affirms that it has been continuing for years to provide this service in accordance with its powers, and in compliance with the decision of the esteemed Council of Ministers, as it has started since the beginning of this year to expand the scope of work, hold workshops and launch incentive initiatives to implement financial inclusion and enhance the use of electronic payment by citizens in ministries and agencies.

And state departments that work with collection and financial collection, such as the Ministry of Interior, Electricity and Oil, the Housing Fund, the Municipality of Baghdad, and the Ministry of Commerce, indicating that each entity that provides its services or has financial collection with citizens directly, will work through electronic payment devices (POS), and for the citizen The right to choose payment in the way that makes it easier for him, revealing at the same time that there are other government institutions and departments that will join the (POS) service during the next few days, in implementation of the aforementioned Cabinet decision.

The Central Bank indicates that there is a great response from the private sector, commercial centers, licensed delivery companies, taxi companies licensed by the competent sectoral authorities, and some universities and private hospitals, by providing point-of-sale (POS) devices in their work.

And that this bank has provided the necessary infrastructure and support for the launch of this project in its expanded form, and its continued development according to the best international technologies and specifications in service of the public interest, and facilitating the procedures for electronic cash circulation through bank cards, explaining that the money is transferred electronically from the cards of the beneficiaries of this service to the bank The holder for the account of the billed government entity is after completing the processing and settlement operations in the highly reliable and secure payment systems affiliated to the Central Bank of Iraq and in accordance with international best practices.

Central Bank of Iraq
Media Office
1-6-2023   link

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Tishwash: this is in Iraq's news

Three New China-Russia-Iran and Iraq Agreements Confirm The New Oil Market Order

Moscow signed 10 new cooperation agreements with Iran for the oil sector alone on 18 May.

China waited for the dust to settle before it too signed new cooperation agreements with Iran on 23 May.

China has significantly expanded its influence in the Middle East in order to secure sufficient hydrocarbon supplies to fuel its economic growth.

The last week or so has seen a flurry of major cooperation agreements - including in energy, security, and logistics – between various permutations of Iran, Iraq, Russia, and China.

 Like a very dark version of the old U.S. soap opera parody ‘Soap’ this real-life version is equally convoluted, albeit a lot less funny. Its key elements constitute a significant part of the new global oil market order, which is analysed in depth in my new book on the subject, but the three most recent principal cooperation agreements will have immediate consequences for oil and gas flows around the world and their pricing.

The best place to start here is at the end point of what China wants in its grand scheme of things, as delineated in its multi-generational power-grab project, ‘One Belt, One Road’. What it wants is to turn the Middle East into a large oil and gas station by which it can fuel its economic growth to overtake the U.S. as the number one superpower by 2030.

The three biggest oil and gas reserves in the region belong to Iran, Iraq, and Saudi Arabia, so it wants to control those to begin with. For Russia, which already has lots of oil and gas – over which China already has significant control – the objectives in the Middle East are more varied.

One objective is to continue to exert influence in several countries that it regards as being key to maintaining some of its hold over the Former Soviet Union states. Another, more recent one, is to use this influence to bolster its position as a partner of note to China.

 As for the other countries in this soap opera –Iran, and Iraq, and now also more clearly, Saudi Arabia – they are in this new global alliance partly for the economic and political support from China (and to a lesser degree, Russia) and because their political systems are naturally much closer to the authoritarian regimes of China and Russia than they are to the democratic ones of the U.S. and its allies.

To the money shot, then, which was Iran and Iraq signing a new set of oil and gas agreements within the last two weeks. As also analysed in full in my new book on the new global oil market order, Iran has long exerted enormous influence over its neighbour directly and indirectly through its political, economic, and military proxies.

Iraq was always pre-disposed to such cooperation in the energy sector, as the two countries share several of their biggest oil reservoirs. These include Azadegan (on the Iran side)/Majnoon (on the Iraq side), Azar/Badra, Yadavaran/Sinbad, Naft Shahr/Naft Khana, Dehloran/Abu Ghurab, West Paydar/Fakka and Arvand/South Abu Ghurab.

This has long proven extremely useful to Iran in avoiding sanctions, as oil from its side of these reservoirs can easily be re-branded as non-sanctioned Iraqi oil and then shipped anywhere in the world. It has also proven a useful tool for Iraq through which it can extort billions of dollar from the U.S. by promising to stop the import of Iranian electricity and gas, only to renegue on those promises the second the money hits the downtown Baghdad bank accounts.

The latest cooperation agreements strengthen all these ties between Iran-Iraq further.

Cue the other recent cooperation agreements aimed at making sure that whatever is Iran’s (including control over Iraq’s oil and gas reserves) it is also China’s and Russia’s.

First up was Moscow, signing 10 new cooperation agreements with Iran for the oil sector alone on 18 May.

According to a source who works closely with Iran’s Petroleum Ministry spoken to exclusively last week by OilPrice.com, the agreements comprise six memorandums of understanding, two contracts, one broader military cooperation roadmap, and another roadmap related to bilateral cooperation in the fields of industry, transfer of technology and oil recovery enhancement.

 In essence, these add up to a renewal and extension of the previous five-year and 10-year rolling agreements between Russia and Iran as also analysed in full in my new book. These allow Russia (together with China in separate agreements, to be covered in a moment) to have its firms present in any oil and gas field in Iran that Moscow chooses.

It also allows for the exchange of the most promising military officers between the two countries and for Russia to have full access to Iran’s airports and seaports. Additionally, it allows for continued cooperation in other military and security matters, including intelligence, equipment and technology sharing. 

Russia’s man in Iran - Deputy Prime Minister and co-chair of the Permanent Russian-Iranian Commission on Trade and Economic Cooperation, Alexander Novak – stressed as well that the two countries are working on on banking interactions and using their national currencies in bilateral transactions.

Further progress was also made on the North-South Transport Corridor (NSTC), with several agreements reached in the rail, road, maritime, and air transport sectors. Moscow is interested in developing the corridor all the way to India and beyond. Aside from boosting trade between Russia and Iran through the Caspian and Persian Gulf regions, these routes would also provide many opportunities for ‘dual purpose’ use – both civilian and military - of the airports and seaports.

Always looking to make a big entrance, China waited for the dust to settle before it too signed new cooperation agreements with Iran on 23 May. According to the Iran source spoken to by OilPrice.com, these agreements were simply nailing down some of the remaining details on financial, investment, and energy cooperation contained in the ‘Iran-China 25-Year Comprehensive Cooperation Agreement’ first revealed anywhere in the world in my 3 September 2019 article on the subject and covered in depth as well in my new book.

In the 25-Year Agreement, China is guaranteed oil and gas prices from Iran at least 30 percent lower than the relevant oil pricing benchmarks. However, since the Russian invasion of Ukraine in February 2022, China has been demanding an extra discount on Iranian oil to the 30 percent discount at which it can currently also buy Russian oil, according to the Iran source.

“On average, the Chinese discount for Iranian crude oil to the international benchmark over the last 12 months has been around 44 percent,” he said. “But, it is even worse for Iran, as – from 11 November 2022 - China has been paying Iran in non-convertible Yuan, that is Yuan that can only be used inside China and/or spent buying Chinese goods,” he added.

“Worse still is that whilst Yuan is the key instrument in payment, China is also using the currencies of Angola, Zambia and Kenya to pay Iran, and China is doing this as a means to induce Iran to buys goods from these countries so that these countries, in turn, can service their loans to China,” he concluded.   link

Mot:  . Teach they How To Cook Young they Say!!!

Mot: ...... Dads' = Always there to Help!!! ~~~

Thursday Morning Iraq Economic News Highlights 6-1-23

Thursday Morning Iraq Economic News Highlights 6-1-23

The Democrat Continues The Policy Of Pressure And Obstructs The Passage Of The Budget

Information / Baghdad...  The Kurdistan Democratic Party continues its rejection of the amendments made to the draft budget law, which the committee is about to hand over to the Presidency of Parliament for a vote on, as the dispute centered on Articles 13 and 14, where the dispute arose over oil exports, revenues and selling through SOMO Company, which confirms Barzani's party's desire to be alone in making decisions, although the money and revenues must return to the federal government in Baghdad in order to ensure that they are distributed fairly among everyone, including the region.

A member of the Parliamentary Finance Committee, Mudar Al-Karawi, told Al-Maalouma, that “there are disagreements about several items in the 2023 budget between multiple political forces that prompted the postponement of the sessions of the Finance Committee until the beginning of next week, as the political consensus is very important and must be moved forward.

” He pointed out that "there are efforts made by various forces in order to reach fair solutions for all parties, as holding the next sessions will be difficult in the event that a political agreement is not reached."

On the other hand, a member of the State of Law Coalition Parliamentary Bloc, Representative Muhammad Al-Ziyadi, stated to / information /, that "the issue of presenting the draft federal budget law to a vote will not exceed a very few days, and that early next week it will be presented for voting whether a solution is reached or not.

" He explained that "the representatives of the Kurdistan Democratic Party bloc and the rest of the members of the Finance Committee, each of them still adheres to its opinion regarding paragraphs 13 and 14 of the budget law, as the Democratic delegation that arrived from Erbil is still negotiating with the Finance Committee to solve the problem about the budget."

On the other hand, the representative of the Al-Fateh Alliance, Salem Al-Anbuge, confirmed in a televised interview followed by Al-Maalouma, that "the coordination framework is serious in resolving the 2023 budget through political consensus, but if it fails to achieve its goals, then the option of the political majority will be on the table to resolve the fate of the budget, and therefore the budget It will be passed by a majority if it reaches the House of Representatives, but everyone is still waiting for the outcome of the ongoing talks in Baghdad." LINK

Foreign Minister: Problems Related To The Kurdish Share In The Budget Will Be Resolved

June 1, 2023  Baghdad / Obelisk Al-Hadath: Foreign Minister Fuad Hussein said, on Thursday, that the problems related to the Kurds' share in the budget will be resolved.

Foreign Minister Fuad Hussein visited the President of the Federal Court, and said, after his departure, that he "spoke with the President of the Federal Court as Minister of Foreign Affairs and discussed the internal situation in Iraq."

On May 25, the Finance Committee in the Iraqi Parliament amended Articles 13 and 14 of the Kurdistan region's share of the Iraqi budget, and linked the transfer of the share to the implementation of several new conditions that were not previously included in the draft law.

Hussein said when asked about another meeting of the State Administration Coalition: There will be a solution, take it from me, okay.   https://almasalah.com/archives/54466

https://media.almaalomah.me/archive/image/2023/6/1/12f9aa72-4bc8-462e-ab87-8111b63abcab.jpg

Al-Maliki: The Share Of The Region Is The Most Prominent Obstacle To The Path Of The Budget Towards Passing It

Information / Baghdad..  A member of the Parliamentary Legal Committee, Raed al-Maliki, attributed, on Thursday, the reasons for delaying the approval of the budget to the differences over the specificity of the Kurdistan region.

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

Al-Maliki said in an interview with the information agency, that "the sharing of oil revenues between Baghdad and Erbil highlighted the differences over the legislation of the budget law," noting that "the budget law is prepared and ready for voting."

He added, "The delay in approving the budget causes negative repercussions on economic activity, the disruption of projects, bonuses and job promotions, the dollar crisis and other negatives that are reflected in purchasing power and low living standards in all governorates of Iraq."

He pointed out that "the draft of the general budget law is ready for voting, and it is waiting for the political parties to reach a consensus in order to determine the voting session on the law."

 The head of the Parliamentary National Producer Bloc, Ibtisam Al-Hilali, called on the Presidency of the House of Representatives to hold a session to approve the budget law next week, before the end of the current legislative term. LINK

Al-Maliki Warns Against Disrupting The Budget: Passing It Depends On This Thing

Information/Baghdad..  The representative of Maysan Governorate, Muhammad Saadoun Al-Maliki, warned, on Thursday, of a crisis of failure to pass the federal budget in the event that the southern governorates are not granted their entitlements according to what was approved by the Iraqi constitution.

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

Al-Maliki said, in an interview with Al-Maalouma, that "the central and southern governorates have not been granted their entitlements in all budgets over the past years," noting that "their deputies will have a position this time during the session to pass the budget." 

He added, "The representatives of the central and southern governorates will take a firm stance towards granting their entitlements guaranteed by the Iraqi constitution, which referred to the distribution of wealth on the basis of population density and the degree of disadvantage."

Al-Maliki indicated, "The southern governorates will get their dues from the petrodollars, in addition to their shares from the border crossings."

The share of the region and some of the paragraphs related to Kurdistan are still a matter of controversy, as they have become a stumbling block in the way of completing the budget and placing it on the agenda for the purpose of voting on it. LINK

https://economy-news.net/vrsfls/cntnt/pctr/13785.jpg

The International Monetary Fund Issues A Pessimistic Statement About The Iraqi Economy

Money  and business  Economy News _ Baghdad  The International Monetary Fund issued a pessimistic statement for the Iraqi economy after the post-pandemic recovery last year, including reasons related to the interruption of the Kirkuk-Ceyhan oil pipeline and OPEC cuts.

A number of fund experts who met with Iraq in Jordan from May 24 to 31 last to discuss with the Iraqi authorities about recent economic developments and expectations as well as policy plans in the coming period, said that "the growth momentum of the Iraqi economy has slowed in recent months, after recovering to a level before Pandemic last year, oil production is set to contract by 5 percent in 2023 due to OPEC+ production cuts, Kirkuk-Ceyhan oil pipeline outage, foreign exchange market volatility in the wake of tightening AML/CFT controls by The Central Bank of Iraq on foreign currency sales negatively.

And they indicated, "It is estimated that the non-oil real GDP contracted by 9 percent (on an annual basis) in the last quarter of the year 2022, which cancels its growth during the previous three quarters, with the continued stability of the foreign exchange market, with the help of the measures of the Central Bank.

" In Iraq, non-oil real GDP growth is expected to resume and reach 3.7 percent in 2023, after rising to 7 percent in January,” and inflation has begun to moderate — reflecting a decline in international goods as well as a revaluation of 10 percent to the dinar - and it is expected that the average inflation will reach 5.6 percent in 2023.

The experts also pointed out that "favorable conditions in the oil market supported Iraq's financial and external situation, but the structural imbalances continued to widen. In the year 2022, current account surpluses in public and external finances reached 7.6 and 17.3 percent of GDP, respectively,

on the back of revenues record high oil,” and the CBI’s foreign exchange reserves rose to US$97 billion (11 months of imports), including US$16.3 billion (6 percent of GDP) in fiscal savings accumulated by the government. At the same time, a significant fiscal expansion widened the non-oil primary deficit from 52% to more than 68% of non-oil GDP during the year 2022.

They pointed out that "the largest fiscal easing envisaged in the draft budget law of 2023 would widen the primary non-oil fiscal deficit to 75% of non-oil GDP and bring the total fiscal balance to a deficit of 6.5% of GDP, and the combined effects will lead to Increased government spending, a revaluation of the exchange rate, and lower oil production have pushed the fiscal breakeven price of oil to $96 a barrel.

Experts said, "In the short term, the implementation of the authorities' financial plans could lead to a re-ignition of inflation and fluctuations in the foreign exchange market, and in the medium term, the continuation of current policies in the presence of a great deal of uncertainty about the future course of oil prices poses critical risks to the stability of the economy."

Aggregate, if there is no significant increase in oil prices, the current fiscal situation may lead to widening deficits and intensifying financing pressures in the coming years.

And they stressed that "a tougher fiscal policy is needed to enhance flexibility and reduce the government's dependence on oil revenues while protecting critical social spending needs." Government plan to increase social assistance, the mission recommends stronger targeting to ensure it is directed at the most vulnerable people.

They noted that "improving public financial management remains of paramount importance, and in this context, the mission warns against the planned creation of new extra-budgetary funds, which raises concerns about governance and efficiency, and strongly recommends adherence to budgeted government expenditures.

Moreover, the mission urges "Full implementation of the Government Guarantees Management Framework, including Parliamentary Guarantees. Endorsement and publication of an annual cap and list of Government Guarantees as part of the Budget Law. Accelerated efforts are also needed to establish the Treasury Single Account to strengthen public financial management."

At the same time, the mission welcomed "the progress made by the Central Bank of Iraq in improving liquidity management and frameworks for combating money laundering and terrorist financing, and stresses the importance of close alignment of the position of fiscal and monetary policies in managing the economy."   Views 92   06/01/2023 - https://economy-news.net/content.php?id=34511

Member Of Parliamentary Finance: Passing The Budget According To The Recent Changes Will Have Implications For Political Stability

Posted On2023-05-31 By Sotaliraq   May 31, 2023  Today, Wednesday, Jamal Cougar, a member of the Iraqi Parliament representing the Finance Committee, held the federal government responsible for delaying the legislation of the budget law, calling for the need to pass the law in accordance with the political agreement concluded between Erbil and Baghdad.

Committee member Jamal Cougar said, in press statements, “The delay in approving the draft budget law is due to Baghdad (the federal government) retracting its agreements with the regional government regarding the paragraphs related to Kurdistan within the budget law, due to its silence until this moment on the amendments that the region’s paragraphs got within the budget.” And what is happening is outside her will and control.”

And he indicated that “the budget law cannot be enacted except after reaching a new agreement between Baghdad and Erbil regarding the region’s share within the budget.”

Cougar continued by saying, "We are not with passing the budget according to the policy of arm-twisting and disagreements, because this may have repercussions on political stability. We are with passing the law with the agreement of all political parties."

The economist, Nabil Al-Marsoumi, said, yesterday, Tuesday, that the coordination framework that includes the ruling Shiite political forces in the country submitted a new proposal on paragraphs 13 and 14 of the budget for the Kurdistan Region.

Al-Marsoumi, in a post on social networking sites “Facebook” today, quoted private sources of this proposal.

According to what is stipulated in the proposal, it is for the Kurdistan Region to deliver 400 thousand barrels of oil per day to the National Oil Marketing Company “SOMO”, and to coordinate the sale of crude with this company as well.

The sources stated that in the event that it is not possible to export oil through the ports of Turkey, Erbil will deliver the oil to Baghdad, and the Ministry of Oil, in turn, will find alternatives to selling Kurdistan's oil or using it internally.

The sources pointed out that the federal government is committed to paying 400,000 barrels of oil from the sale of oil to Erbil in the event that it receives it from the region, provided that the money from oil sales is placed and recycled internally in an account belonging to the Federal Ministry of Finance.

It is noteworthy that the Presidency and the Kurdistan Regional Government have recently objected to the amendments made to the paragraphs related to the region in the financial budget that the Iraqi parliament seeks to approve, describing it as a violation of the laws, the constitution, and the agreements concluded between Erbil and Baghdad, which resulted in the formation of the current federal government headed by Muhammad Shia al-Sudani.

The President of the Kurdistan Region, Nechirvan Barzani, had expressed "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 rejected them "completely."

And before that, the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, said, “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 For cooperation between Erbil and Baghdad, and everyone must respect its provisions.

Last 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.

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. LINK

Iraqi News Highlights Tuesday Evening 5-31-23

Iraqi News Highlights Tuesday Evening  5-31-23

Tlm724 Administrator Bondlady’s Corner

The Stability Of The Dollar Exchange Rate On The Local Stock Exchange

Wednesday 31 May 2023 10:01 | Economical Number of readings: 362

Baghdad / NINA / - The exchange rates of the US dollar against the Iraqi dinar stabilized, today, Wednesday, on the main stock exchange in the capital, Baghdad.  The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded this morning an exchange rate of 146,000 Iraqi dinars for 100 US dollars.  While the selling price in exchange shops in the local markets in Baghdad was recorded at 147,000 dinars per 100 US dollars, and the purchase price was 145,000 dinars per 100 dollars./ End

https://ninanews.com/Website/News/Details?key=1056826

Experimental Launch Of The Electronic Payment Service In The Departments Of The Municipality Of Baghdad

Today, Wednesday, the Undersecretary of the Municipality of Baghdad for Administrative Affairs, Sabbar Al-Masari, announced the launch of the electronic payment service (POS) in the departments of the Municipality of Baghdad, starting today and for a period of 6 months, in cooperation with the Central Bank of Iraq.

And a statement of the Secretariat stated, “Based on the decision of the Council of Ministers that includes assigning all institutions and departments of the state to activate the work of the electronic payment service (pos) in their departments, specialized committees were formed with the Central Bank of Iraq headed by the Undersecretary of the Baghdad Municipality for Administrative Affairs, Sabar Al-Masari, and the membership of the Director General of the Administrative Department in the Municipality Baghdad and the Information Technology Department in the Municipality to activate the service.

Al-Masari confirmed, according to the statement, that "this service was launched experimentally as a first stage within (4) departments in the Municipality of Baghdad, which are (the municipality of the Green Zone and the airport road, the municipality of Rusafa, the administrative and financial department, relations and media within the Baghdadi Museum) and work continues in the rest of the municipality's departments." .

He pointed out, "The contracts concluded with electronic payment companies are for a period of 6 months free of charge and will allow the collection of Baghdad Municipality fees, so that the financial payment will be through the electronic wallet, as is the practice in most countries of the world as part of facilitating government procedures that were approved within the government program."

He continued, "I have directly supervised the activation of this service and the preparation of a study on the possibility of benefiting from this experience in the future to shift to electronic automation in all departments of the Municipality, in a way that enhances its value in fighting corruption, applying the concept of integrity, and increasing the Municipality's revenues financially."

He pointed out, "The Municipality of Baghdad launched earlier its electronic platform entitled Baghdad - Citizen's Voice to be a portal to receive citizens' suggestions and complaints. Today, this application includes more than 10,000 subscribers, and more than 130 complaints are received daily, which are processed 24 hours a day in cooperation with the relevant authorities." The relationship in the Baghdad Municipality.   https://www.radionawa.com/all-detail.aspx?jimare=34550

IMF Staff Concludes Staff Visit To Iraq

May 31, 2023  End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.

Foreign exchange market volatility and reduced oil production have affected Iraq’s growth momentum.

The authorities’ fiscal expansion plans could stoke inflation in the short run and pose significant medium-term macroeconomic stability risks.

Fiscal discipline and wide-ranging structural reforms are critical to reduce Iraq’s vulnerabilities, strengthen resilience, and achieve durable and more inclusive growth.

Washington, DC: A staff team of the International Monetary Fund (IMF) led by Tokhir Mirzoev visited Amman, Jordan from May 24-31 to discuss with the Iraqi authorities the recent economic developments and outlook as well as policy plans in the period ahead.

At the end of the mission, Mr. Mirzoev issued the following statement:

“ The Iraqi economy’s growth momentum has slowed in recent months. After recovering to its pre-pandemic level last year, oil production is set to contract by 5 percent in 2023 owing to the OPEC+ production cut and outage of the Kirkuk-Ceyhan oil pipeline. The foreign exchange (FX) market volatility in the wake of tighter anti-money laundering/combating the financing of terrorism (AML/CFT) controls by the Central Bank of Iraq (CBI) on FX sales has adversely affected import-dependent non-oil sectors.

Real non-oil GDP is estimated to have contracted by 9-percent (year-on-year) in the last quarter of 2022, negating its growth during the previous three quarters. With the FX market appearing to be stabilizing, helped by CBI’s actions, growth of real non-oil GDP is expected to resume and reach 3.7 percent in 2023. After spiking to 7 percent in January, inflation has begun to moderate—reflecting lower international commodity prices as well as a 10-percent revaluation of the dinar—and is projected to average 5.6 percent in 2023.

“Favorable oil market conditions have supported Iraq’s fiscal and external positions, but structural imbalances continue to widen. In 2022, fiscal and external current account surpluses have reached 7.6 and 17.3 percent of GDP respectively on the back of record-high oil revenues. The CBI’s FX reserves rose to US$97 billion (11 months of imports), including US$16.3 billion (6 percent of GDP) in fiscal savings accumulated by the government. At the same time, a large fiscal expansion has widened the non-oil primary deficit from 52 to over 68 percent of non-oil GDP in the course of 2022.

“ An even bigger fiscal loosening envisaged in the draft 2023 budget law would widen the non-oil primary fiscal deficit further to 75 percent of non-oil GDP and bring the overall fiscal balance to a deficit of 6.5 percent of GDP. The combined effects of increased government spending, the exchange rate revaluation, and reduced oil production would bring the fiscal break-even oil price to $96 per barrel.

“ In the short run, implementation of the authorities’ fiscal plans could re-ignite inflation and FX market volatility. Over the medium term, continuation of current policies in the presence of substantial uncertainty about the future path of oil prices poses critical macroeconomic stability risks. Barring a large increase in oil prices, the current fiscal stance could lead to mounting deficits and intensifying financing pressures in the coming years.

“A significantly tighter fiscal policy is needed to strengthen resilience and reduce the government’s dependence on oil revenues while safeguarding critical social spending needs. Key priorities include diversifying fiscal revenues, reducing the oversized government wage bill, and reforming the pension system to make it financially sound and more inclusive.

While supporting the government’s plan to increase social assistance, the mission recommends stronger targeting to ensure that it is directed to those who are most vulnerable.

“Improving public financial management remains of critical importance. In this context, the mission cautions against the planned establishment of new extrabudgetary funds, which raise governance and efficiency concerns, and strongly recommends adhering to on-budget government expenditures Furthermore, the mission urges full implementation of the framework for managing government guarantees, including Parliamentary approval and publication of an annual ceiling on and the list of government guarantees as part of the budget law.

Accelerated efforts to establish a Treasury Single Account are also needed to strengthen public financial management.

“The mission welcomes the progress made by the CBI in improving its liquidity management and the AML/CFT frameworks and underscores the importance of close alignment of the stance of fiscal and monetary policies in managing the economy.

“Creating an enabling environment for private sector development will be of utmost importance for achieving durable and more inclusive growth. Priorities include continued efforts to enhance governance and reduce corruption, restructuring large state-owned banks to improve access to finance, reforming the labor market to promote private sector job creation, improving cost recovery in the electricity sector to enhance its ability to meet demand in a sustainable manner, and improving the broader business environment.

“The IMF staff team stands ready to support the authorities in their reform efforts and would like to thank them for candid and productive discussions during this mission.”

IMF Communications Department

https://www.imf.org/en/News/Articles/2023/05/31/pr23188-iraq-imf-staff-concludes-staff-visit?cid=em-COM-123-46659

The Central Bank Confirms Dealing In Iraqi Dinars, And Those Who Are Conflicting In Dollars Will Be Referred To The Judiciary

Today, Wednesday, the Central Bank of Iraq identified the party responsible for selling the dollar at the parallel price, while stressing that the dinar is the national currency and there is no need to deal with anything else.

"The aim of the central bank's launch of the three consecutive packages is to maintain the stability of the exchange rate and deal at the official price, and the sale was launched through cash sales platforms," ​​said Muhammed Yunis, the assistant general manager of the Investments Department at the Central Bank of Iraq, to ​​the Iraqi News Agency.

He added, "The bank is currently adopting a mechanism to improve procedures, facilitate remittance transfers, and overcome all difficulties," pointing out that "small merchants who are not entitled to enter the platform are the ones who buy dollars and deal at the parallel price, pressure and form a demand for it. As for the rest of the commercial companies, they enter the platform and run Its remittances are normal and at the official rate.”

He continued, "The members of the Iraqi Dinar Support Committee are communicating with the security services to implement the instructions of the Council of Ministers and the Central Bank to support the dinar, stabilize the exchange rate, and prevent informal dealings because there is no need to deal in dollars in Iraq."

He emphasized that "those speculating in dollars are violating the law, and dealing with them is done through the Iraqi judiciary."   https://www.radionawa.com/all-detail.aspx?jimare=34552

The Central Bank Threatens Dollar Speculators And Confirms: “The Judiciary” Will Take Its Course

Iraq  Wednesday, May 31, 2023 Baghdad / The National News Center  The Central Bank of Iraq stressed today, Wednesday, that those who speculate in dollars are violating the law, while stressing that dealing with them takes place through the Iraqi judiciary.

The Deputy Director General of the Investments Department at the Central Bank of Iraq, Muhammad Yunus, said in a statement followed by the National News Center, that “the aim of the Central Bank’s launch of the three consecutive packages is to maintain the stability of the exchange rate and deal at the official price, and the sale was launched through cash sales platforms.” .

He added, “The bank is currently adopting a mechanism to improve procedures, facilitate remittance transfers, and overcome all difficulties,” noting that “small merchants who are not entitled to enter the platform are the ones who buy the dollar and deal at the parallel price, pressure and form a demand for it. As for the rest of the commercial companies, they enter the platform and run Its remittances are normal and at the official rate.”

And he continued, "The members of the Iraqi Dinar Support Committee are communicating with the security services to implement the instructions of the Council of Ministers and the Central Bank to support the dinar, stabilize the exchange rate, and prevent informal dealings because there is no need to deal in dollars in Iraq."

He emphasized that "those who speculate in dollars are violating the law, and dealing with them takes place through the Iraqi judiciary."    https://nnciraq.com/208520/

An Economist Who Identifies The Mechanisms For The Success Of The Development Path And Shows Its Difference From The Silk Road And The Dry Canal

Today  Information / special.Today, Wednesday, the economic expert, Hammam Al-Shamma,  explained the difference between the development and fire projects and the dry canal, while determining how the path of development and serving the Iraqi economy could succeed.

Al-Shamma said in an interview with Al-Maalouma Agency, that "the development road is a rail and land link linking Iraq with the Turkish borders, while the Al-Jafah channel is no different from the development road project, but both are one project, and the difference has become in name only."

 He pointed out, "The Silk Road is a Chinese project with unclear features, and it may not depend on Iraq, meaning that it is completely different from the path of development," noting that "the development path, if it is based on an objective study of global monetary exchanges, can serve Iraq greatly.". 

The economist explained, "There are those who believe that the feasibility study is incomplete and carried out by a non-specialized company," adding, "This project is supposed to be handed over to international transport companies, given that there are details related to calculating costs." 

He continued his speech, saying: "When shipping containers from the Chinese port of Xiamen directly to the European port, despite the long distance, the costs may be less than the costs of sea freight and then disposal for land transportation via trains and cars." 

Al-Shamma considered: "Studying costs and the market is very important, because the hypotheses are based on studying the market and not only on the technical side."

And the political analyst, Sabah Al-Aqili, had counted, the development road project is the complementary stage for the great port of Faw, the belt and the road project, while he stressed that it is a future project related to the development of Iraq's economy.

Opinions and viewpoints differed in the popular and political circles about the development project between supporters and opponents.

Some speculated that it would be an alternative to the Silk Road and kill the Chinese agreement, while others considered it an important strategic project in the interest of Iraq. Ended / 25R

https://almaalomah.me/news/economy/اقتصادي-يحدد-اليات-نجاح-طريق-التنمية-ويبين-اختلافه-عن-الحرير

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

Bond Ladys Corner

Iraqi News Highlights Wednesday Afternoon 5-31-23

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The Minister Of Commerce Announces The Launch Of The Electronic Window Project For The Registration Of Local And Foreign Companies

Economy| 11:45 - 05/31/2023  Baghdad - Mawazine News,  Minister of Commerce, Atheer Dawood Al-Ghurairy, announced, on Wednesday, the launch of the electronic window project to register local and foreign companies, while stressing the move towards electronic governance and comprehensive digital transformation.

Al-Ghurairy said in a speech during the celebration of launching the electronic window project for registering local and foreign companies: "Today we celebrate the launch of the single electronic window project for registering local and foreign companies, under the slogan (Together to improve the environment for business performance and investment in Iraq)."

He added, "The Ministry of Commerce was keen to work according to the right direction, in implementation of what was stated in the government program in improving the environment for business and economic performance, simplifying government procedures and services to overcome work and bureaucratic obstacles, and opening new channels to open up to the business and economy world through proper planning and relentless pursuit to make Iraq a safe and attractive environment for investment." foreign companies to keep pace with development and build the country's economy.

He pointed out that "the Ministry of Commerce today, and within its ministerial curriculum, is moving towards electronic governance and a comprehensive digital transformation to work to improve institutional performance and support sustainable development to eliminate redundant administrative circles and upgrade the government services it provides to the highest levels and in various fields."

He pointed out, "The single electronic window project for registering local and foreign companies is one of the important and effective projects that seek to provide a business environment for the beneficiaries according to advanced mechanisms and international standards." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=228047

Education Launches The Electronic Payment Service (Pos) Project In Its Educational Institutions

Money  and business  Economy News / Baghdad  On Wednesday, the Ministry of Education launched the electronic payment service (POS) project in its educational institutions.

The ministry said in a statement that the project was launched "after agreement with companies licensed by the Central Bank to install devices in the directorates of financial affairs and educational planning, the executive body for literacy, vocational education, preparation, training, evaluation, exams, and educational television, in addition to the General Directorate of Public, Private and Foreign Education, and the Curriculum Directorate." .

And she added, "The Director General of Financial Affairs, Ahmed Abbas Reshek, met with the company's staff and the general managers of the concerned directorates to explain the mechanism of work of the devices and technologies that they operate in, in order to facilitate the payment process."

She indicated obligating "the general directorates of education not to renew licenses and grant licenses to practice private educational institutions unless they commit to providing and activating electronic payment devices (pos) to enable auditors to pay easily while maintaining cash delivery side by side, in the strongest initiative to achieve integrity within educational institutions."

Views 25  Added 05/31/2023 - https://economy-news.net/content.php?id=34504

Deputy: The Budget Cannot Be Legislated Unless A New Agreement Is Reached Between Baghdad And Erbil

Money  and business  Economy News – Baghdad  Today, Wednesday, a member of the Parliamentary Finance Committee, Jamal Cougar, called for passing the budget law with the agreement of “all” political parties.

Cougar said, "The delay in approving the draft budget law, due to Baghdad's retraction from its agreements with the regional government regarding the paragraphs related to Kurdistan within the budget law, due to its silence until this moment on the amendments that the region's paragraphs obtained within the budget, and what is happening is outside its will and control."

Cougar added, in an interview with "Shafaq News" agency, followed by "Al-Iqtisad News", that "the budget law can only be enacted after reaching a new agreement between Baghdad and Erbil regarding the region's share in the budget."

He went on to say: "We are not with passing the budget according to a policy of arm-twisting and disagreements, because this may have repercussions on political stability. We are with passing the law with the agreement of all political parties."

Views 129   Added 05/31/2023 - https://economy-news.net/content.php?id=34502

A Government Advisor Reveals The Volume Of Gold Flowing Into Iraq Annually

Money  and business  Economy News – Baghdad  Today, Wednesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced the volume of gold accumulated by the public and the gold flowing into Iraq annually, while noting that monetary gold is managed within the sovereign investment portfolio.

Saleh said, "The development of the positive economic conditions in the country after 2003, and the flow of oil revenues and other resources over the last twenty years, led to a change in the gold wealth equations and the demand for it on a large scale again," stressing that "the monetary authority today retains more than 132 tons of monetary gold.

Saleh confirmed, in an interview with the official news agency, that "keeping monetary gold is an important possession that represents an aspect of monetary policy measures and its optimal management of the investment portfolio from the country's foreign reserves."

He added, "International guiding evidence and regulations, especially those approved by multilateral international financial institutions, indicate that monetary gold reserves are between 7-10 percent of total foreign reserves, and monetary gold is managed within the sovereign investment portfolio," noting that "this percentage It comes because it is devoid of returns compared to foreign currencies and investing in them with international financial instruments.

Regarding the flow of gold and worked gold into the country, Saleh stated, "Initial estimates indicate that there is an annual average flow of gold and worked gold into the country, especially of the desired high karat, at least 50 tons per year."

And he continued by saying: “What means the existence of a wealth of gold stored by families or the public with the accumulated historical gold that can be estimated between 1200-1500 tons of gold and perhaps more, which is equivalent to at least ten times the official monetary gold.”

He pointed out, "The market value of one ton of gold (of 24 karat) today in the global gold markets exceeds $6 million."  Views 113  05/31/2023 - https://economy-news.net/content.php?id=34501

The Central Bank Of / NINA /: Issuing A New Denomination For The National Currency Is Not On Our Agenda At Present

Wednesday 31 May 2023 16:40 | Economical Number of readings: 147  Baghdad / NINA / - The Central Bank of Iraq settled the controversy regarding the possibility of issuing a new category of the national currency and pumping it for circulation in the local market.

The Governor of the Central Bank, Ali Al-Alaq, said in a statement to the National Iraqi News Agency / NINA /: "We are not with the issuance of a new monetary category for the Iraqi national currency currently in circulation."

He explained: "The issuance of cash currency for the category of twenty thousand dinars, is not in the agenda of the Central Bank of Iraq now." He added: "Any rate outside the established official exchange rate is for the purposes of speculation or carrying out illegal actions in local transactions," indicating: "The beneficiary who is looking for a higher exchange rate and has the opportunity to buy at the official rate is looking for a higher price on the black market, This is evidence of legal forms in the transactions that he intends to carry out.”/ End 5

On the developments of the dollar exchange rate mechanism in the local market, Al-Alaq stressed: "The Central Bank is currently implementing all purchase requests from the dollar for all categories of citizens."    https://ninanews.com/Website/News/Details?Key=1056919

A Memorandum Of Understanding To Develop A Series Of Projects In Various Fields In Iraq

Wednesday 31 May 2023 11:05 | Economical Number of readings: 337

Baghdad / NINA /- Kamal Al-Gharibi, Chairman of the "GKSD" Holding Group for Investment, announced the allocation of 4 billion dollars for reconstruction and investment in Iraq.

Alessandra Ricci, CEO of the Italian Export Credit Agency "Sashi" and Kamal Al-Gharibi, Chairman of the "GKSD" Investment Holding Group, signed a memorandum of understanding to develop a series of projects in various fields, including health, energy and agriculture in Iraq, with a total cost of $4 billion.

The memorandum of understanding signed in Rome between Ricci and Gharibi reflects the great confidence in the GKSD Investment Holding Group as the world leader in planning, developing and managing medical projects, ranging from construction and acquisitions, to scientific medicine, energy saving, education and other projects.

The memorandum was signed by Kamal Al-Gharibi to be the first man in the Arab region to open the door strongly for reconstruction and investment in Iraq and to encourage Italian trade and investors to go to Iraq, with the guarantee of the Italian Export Credit Agency "Sashi".

Alessandra Ricci, CEO of Saachi Agency, said: “This signing represents an important step towards a partnership that, we are sure, will provide long-term opportunities and development for both Italian companies and Iraq, with tangible benefits for Iraqi infrastructure. The foundations for the consolidation of trade between the two countries will allow Italian companies.

” existing in Iraq, to ​​participate in the implementation of important projects with a strong social impact in the fields of infrastructure and energy, while achieving sustainable growth for Italian companies in the world.

While Kamal Al-Gharibi, Chairman of the “GKSD Holding Group” and Chairman of the European Council of Companies for Africa and the Middle East, confirmed that “Iraq went through long periods of crises and insecurity, it emerged from it thanks to a strong government led by Eng. Al-

Gharibi Saeed added that working in Iraq is the land of history, steadfastness and creativity, and we will move forward in achieving and implementing health and logistical projects in various fields in Iraq in cooperation with the agency "Sashi" and Italian banks, so that Iraq will witness an unprecedented boom in various fields of During Italian-Iraqi cooperation as well as the Middle East region,

Al-Gharibi called on Arab companies to unite and invest in Iraq, and also called on Egyptian companies and investors to contribute to the reconstruction and investment in Iraq so that a strong, secure and stable country would return. /   https://ninanews.com/Website/News/Details?key=1056846

Low Oil Prices, Brent Records 73 Dollars A Barrel

Economy  Wednesday, May 31, 2023 Follow-up / National News Center  Oil prices extended losses early on Wednesday, as fears of slowing demand from China, the world's largest oil importer, were offset by weaker-than-expected economic data.

Brent crude futures for August delivery fell 19 cents to $73.35 a barrel by 04:41 GMT, while US West Texas Intermediate crude fell 18 cents to $69.30 a barrel. Both benchmarks fell more than 4% on Tuesday.

Manufacturing activity in China contracted faster than expected in May due to weaker demand, with the official manufacturing Purchasing Managers' Index (PMI) falling to 48.8 from 49.2 in April.

In the US, trader sentiment improved slightly after President Joe Biden and House Speaker Kevin McCarthy brokered a $31.4 trillion US debt ceiling hike and fresh spending cuts.

The debt repayment deadline roughly coincides with the June 4 meeting of the Organization of the Petroleum Exporting Countries (OPEC+) and allies including Russia, traders were unsure whether the group would deepen production cuts as the slump in prices weighed on the market.

https://nnciraq.com/208395/

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Goldilocks " THE GREAT TRANSITION OF WEALTH IS HERE." 5-31-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted some news links with comments this morning:

We are about a month away from the Libor lending transition into SOFR lending services.

Companies are rushing to meet this deadline to keep from receiving lower position rates in the new Financial System collateralized by Treasury Securities.

At this time, we are expecting Stablecoin regulations to be complete as well on the QFS.

Many assets will begin to go live from this moment on under a standardized asset backing. Hence, we get the name Gold Standard.

Some companies will struggle to meet these deadlines, and they will rise on the other side of this transition.

Investors are already positioning themselves with put and call trades that will take advantage of this transition.

The old financial system will be drained away in June and rise from the ashes in July.

THE GREAT TRANSITION OF WEALTH IS HERE.

© Goldilocks

https://www.ft.com/content/564a9c11-ffaf-484d-9176-20f5b962ee11

https://www.benzinga.com/markets/options/23/05/32628649/check-out-what-whales-are-doing-with-cpri

~~~~~~~~~~

The dollar is expected to weaken as one more FED rate height is expected.

This is not a good combination for the markets as it will send mixed signals.

The leveling playing field for the dollar is approaching.

© Goldilocks

https://markets.businessinsider.com/news/currencies/us-dollar-usd-currency-markets-fed-meeting-rate-hike-futures-2023-5

~~~~~~~~~~

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Wednesday Morning Iraq Economic News Highlights 5-31-23

Wednesday Morning Iraq Economic News Highlights 5-31-23

Al-Kazemi Comments On The Budget Controversy: Insistence On Approving It Within A Week

Policy  |Today,   Baghdad today – Baghdad   A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, confirmed today, Wednesday, the framework forces’ insistence on passing the budget law during the current week.

Al-Kadhimi told (Baghdad Today) that "the budget law has become ready for voting, and there is parliamentary and political insistence by the coordinating framework to legislate the budget law during the current week. There is a national need to expedite the legislation of this law due to its importance."

He pointed out that "there is a possibility to hold a voting session on the budget law tomorrow, Wednesday or Thursday, especially since this approach is supported by the majority of political forces and representatives in the Iraqi parliament."

Yesterday, Monday, the head of the Parliamentary Finance Committee, Atwan Al-Atwani, called on the Presidency of Parliament to set a voting session on the financial budget during the current week.

Last Saturday, the House of Representatives failed to hold a special session to vote on the draft financial budget law for the year 2023, due to the addition of paragraphs by the Finance Committee in Parliament, which the Kurdish political forces considered to be inconsistent with the political agreements on the basis of which the government of Muhammad Shia’a al-Sudani was formed, which Related to the oil of the Kurdistan region.  LINK

Member Of Parliamentary Finance: A Crisis Of Confidence Between The Blocs Over The Budget And The Region's Actions Are Unconstitutional

Baghdad today – Baghdad  A member of the Nepalese Finance Committee, Hussein Moanis, revealed the latest details of the draft financial budget law.

Moanes said in a televised statement: "The budget has technically ended and we are waiting for the parliament session to be held," noting that "the Finance Committee held 55 sessions to discuss budget files and schedules."

He pointed out, "The parliament presidency is now responsible for determining the voting session on the budget," adding that "the political blocs imposed the maintenance of the deficit in the federal budget, while the Finance Committee imposed many amendments to the copy of the budget sent by the government."

Moanis pointed out that "the representatives of the Kurdistan Democratic Party bloc are the ones who brought out the budget dialogues to the media," accusing "the second deputy speaker of parliament of seeking to confuse the work of the Finance Committee."

He explained, "The amendments to Articles 13 and 14 in the budget for the Kurdistan region were voted on by the majority of the members of the Finance Committee, and the amendments were passed by the votes of the majority within the committee."

He described "the ends of the agreements of the political forces in the loose," pointing to "the crisis of confidence between the political forces forced us to put the budget in the right way."

A member of the Finance Committee confirmed that "Mosul and Kirkuk oil belong to the North Oil Company and not to the region. We also sought to do justice to the segment of employees in the Kurdistan region, and we do not have statistics for their number."

"We sought to include 10% of the compulsory savings debts for all the region's employees," Moanis continued, explaining that "the region's real problem is within it, not in Baghdad."

He promised, "The actions of the regional government are neither legal nor constitutional," noting that "the Federal Court has already condemned the actions of the regional government."

Moanes pointed out that "the International Arbitration Court in Paris issued a ruling against the region regarding the export of oil."

He stressed, "There is no rejection by the political forces of the budget amendments, and we do not have hostility with the Kurdistan Democratic Party, which is a partner in the political process." LINK

https://baghdadtoday.news/uploads/posts/2023-05/1685464977_photo_-_-.jpg

"Its Negative Aspects Began." The Budget Delay Disrupts Basra Projects

Baghdad today – Baghdad  The local government in Basra confirmed the governorate's need to approve the draft financial budget law, indicating that its delay causes delays in some important projects.

The deputy governor for district and district affairs, Hassan al-Najjar, told (Baghdad Today) that: “The governorate has important projects that it intends to refer this year, including the Hawally road, which will be in the vicinity of the governorate and contribute to removing traffic jams.

He added, "We also want to refer projects for the secretions that were distributed from the local government. The beneficiaries of those lands need to build them, and therefore we hope to proceed quickly with approving the budget in order for the governorate to proceed with the projects."

It is noteworthy that the House of Representatives has not yet resolved the differences over the draft financial budget law, especially the articles related to the Kurdistan region, amid political efforts to end the controversy and proceed with approving the law as soon as possible.

And the financial advisor to the Prime Minister, Mazhar Muhammad Salih, stressed, earlier, the need to expedite the legislation of the budget, and while he indicated that it is a strategic and important issue in the progress of Iraq, he stressed that the delay in its approval obscures part of the important expenditures in the Iraqi economy, and affects opportunities for progress and growth.  LINK

Deputy: The Budget Cannot Be Legislated Unless A New Agreement Is Reached Between Baghdad And Erbil

Money  and business  Economy News – Baghdad  Today, Wednesday, a member of the Parliamentary Finance Committee, Jamal Cougar, called for passing the budget law with the agreement of “all” political parties.

Cougar said, "The delay in approving the draft budget law, due to Baghdad's retraction from its agreements with the regional government regarding the paragraphs related to Kurdistan within the budget law, due to its silence until this moment on the amendments that the region's paragraphs obtained within the budget, and what is happening is outside its will and control."

Cougar added, in an interview with "Shafaq News" agency, followed by "Al-Iqtisad News", that "the budget law can only be enacted after reaching a new agreement between Baghdad and Erbil regarding the region's share in the budget."

He went on to say: "We are not with passing the budget according to a policy of arm-twisting and disagreements, because this may have repercussions on political stability. We are with passing the law with the agreement of all political parties."

 Views 35  Added 05/31/2023     https://economy-news.net/content.php?id=34502

The "Framework" Presents New Proposals On The Budget Crisis, And The "Democratic" Is Committed To The Erbil-Baghdad Agreement

2023-05-31 By Sotaliraq  Baghdad / Tamim Al-Hassan   The coordination framework presented to the Kurdistan Democratic Party an amended version of the proposals of the Parliamentary Finance Committee, which raised the recent crisis with the region regarding the budget.

Although no official statements have been issued so far regarding the recent developments, the "Democratic" confirms its adherence to the agreement concluded with the Baghdad government two months ago.

Last week, the Finance Committee in Parliament made sudden amendments to the budget related to the share of the Kurdistan region and the oil export mechanism.

Parliament was preparing to hold a session to vote on the budget, last Saturday, but the Finance Committee's amendments disrupted the session and brought the law back into negotiations again.

The regional government has previously described the recent changes to the text of the budget as “unconstitutional” and inconsistent with the agreement signed between the two governments.

In light of these positions, the coordination framework had held a meeting on Sunday evening in the office of the deputy speaker of parliament and the leader of the coalition, Mohsen al-Mandalawi, while some leaders were absent.

One day after the meeting, which did not produce any clear results, news leaked that the "framework" offered amended proposals to the Democratic Party, whose representatives boycotted the sessions of the Parliamentary Finance Committee.

No statement was issued until the moment of writing the report from any party, but Vian Sabri, head of the Democratic Party bloc in Parliament, said that "negotiations are continuing between the political forces and the party on the issue of placing the region in the budget."

In an interview with Al-Mada, Sabri stated that "Fouad Hussein (Foreign Minister and leader of the Democratic Party) is authorized by the party to negotiate the budget."

On what leaked out of the amended proposals, Sabri confirmed, "Our vision is to adhere to the original text of the budget, which is consistent with the government program and the agreement with the government and the state administration coalition."

And concluded the head of the bloc in Parliament, saying that «meetings and discussions in progress, and will remain continuous».

According to the leaked proposals, which were submitted by Hadi al-Amiri, the leader of the Badr Organization, to Fouad Hussein, a member of the parliamentary committee confirmed that they contained amendments from the previous one.

Jamal Cougar, a member of the committee, said in an interview with (Al-Mada): “So far, there is no official information about these proposals, but what has been discussed in it is an amendment and mitigation of the conditions that were previously set in the Finance Committee.”

Cougar added, "Even if these proposals are correct, the negotiator, Foreign Minister Fuad Hussein, will need to return to his leadership to discuss the latest developments."

Political sources say that the new amendments are also still being discussed and negotiated within the coordination framework.

The last meeting of the Shiite alliance, according to insiders, did not reach a decisive solution to the budget crisis with Kurdistan, and it was likely to hold other meetings.

Economics professor in Basra, Nabil Al-Marsoumi, revealed what he said were new proposals about paragraphs 13 and 14 in the budget for the Kurdistan region, which include 6 points.

And Al-Marsoumi mentioned in a widely circulated post, “According to private sources, the coordination framework presented a new proposal regarding paragraphs 13 and 14 in the budget for the Kurdistan region: it states the following:

The region should deliver 400,000 barrels of oil per day to SOMO.

Selling Kurdistan Region Oil in coordination with SOMO Company.

In the event that it is not possible to export oil through the ports of Turkey, Erbil will deliver the oil to Baghdad.

The Ministry of Oil is finding alternatives to selling or using Kurdistan's oil internally.

The government is obligated to pay 400,000 barrels of oil to Erbil if it receives it from the region.

Oil sales and internal circulation funds are placed in an account belonging to the Federal Ministry of Finance.

On the other hand, Kurdish media revealed that the regional government discussed the recent changes in the budget with consuls and foreign representations in Erbil.

According to those means, she said yesterday that Sven Dziye, head of the Foreign Relations Office in Erbil, will meet with the consuls, offices and representations of a group of countries.

She indicated that the main topic of the meeting was the discussion of Articles 13 and 14 of the share of the Kurdistan region in the draft budget law, as well as the negotiations between Erbil and Baghdad on financial dues.

The Parliamentary Finance Committee had called on the Presidency of Parliament to expedite the determination of the voting session on the budget this week.

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, said in a statement, “After discussing the draft general budget law in the Parliamentary Finance Committee (…) we call on the Presidency of the honorable House of Representatives to expedite the determination of the voting session on the law during the current week.”

Al-Atwani added, "Our emphasis on the importance of speeding up the approval of the general budget is in order to initiate development plans, rehabilitate infrastructure, continue economic reform, and focus on priority projects, especially health, housing, basic services, and support for investment and the private sector."

And he continued, "We appeal to the political forces to overcome their differences and work in a patriotic spirit in order to achieve this merit, in implementation of the covenant that the parliament and the people's representatives made to themselves in serving the country, and to strive to pass legislation and laws that are in the interest of the citizen."

The Finance Committee suspended its work until further notice, following a request by Deputy Speaker of Parliament Shakhwan Abdullah to correct the number of its members to (23) instead of the current (24). LINK

Iraqi News Highlights Tuesday Evening 5-30-23

Iraqi News Highlights Tuesday Evening 5-30-23

Tlm724 Administrator Bondlady’s Corner

Oil Is Falling As Many Concerns Dominate Investor Sentiment

Energy   Economy News / Baghdad  Oil prices witnessed a significant decline during Tuesday's trading, as investor concerns about the disagreement of some members of Congress with the debt ceiling agreement reached between some representatives of the Republican Party in the House of Representatives and the White House on Sunday, sparked concern among investors in the oil market about The potential impact of this on the level of demand for oil in the largest consumer of crude oil in the world.

Oil Now

In terms of trading, Brent crude futures prices fell by 1.57% to $75.98 a barrel, and West Texas Intermediate crude prices fell by 1.42% to $71.75 a barrel.

The most important factors affecting oil price movements today

Pessimism prevailed among investors in the oil market today, after fears of falling demand for crude in the United States outweighed the impact of expectations that OPEC + might cut oil production again at its next meeting scheduled for the end of this week.

Some House Republican lawmakers said on Monday that they might oppose a deal that would raise the debt ceiling in the United States, though Republican House Speaker Kevin McCarthy and Democratic US President Joe Biden have expressed optimism about approval of the deal.

And in the event that the US Treasury fails to fulfill its obligations during the coming period, this will lead to disruption of global markets and will result in catastrophic repercussions on the US economy and the global economy, which will greatly negatively affect the demand for oil.

The deadline for approval of the debt ceiling agreement and its adoption by the US Congress coincides with the meeting of the Joint Ministerial Committee of the Organization of Petroleum Exporting Countries and its allies, OPEC +, which has increased uncertainty about whether they will cut production further to counter the recent decline in oil prices.

Conflicting signals from major oil producers' statements about potential production levels weighed on investor sentiment, as markets are increasingly concerned about the debt ceiling agreement in the United States, which is at risk of default during the first week of June.

Last week, Saudi Energy Minister Abdulaziz bin Salman issued a warning to short sellers in the oil market who bet on falling prices, which reinforced market expectations of another possible cut by OPEC +.

However, statements by some Russian officials, including Deputy Prime Minister Alexander Novak, indicate that Russia - the world's third largest producer of crude oil - is inclined to leave production at current levels unchanged.

On the other hand, oil markets are awaiting PMI data for the manufacturing and service sectors in China - the largest importer of crude oil in the world - which will be released tomorrow, amid growing expectations that China's economy has begun to lose momentum amid the challenges it faces, which also negatively affected market sentiment. .

Views 57  05/30/2023 - https://economy-news.net/content.php?id=34484

Planning Postponed The Population Census To Next Year

Iraq  Tuesday, May 30, 2023  Baghdad / National News Center  The Ministry of Planning postponed conducting the general population census until next year, noting that the reasons for the postponement were due to lack of time.

Undersecretary Maher Hammad Johan said, in a press statement, followed by the National News Center, that “the ministry cannot conduct the general census at the specified time at the end of the current year 2023,” noting that “the delay in approving the budget was a reason for changing the date.”

Johan added, “The ministry has set a new date on which it is hoped that the census operations will be launched, which is October of next year 2024 after completing the technical preparations for it,” pointing out that “the population numbers, according to preliminary statistics of the ministry, reached 43 million people.”

And the Undersecretary stated that “the procedures that precede the census take several months and with the participation of the educational staff,” noting that “the end of the preparations will be with the start of the school year, and thus it is impossible to empty them to participate in the census process."

Iraq had conducted the last population census in 1987, with the participation of all governorates, followed by the 1997 census, which was conducted with the exception of the governorates of the Kurdistan region.    https://nnciraq.com/208230/

Dollar Exchange Rates In The Local Market

Economy   Tuesday, May 30, 2023  Baghdad / National News Center  Today, Tuesday, the exchange rates of the dollar against the dinar recorded stability in the local markets in all governorates of the country.


As “the selling price reached 147,500 dinars per 100 dollars, while the purchase price reached 145,500 dinars per 100 dollars, in the capital, Baghdad.”   https://nnciraq.com/208257/

Iraq Raises Its Possession Of Gold To More Than 132 Tons

Money  and business  Economy News – Baghdad  Today, Tuesday, the Central Bank of Iraq announced the purchase of approximately 2.3 tons of gold.

And the bank said in a statement, that "new quantities of gold were purchased, approximately 2.3 tons, which resulted in an increase in its holdings of this metal by 1.79%."

He added, "The total gold it possesses is (132.74) tons, maintaining its sequence in rank (30) in the ranking of world gold holdings."

The Investments Department of the Central Bank of Iraq stated, "The purchase came with the aim of increasing its holdings of gold in light of the economic and political conditions the world is witnessing."

Views 180   Added 05/30/2023 - https://economy-news.net/content.php?id=34476

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

https://www.bondladyscorner.com/

Iraqi News Highlights Tuesday Afternoon 5-30-23

Iraqi News Highlights Tuesday Afternoon 5-30-23

Tlm724 Administrator Bondlady’s Corner

The Minister Of Commerce Affirms Keenness To Deal With American Companies To Supply Wheat To Iraq

Political | 03:40 - 05/30/2023   Baghdad - Mawazine News,  Minister of Commerce, Atheer Al-Ghurairy, affirmed, on Tuesday, keenness to deal with American companies to supply American wheat to Iraq.

And the Ministry of Commerce stated in a statement, which Mawazine News received a copy of, that "Minister of Commerce Atheer Dawood Al-Ghurairy met in his office with a delegation of experts from the American Wheat Council to discuss the possibility of importing wheat for the purposes of producing commercial zero flour within the ministry's project that it adopted with the private sector."

Noting that "the meeting took place in the presence of the Director General of the General Company for Grain Trade, Haider Nuri Al-Karawi, and the Director General of the Department of Foreign Economic Relations, Riyad Fakher Al-Hashemi."

She added, "The visit of the delegation of experts of the American Wheat Council came as a continuation of the invitation that the Council had previously extended to the Ministry of Commerce to visit Washington and conduct discussions of cooperation in this field, which resulted in the agreement on the experts' visit to Iraq to see the need of the Iraqi market for the purpose of studying it and supporting Iraq in the place of supplying wheat for the purpose of Producing the best types of zero flour.

During the meeting, Al-Ghurairy reviewed "the work of the Iraqi private mills sector, the ministry's project to produce zero flour, and the possibility of developing those mills."

Al-Ghurairy stressed during the meeting, "The Ministry of Commerce's keenness to deal with discreet American companies to supply American wheat to Iraq with the best quality and prices. The possibility of international and American companies entering and cooperating in this field to reach suitable prices that serve both parties."     https://www.mawazin.net/Details.aspx?jimare=227993

Central Bank: Our Initiatives Have Funded Nearly 12,000 Projects

Political | 09:51 - 05/30/2023  Baghdad - Mawazine News  The Central Bank revealed the financing of nearly 12,000 projects as part of its lending initiatives, indicating that these projects provided more than 60,000 job opportunities in various specializations.

“The Central Bank is serious about continuing its support for the banking sector in particular and the national economy in general,” said the Director General of Banking Control at the bank, Kisma Saleh Ali, to the official newspaper, stressing, “Work to install effective infrastructure for a sober financial sector that rises to the world in performance and is able to support economic operations.” in all sectors.”

She added, "The Central Bank is supportive of government directives aimed at moving towards electronic governance, and this has affected the development of performance in all institutions without exception and undermined many challenges that confuse development trends," noting "the Central Bank's support for the private sector in its efforts aimed at reviving the national economy."

Especially through small and medium-sized projects and the easy financing provided for this type of important projects in reviving the economy.

And she continued, "The Central Bank's initiatives have funded nearly 12,000 projects, 38 large projects, and in total have provided more than 60,000 job opportunities in various specialties," noting that "the Central Bank realizes the importance of Iraq moving in a manner that parallels global trends in the field of climate change and the transition to clean energy." He worked on launching the Clean Energy Initiative, which aims to support renewable energy projects. https://www.mawazin.net/Details.aspx?jimare=227971

Governor Of The Central Bank Of Jordan: Iraq's Electronic Transformation Initiative Is "Promising"

Money  and business  Economy News – Baghdad  On Tuesday, the Governor of the Central Bank of Jordan, Adel Sharkas, described Iraq's electronic transformation initiative as "promising."

Sharkas referred to "the importance of trade between Iraq and Jordan," expressing "his ambition to increase the export of products to Iraq, as they are of high quality."

He added, "Iraq is moving towards electronic payment, and Jordan has a successful experience in this field, and efforts will be harnessed to support Iraq in order to benefit from the experience in all fields," stressing "the readiness of the Central Bank of Jordan to cooperate in cybersecurity and everything that the Central Bank of Iraq needs."

He pointed out that "Iraq's electronic transformation initiative is promising, in addition to the interest in leadership, which is the focus of the success of any economy."

Views 89   Added 05/30/2023 - https://economy-news.net/content.php?id=34483

An Iraqi Tendency To Stop Foreign Borrowing, Except For One Case

Money  and business  Economy News – Baghdad  Deputy Prime Minister and Minister of Planning Muhammad Ali Tamim confirmed, on Tuesday, the government's intention to stop external borrowing.

A statement by the Ministry of Planning stated that "Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, received the Chinese ambassador to Iraq, Cui Wei and his accompanying delegation," noting that "during the meeting, they discussed mechanisms for activating and implementing the provisions of the framework agreement between Iraq and China, In line with the priorities of the government program, and the directions of the Iraqi government, to improve the reality of services, especially in the field of schools, hospitals, electricity, and the rest of the service sectors.

Tamim stressed that "the government tends to stop external borrowing, except in the case of necessity, and the loans are directed to the implementation of giant strategic development projects, such as electricity projects, roads, irrigation stations and ports," pointing to "Iraq's sincere desire to develop bilateral relations and benefit from the Chinese development experience, By attracting large companies to invest in various regions of the country, and in all fields.

For his part, Wei expressed his country's readiness "to support the Iraqi government's efforts in the development field, and to achieve economic partnership with Iraq, in accordance with the common interests between the two countries."

He stressed "the Chinese government's interest in implementing the provisions of the framework agreement, and preparing all related procedures that contribute to advancing the implementation process forward."   Views 77  05/30/2023  https://economy-news.net/content.php?id=34482

Features Of The Upcoming Central Bank Strategy In Banking Development And Reform

Sameer Al-Nusairi  In his speech at the opening of the annual banking conference, the governor of the Central Bank of Iraq outlined the banking reform strategy for the next stage by clarifying the visions and policies that will be included in the new strategy in line with what was stated in Article Twelve of the government curriculum (financial and banking reform) and what Paragraph 7 referred to, which emphasizes Reforming the banking sector and enabling it to contribute to stimulating development and investment.

From an analysis of the governor’s speech, it can be considered that the visions, plans and policies it contained are the axes of the Central Bank’s future strategy in banking development and reform, which we include below:

First – the establishment of a Riyada Bank for Social Development, and the new bank will work to support the segments of Iraqi society, and it will have social and economic dimensions.

The Central Bank of Iraq will provide the necessary support through various initiatives to make this project a success, which is in line with the vision and initiative of the Prime Minister in the government project (Riyada) to support youth.

And that "the bank will be the first in Iraq to care for low-income people through soft loans and simple guarantees in support of the vulnerable segments, and to diversify the non-oil economy through small and micro projects to revitalize the private sector and reduce unemployment and poverty rates."

Second: Putting the final touches to prepare a national strategy for bank lending.

Third - Launching a project to establish a financial and business center, which will serve as an integrated city that includes the stock market, the business sector, and financial institutions.

Fourth - Work to achieve an integrated structure, sustainable rules and policies to overcome technical challenges, information security and cybersecurity, and implement security and privacy measures to protect the information of users and the public.

The above recommendations require the competent departments of the Central Bank to lead specialized committees with the participation of the Association of Banks and Banks for the purpose of converting them into executive policies to achieve the desired banking reform.

Views 110  Added 05/30/2023 - https://economy-news.net/content.php?id=34480

Increased Central Bank Sales

Tuesday 30, May 2023  Economical Number of readings: 322  Baghdad / NINA / - The Central Bank of Iraq's sales of foreign currency increased today, Tuesday, as it recorded more than 267 million dollars.

According to the schedule of the currency sale window, the Central Bank sold during its auction today 267,083,785 dollars, which the bank covered at an exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar in cash.

Most of the dollar sales went to enhance the balances abroad in the form of (remittances, credits), amounting to $209,783,785, while the remaining $57,300,000 went in the form of cash sales. /End 11

https://ninanews.com/Website/News/Details?key=1056612

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

https://www.bondladyscorner.com/

Goldilocks " Let's Take a Good Look at Where We Are." 5-30-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted some news articles and comments this morning:

The debt ceiling goes to Congress today for a vote. It is expected to be a very close vote.

The debt ceiling is affecting US credibility and credit crunch issues.

Yesterday, Saudi Arabia began making moves away from the Petro Dollar and signed agreements with the Petro Yuan inside the BRICS system.

© Goldilocks

https://www.nbcnews.com/politics/congress/live-blog/debt-blog-monday-rcna86530#rcrd13478

https://www.valuewalk.com/debt-ceiling-crisis-has-already-hit-us-economic-credibility-reform-needed/

https://thedeepdive.ca/bricss-saudi-arabia-reportedly-joining-brics/

~~~~~~~~~~

We currently do not have a rate change in Iraq, but we are getting closer.

Let's take a good look at where we are.

* Iraq is currently moving into electronic mechanisms design to fulfilled trades on both sides of a transaction through point-of-sale mechanisms. These mechanisms are internationally approved and internationally based.

* Iraq has built up their foreign currency reserves to stabilize their economy.

* They have issued new VISA and MasterCard credit to their people allowing local and International payments.

* They have a new working currency reform system.

* They have adopted their own National Currency, and it is now the preferred currency.

* And, they have recently increased their gold reserves by over 2% stating that this is "just the beginning."

Why is the purchase of gold so important? It goes beyond stabilizing an economy during distressful times. It creates discipline in government spending.

It is a way of extending their net worth for a country giving it more purchasing power.

But, did you know that gold and currencies are co-related? Holding gold strengthens relationship values between countries. It is one way to raise the value of a country's currency.

© Goldilocks

https://www.policybazaar.com/gold-rate/articles/how-gold-affects-currencies/#:~:text=But%20did%20you%20know%20that,strength%20of%20that%27s%20nation%27s%20currency.

https://www.reuters.com/plus/why-central-banks-buy-gold

https://www.policybazaar.com/gold-rate/articles/how-gold-affects-currencies/

https://www.thestreet.com/dictionary/f/foreign-exchange-reserves#:~:text=A%20high%20amount%20of%20foreign,country%2C%20helping%20to%20avoid%20default.

https://cbi.iq/news/view/2346

https://cbi.iq/news/view/2347

~~~~~~~~~~

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

"Tidbits From TNT" Tuesday Morning 5-30-2023

TNT:

Tishwash:  Maduro: Venezuela wants to join BRICS

Venezuelan President Nicolas Maduro announced that Venezuela is willing to join the "BRICS" group, which includes Russia, China, India, Brazil and the Republic of South Africa.

"BRICS includes 5 powerful countries. Now BRICS is turning into a magnet for those who want another world built on peace and cooperation," Maduro said after meeting Brazilian President Luiz Inacio Lula da Silva.

 Maduro added, "If you ask Venezuela if you want to join BRICS at a certain moment, Venezuela will say 'Yes'. We would like to be part of BRICS and participate in building the new edifice and the new world politics."  link

CandyKisses:  Taif Sami discusses with a Chinese delegation the economic partnership

Baghdad - Iraq Today:

Finance Minister Taif Sami discussed with Chinese Ambassador to Baghdad Cui Wei the establishment of economic and investment partnerships between the two countries.

The ministry said in a statement that "Finance Minister Taif Sami received  the Ambassador of the People's Republic of China to Baghdad Cui Wei and reiterated the priorities of upgrading the level of long-term relations with the Republic of China, by creating conditions for a stable investment environment in the Iraqi market."

According to the statement, Sami pointed to "continuing to work to consolidate joint cooperation between the two parties, and build partnerships to promote sustainable development in the sectors of finance, economy, infrastructure and investment through the effective contribution of sober Chinese companies in reconstruction projects."

The statement continued, "The Chinese ambassador expressed the desire of his government to raise the levels of exchange and financial and trade partnership with Iraq, and everything related to contributing to the promotion of economic development between the two sides."

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Tishwash:  President of the Republic: The budget will be approved within the next few days

President Abdel Latif Jamal Rashid said today, Tuesday, that the country's financial budget will be approved within the next few days. The media office of the President of the Republic stated, in a statement received by Al-Mutala Agency, that "Rasheed received, at the Peace Palace in Baghdad, a delegation of members of the Board of Commissioners of the Independent High Electoral Commission."

 He stressed, "the importance of the Electoral Commission's role in organizing elections and facilitating the factors for their success," pointing out, "the necessity of success in conducting the next electoral process, which pertains to the provincial councils."

And he expressed, "the readiness of the presidency and the government to secure the necessary support for the success of the commission for its work," noting that "the possibility of approving the general budget by the parliament during the next few days would overcome all the difficulties and requirements necessary for the commission's work and the conduct of the upcoming elections."

He pointed out, in his conversation with the members of the Council of Commissioners, that "all efforts are directed towards fair elections without problems, and this is reinforced by the safe and stable situation witnessed by the various cities, which confirms the need for great care to facilitate the elections of the provincial councils."

The President of the Republic listened to "a detailed explanation given by the attendees, who expressed the Commission's readiness to hold the elections at the proposed date in the middle of next December," expressing their hope "for the speedy completion of the budget approval, because of its relevance to providing logistical requirements and facilitating all elections requirements."  link

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Tishwash:  Iraq: Bank card gangs revive dollar smuggling

There are many means of smuggling hard currency out of Iraq , including bank credit cards, and despite attempts by customs and security to limit smuggling of cards, there are large numbers of them that went out in one way or another to neighboring countries.

This method includes filling the smuggler with dozens of cards with large sums of Iraqi dinars and converting them into dollars at the official government rate (1320 dinars to the dollar) abroad, as influential parties were able to withdraw various funds from the dollar currency in neighboring countries.

Government instructions specify that a citizen may acquire a maximum amount of two thousand dollars when traveling abroad, in an attempt to limit the smuggling of US currency to neighboring countries, especially Syria and Iran.

A new method of smuggling

The Directorate of Border Crossings confirmed that using bank credit cards to smuggle dollars is a new tactic for smuggling hard currency, after its cadres tightened security measures at land border crossings and international airports to limit dollar (cash) smuggling operations out of Iraq.

The official spokesman for the Iraqi Border Crossings Directorate, Alaeddin Al-Qaisi, said that the security cadres working in the border crossings have intensified their measures to limit currency smuggling through bank credit cards, through land border crossings and airports.

Al-Qaisi explained, in a phone call to Al-Araby Al-Jadeed, that the number of credit cards that were seized is more than 2,400 cards, and they include large sums of money intended for smuggling outside Iraq, indicating that the smugglers who were trying to smuggle these cards were arrested by the border crossing staff. Supporting security directorates.

And he indicated that the ports through which credit cards are smuggled are Baghdad Airport, which tops the list of ports that most control card smugglers, as 1,200 cards containing amounts amounting to more than $5 million were seized, while smuggling takes place through other ports, which are Najaf and Basra airports. In addition to the land outlets, including the Al-Qaim border crossing with Syria.

Organized crime

In confirming the dangers of smuggling hard currency out of Iraq, and devising new means for smuggling operations, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that organized crime gangs took advantage of travelers' cards, which are a means of financing the traveler's need for foreign currency through bank credit cards.

Salih added, in a press interview, that these gangs began using citizens' passports in illegal ways to issue bank cards that are smuggled out of Iraq and withdraw their resources there to create black transfers or smuggle money.

Saleh considered that these methods of fraud are considered among the methods of organized crime and money laundering, which are punishable by law with the most severe penalties, adding that "these gangs affected creating turmoil in the exchange rate of the dollar.

He explained that the monetary policy pursued by the Iraqi state and the deterrent measures that are being worked on will contribute to imposing the force of law and compliance with the system, in order to reduce this dangerous phenomenon and eliminate economic crimes.

Economic risks

For his part, the economic researcher, Omar al-Halbousi, confirmed that any means to limit the smuggling of currency out of Iraq will not succeed completely, because whoever controls the financial market and most of the private banks are influential parties who know very well how to maintain their influence and financial strength through financial operations. smuggling.

Al-Halbousi explained, during his interview with Al-Araby Al-Jadeed, that there are smugglers who obtain dollars from banks at the official government rate, and exchange companies help them fill out bank credit cards, and then these cards are smuggled abroad by travelers to take advantage of the currency difference.

And he indicated that the use of bank cards (Visa and Master Card) issued by banks and electronic payment companies is one of the new methods for these operations, and it is difficult to control them by customs and border crossing police.

Regarding the size of the losses incurred by Iraq from this operation, Al-Halbousi explained that there are no fixed estimates of the amount of money smuggled through bank cards, because this method is still in the beginning of use by smugglers who resorted to it as a secondary, not a major, method of smuggling.

He added that every dollar smuggling process negatively affects the economy and the local market, which is witnessing a state of insatiable demand for dollars, which leads to raising the parallel exchange rate from the real price in the market, in addition to a rise in price inflation, which enhances the chance of an economic recession. .

He pointed out that the volume of money smuggled from Iraq since 2003 is estimated at more than 350 billion dollars, and it constitutes very heavy losses for the Iraqi rentier economy, which depends mainly on oil.

The US Treasury and the Central Bank of Iraq have previously imposed strict controls on cash transfers carried out by Iraqi banks, in an attempt to reduce money laundering and smuggling. However, smuggling operations witness a variety of ways and means of exiting the currency, which poses a great threat to the national economy.  link

Mot: .... Ya Know _ I Just Might Get up and ---

Mot:  ....... This crazy group at the Gym was asking ~~~~~