Saturday Morning Iraq Economic News Highlights 6-3-23

Saturday Morning Iraq Economic News Highlights 6-3-23

Iraqis Are Waiting For The Approval Of The Budget

Iraq  06/03/2023   Shaima Rashid  While the Iraqi people are waiting for the issue of the “budget” to be resolved and to vote on it, the Parliamentary Finance Committee is still waiting for political consensus regarding it, and what will emerge from the meetings of the “State Administration Coalition” regarding the dispute with the region regarding their share after the latter objected to what the committee voted on in the budget led to a delay in its approval, and while previous dates failed to be set; Members of the House of Representatives suggested that the “voting session” on the budget would be at the beginning of next week.

A member of the Parliamentary Finance Committee, Saad Al-Toobi, said in an exclusive interview with “Al-Sabah”: “The committee requested earlier to set a date for the session, because there is nothing to delay voting on the budget, as the committee needs hours only in order to make transfers that are almost Ready and just waiting for tabulation in the budget as well as some additional materials.”

And he explained that “the delay that is taking place now is only for the sake of the region’s articles that were duly voted on within the committee,” adding,

“But it is possible that political consensus will take place and the vote will be changed,” noting that “it is possible to change the voted materials because the voting took place in Within the committee, the budget was not voted on as a whole, and this is one of the legal tricks.”

And he continued: "Parliament will enter its legislative recess on the ninth of June, so the budget will be approved effectively before this date," and indicated that "it is possible to set a date for the next Sunday or Monday to vote on the budget in Parliament."

Al-Tobi indicated that "there are drafts that have arrived as proposals adopted by the (Coordinating Framework) or (the State Administration Coalition) regarding the region's share, as the dispute was that the region refuses to export through the (SOMO) company, and it also rejects the issue of the bank account, demanding that the region's government act directly with the account."

He explained, “What has reached us now is that the region agreed to export through the (SOMO) company, but the bank account is not by opening an account in the central bank, but rather an account approved by the bank.”   central".

It is noteworthy that the last meeting of the Finance Committee witnessed an agreement to collect an amount from the transfers and classify it on the aspects of expenditure, meaning that the sums of the expenditures amounting to 65 trillion dinars were reduced and reduced and 7 trillion were removed from them, and there are matters that have changed in the budget that came from the government; Including the share of the region, and it remains up to Parliament to approve or reject the articles that have been changed.

The Finance Committee also voted to add 14 segments of lecturers, compulsory leave holders, electoral contracts, wages, contracts after and before October 2019, and the Awakenings, and the Ministry of Finance refused to install these segments on the owners because they do not have funds, so the Finance Committee worked to add a paragraph in the budget that Wages are transferred to contracts and contracts to staff in future budgets or in the process of deletion and creation.

Edited by Muhammad Al-Ansari    https://alsabaah.iq/78139-.html

Parliamentary Finance Expects To Settle The Budget Differences Between Baghdad And Erbil Through "Middle" Solutions

Shafaq News/ A member of the Parliamentary Finance Committee, Mueen Al-Kadhimi, expects, on Saturday, that the existing disputes regarding the general budget will be settled with the Kurdistan Democratic Party by "moderate" solutions that will satisfy Baghdad and Erbil.

Al-Kadhimi told Shafaq News agency that the coordination framework negotiator reached an agreement with the Democratic Party on the constitutional mechanism for exporting oil from the region.

He continued by saying, "Dialogues are currently ongoing between the two parties regarding Article 14, which consists of 12 paragraphs, 6 of which are agreed upon within the government text, and 6 other paragraphs are being discussed because the region considers them interference in its affairs."

Al-Kazemi also indicated that "discussions are underway regarding the management of border crossings between the federal government and the region, and preventing the extraction of oil from the Nineveh and Kirkuk fields by Kurdistan."

The member of Parliamentary Finance pointed out that matters and differences will reach compromises during the next week, warning that the Finance Committee will make amendments to the budget, complete the transfer schedule and refer it to Parliament for a vote on it.

On Tuesday, May 31, economist Nabil Al-Marsoumi declared that the coordination framework that includes the ruling Shiite political forces in the country had submitted a new proposal on paragraphs 13 and 14 of the budget for the Kurdistan Region.

Al-Marsoumi, in a post on the social networking sites "Facebook", 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 clauses.

And the Parliamentary Finance Committee recently 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.

A member of the Parliamentary Finance Committee, Mustafa Sanad, also confirmed the committee’s vote to amend paragraphs related to the region in the budget law, regarding its delivery of oil, while pointing to the withdrawal of the Democratic Party bloc representatives from the meeting.

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

In One Year.. 200 Billion Dinars, Iraq's Revenues From "Renting Sidewalks"

Money  and business  Economy News – Baghdad  On Friday, the General Company for Ports revealed the value of profits generated from leased berths in Iraq, while announcing advanced completion rates for the Al-Faw Grand Port project.

The Director General of Ports, Farhan Al-Fartousi, told the official news agency, "The port of Faw is proceeding as planned, and the actual completion rates in its five projects are advanced, and there is no obstacle or stumbling block in the work."

With regard to leased berths, Al-Fartousi affirmed, "The leasing of berths is a global system followed in all countries of the world by managing the operation of their berths by referring the operation process to international shipping lines that work to provide goods through their shipping lines, and at the same time introduce the latest technology and equipment for the purpose of speeding up handling operations." In order for there to be a high flow, and thus an increase in revenues, given that supporting the target is to increase revenues.

Al-Fartousi continued, "The revenues from renting sidewalks increased to about 200 billion dinars for the year 2022 compared to the previous year, which was about 100 billion dinars, and this is the biggest indicator of success."  Views 211  06/02/2023 - https://economy-news.net/content.php?id=34535

The Former Head Of Baghdad Investment Was Imprisoned And Fined More Than Two Billion Dinars

The first  06/03/2023  The Central Anti-Corruption Criminal Court issued a judgment in the presence of the former head of the Baghdad Investment Commission, which stipulates imprisonment and a fine of more than two billion dinars.

The Investigation Department of the Integrity Commission stated, in a statement, that “the Central Anti-Corruption Criminal Court issued a judgment in the presence of the head of the Baghdad Investment Commission to be imprisoned for a period of one year, on the background of his participation with a number of defendants whose papers were dispersed, for the purpose of buying real estate in one of the prestigious neighborhoods in the capital.” Baghdad and register it in their names.

She added, "The verdict also included a fine of (two billion and fourteen million Iraqi dinars)," noting that "the ruling was based on the provisions of Article (36) of the Anti-Money Laundering and Terrorism Financing Law No. 39 of 2015."

She indicated that "the court, after reviewing the evidence obtained in the case, reached full conviction of the defendant's negligence, so it decided to convict him and pass judgment on him in his presence, based on the requirements of the ruling article."

In another case, the investigation teams of the Integrity Investigation Office in Wasit were able to reveal that the payroll officer at the Technical Institute in Kut had embezzled sums of money from the salaries of teachers and employees at the institute by preparing the payrolls that are deposited in the institute’s accounts correctly, while she By manipulating the laser discs that are sent to the “MasterCard” company, in addition to sending personal advances that are organized and collected among the employees within the institute through “MasterCard”, indicating that “the accused adds sums of money in addition to salaries and demands them after that, and the It is returned by the faculty and staff without official receipts, and then it embezzles those amounts for its personal account. https://alsabaah.iq/78152-.html

Parliamentary Oil Accuses Erbil Of Smuggling Oil Through Fictitious Companies

SAT, 03-06-2023, TAYSEER AL-ASADI   Today, Saturday, member of the Oil, Gas and Natural Resources Committee, Representative Zainab Juma Al-Mousawi, revealed that Erbil circumvented Baghdad federal decisions regarding the crude oil sector.

Al-Moussawi said in a press statement, "Erbil circumvents Baghdad's decisions, as it, in agreement with foreign companies, circumvented the Federal Court's decision issued in February 2022, which ruled the unconstitutionality of the oil and gas law in the Kurdistan region, and prevented it from exporting oil in its favour. Baghdad exclusively.

She added, "The circumvention was through changing the names of the operating companies. For example, Schlumberger is currently operating in the region under the name of "IOt", which is one of its divisions, while Halliburton operates under the name of "boots and coots", which It is also one of its divisions.

She pointed out that "this came after the false claim of those companies to withdraw from work in the Kurdistan region in compliance with the federal decision."   http://non14.net/public/157472

The Delay In Approving The Budget Will Cause A Delay In The Completion Of Important Investment Projects

Economist for / NINA /:  Saturday 03, June 2023  Economical Number of readings: 270 Baghdad / NINA / - The expert in economic affairs, Malath Al-Amin, confirmed that the delay in approving the budget will cause a delay in the completion of important investment projects that constitute an important link in non-oil economic independence, noting: " The budget is approved on time, which is the first quarter of each year, an urgent need to contribute to the establishment of giant economic projects that will be an important link in the lives of future generations after the depletion of oil.

Al-Amin said in a statement to the Iraqi National News Agency / NINA/: “According to the draft general budget law for the year 2023 presented by the Ministry of Finance, the total general budget amounts to 136 billion dollars, with a deficit of 43 billion dollars, of which oil revenues constitute 87 percent,” indicating:

“The financial revenues from oil exports amount to 7 billion dollars per month, and accordingly, in the event that  the budget approval is delayed until after the second half of the current year, the law allows the government to spend the money based on the last year's budget at a rate of 1/12 per month.

The mission that constitutes an important link in non-oil economic independence, which the government pursues to diversify sources of income away from oil through the revitalization of productive sectors such as agriculture, industry and transportation. /

https://ninanews-com.translate.goog/Website/News/Details?key=1057411&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Awake-In-3D "Unveiling the Untold Secrets of Off Ledger Gold Trading Platforms"

Awake-In-3D

Unveiling the Untold GCR Secrets of Off-Ledger Gold Trading Platforms

On June 2, 2023 By  Awake-In-3D

It is no secret that Our GCR requires a lot of gold, actually Gold Certificates, to back the collapsing global fiat currency system. We hear terms like Trading Platforms, off-ledger gold accounts, and the repurposing of secret Elitist/Bankster funds and Trusts to bring Our GCR into reality. But is there actual evidence around all of this GCR history and lore? Yes there is.

I will be posting a variety of articles that dig deep into the evolution of Our GCR providing background and context around the greatest financial shift in human history. I’ll begin with “Project Hammer”.

Introduction

Welcome to the world of Project Hammer, where off-ledger trading platforms leverage gold as collateral to generate substantial profits. In this secretive realm of international banking, significant fortunes are made through hidden transactions.

Prepare to discover the lesser-known aspects of the western economy, where money creation operates with limited oversight and accountability. Explore the shadowy world of collateral trading programs and the vast amounts of money locked away in dormant bank accounts. This journey will undoubtedly reshape your understanding of the financial landscape.

Key Topics Explored:

Off-Ledger Trading Platforms

High Yield Investment Programs

Two Sets of Books

Collateral Trading Programs

Black Operations

Trillions of Dollars in Dormant Bank Accounts

Unlocking the Mystery of Off-Ledger Trading:

The never-never-land of international banking, obscured from public view, operates through the careful manipulation of two sets of books. Countless cases of fraud and scam artists serve as distractions, leading many to believe that real trading programs do not exist. The hidden truth is shielded by the powers that be, enabling the continuation of these clandestine activities.

Trading programs are conducted off-ledger, meaning banks and central banks maintain separate books for public scrutiny and private viewing. This duality allows authorized programs to generate staggering profits with minimal risk, while the privileged few invited to participate accumulate wealth at an astonishing pace. The ever-widening wealth gap between the rich and the poor is a byproduct of this obscured financial landscape.

Project Hammer and Collateral Trading Programs:

Project Hammer thrived in the financial, banking, and economic shadow-world, conjuring money seemingly “out of thin air.” Collateral Trading Programs, the lifeblood of Project Hammer and similar ventures, create vast pools of earmarked money for authorized operations and projects. While many beneficial initiatives receive funding, there is also a murky side that involves shadowy black operations.

Dormant Bank Accounts and Trillions of Dollars:

Insiders reveal that the consolidated funds residing in dormant and orphaned bank accounts amount to trillions of dollars. Conservative estimates suggest there is enough to pay off the entire US national debt, with considerable change to spare. On the other end of the spectrum, some believe the cumulative value reaches hundreds of trillions of dollars.

Delve into the mesmerizing realm of off-ledger trading platforms, where gold collateralizes extraordinary profits. Unveil the intricate mechanisms behind Project Hammer and other ventures, exposing a financial world concealed from public scrutiny.

The staggering sums of money held in dormant bank accounts paint a picture of unimaginable wealth. As you navigate the hidden corridors of the western economy, prepare to question the boundaries of oversight and accountability. Brace yourself for the revelation that will forever change your perception of how money is created and manipulated.

To be continued in Part 1 of Project Hammer…

https://ai3d.blog/unveiling-the-untold-gcr-secrets-of-off-ledger-gold-trading-platforms/

Iraqi News Highlights Friday Afternoon 6-2-23

Iraqi News Highlights Friday Afternoon 6-2-23

Tlm724 Administrator Bondlady’s Corner

Sudanese Advisor: IMF Experts Report "Very Pessimistic"

Money  and business  Economy News – Baghdad  On Friday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, commented on what was stated in the report of the International Monetary Fund experts after a recent visit by a delegation from it to Iraq, describing it as "very pessimistic", while specifying the proportion of public expenditures in the gross domestic product.

Saleh told the official news agency, "The International Monetary Fund stems from the rentier problems of the Iraqi economy, as the percentage of public expenditures in the Iraqi economy reaches nearly 50% of the gross domestic product."

He added, "While the foreign reserves in which the central bank defends stability are linked to the general level of prices as a main objective of monetary policy through the bank's intervention with its operational objectives in controlling local liquidity levels and targeting growth in the money supply by using part of the foreign reserves whose source it is." Oil revenues are also in the general budget, as the monetary policy operations are embodied in the daily intervention in the exchange market with the strength and abundance of those reserves, the basis of which is the oil sector by 99%.

And he continued, “Thus, those important foreign reserves to impose price stability depend on budget revenues from oil revenues themselves, so the correlation between monetary and fiscal policies depends in all cases on the development of the energy sector itself and the revenues achieved from high oil prices, and any fluctuations in the oil asset cycle that affect On that important connection between the two policies, i.e. fiscal and monetary.

And he added, “Therefore, the potential deficit in the oil current account of the balance of payments and because of the unilateralism of the economy will generate a deficit gap in the general budget, which is called: the bilateral deficit, and affects the intervention capabilities of monetary policy in controlling liquidity levels to achieve price stability, and this matter requires monetary policy and politics.” Finance achieves two things together.

He explained, “The first factor includes the intervention of monetary policy in the money market to control local liquidity levels or the money supply by applying a more stringent policy in which this time the (interest rate) tool is used strongly in order to control the growth in the monetary base and then the general money supply, which are (sterilization) policies.” additional to local liquidity, by using interest rate signals in addition to the exchange rate signal and the role of the foreign currency window.

And he indicated, "The second matter includes fiscal policy assuming broader discipline opportunities on public expenditures, i.e. imposing financial discipline, as well as creating a development partnership with the private sector whose financial surpluses are concentrated to sustain spending on development and investment programs within the premise of the social market."

He noted that "the report of the International Monetary Fund experts was very pessimistic, as multilateral international financial organizations usually stick to a few geopolitical and environmental factors, even if they are temporary, and issues related to developments in the international economic situation, in order to give a very sad scenario for the future of the economy."

He stressed, "Such situations such as water issues and desertification are often linked to food security risks on the one hand, and clean uses of energy, specifically renewable energy, are linked to issues related to the environment and carbon zeroing with the issue of low demand for oil and the deterioration of its revenues globally, as the outcome of these warnings leads to an existential threat to the economy, according to reports." issued by these organisations.

He pointed out, "Despite the foregoing, the country and its economic programs for the coming years, whether in the field of water or energy and diversifying the economy, took all these factors into account, and it is a national planning responsibility to defend the interests of sustainable development in Iraq, and there is no way out of that." Views 44  06/02/2023 - https://economy-news.net/content.php?id=34531

Al-Sudani Meets Deputies In Baghdad And Discusses Speeding Up The Approval Of The General Budget

Friday 02, June 2023 15:42 | political Number of readings: 395  Baghdad / NINA / - Prime Minister, Muhammad Shia'a Al-Sudani, visited the headquarters of the Watan Parliamentary Alliance in the capital, Baghdad, in the presence of the head of the coalition, Representative Yasser Iskandar and Tout, the Secretary-General of the Alliance, Representative Haider Al-Shamkhi, and Representatives Nazim Al-Shibli, Sajjad Salem, Osama Al-Badri, and Nour Nafeh Al-Jelhawi.

The meeting discussed, at midnight on Thursday, several general issues that serve the people, including speeding up the approval of the general budget, as it relates to the life of citizens and strategic projects.

The head of the coalition, Representative Yasser Sketdar, stressed the importance of strengthening cooperation between the legislative and executive institutions and providing full support for the government program adopted by the Prime Minister./ End 5

https://ninanews.com/Website/News/Details?Key=1057276

The Central Bank Clarifies The Controls For Issuing Credit Cards

Thursday 01, June 2023 22:37 | Economical Number of readings: 804  Baghdad / NINA / - Today, Thursday, the Central Bank of Iraq affirmed its obligation to issue credit card issuers to issue one for each customer, while specifying its procedures against those who use them for improper purposes.

And the media office of the Central Bank stated, in a press statement, that “every citizen who wishes to travel has the right to apply for the purchase of 2000 dollars, and the steps begin with obtaining a travel ticket with a window on which the date of travel is indicated, and going to the dollar selling outlets (a bank or exchange company to register his data on the dollar selling platform ( FITR) to complete his transaction).

Regarding the issuance of Visa and MasterCard cards, the bank stated, "The Central Bank issued new controls to enhance the security and safety of using prepaid credit cards, as usage ceilings were set for these monthly and daily cards."

He added, "The controls obligated the issuing authorities to issue one card for each customer after submitting all identification papers and fixing his name on the card, taking into account regular reviews of card transactions for people who use their cards in improper transactions."/

https://ninanews.com/Website/News/Details?key=1057215

Al-Rafidain Bank Issues A Warning To Its Customers

Economy   Friday, June 2, 2023 Baghdad / National News Center  Today, Friday, Al-Rafidain Bank warned its customers against transferring money to unknown destinations.

The media office of the bank stated, in a statement received by the National News Center, that “the bank warns its customers against transferring money to unidentified parties claiming to open accounts for them in banks in order to obtain humanitarian aid from one of the neighboring countries, through electronic payment cards for the purpose of receiving money and depositing it in their accounts.” The character to be unlocked.

And he called on the bank, according to the statement, to “not comply with those parties that carry out fraud and fraud to steal personal accounts,” noting that it is “a dangerous phenomenon that exposes the country to financial losses when transferring money without obtaining any amount.”

https://nnciraq.com/208773/

Oil Is Falling Affected By The Strength Of The Dollar

Economy   Friday, June 2, 2023  Follow-up / National News Center  Oil prices fell today, Friday, affected by the strength of the dollar, as well as weak demand data from China, which is the largest importer of crude in the world, which raised concerns about demand.


Brent crude futures fell $1.11 to $72.60 a barrel, while US West Texas Intermediate crude fell $1.37 to $68.09 a barrel    https://nnciraq.com/208775/

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

https://www.bondladyscorner.com/

Awake-In-3D "The Importance of the Gold Standard in Economic Freedom"

Awake-In-3D

The Importance of the Gold Standard in Economic Freedom

On June 1, 2023 By Awake-In-3D

The benefits of a Gold Standard as written by a famous (or infamous) Senior Economist. his essay, written in 1966, argues the significance of the gold standard in promoting economic freedom and its role in a free society. Written by Alan Greenspan, Chairman of the Federal Reserve Bank from 1987 to 2006.

It’s difficult to believe a future FED Chairman actually wrote this definitive dissertation on true economic freedom being both maintained and protected via a Gold Standard for monetary policy. Too bad Mr. Greenspan abandoned his early roots when leading the United States, and the world, into the Great Financial Crisis of 2008-2011.

Alan Greenspan’s article highlights the significance of the gold standard in a free society. He argues that gold and economic freedom go hand in hand, as gold serves as a reliable medium of exchange and store of value. Greenspan criticizes the abandonment of the gold standard, which has led to excessive deficit spending and the erosion of wealth through inflation.

He suggests that the welfare state opposes the gold standard because it protects property rights and limits their ability to confiscate wealth. Overall, Greenspan’s article emphasizes the importance of the gold standard in promoting economic stability and safeguarding individual prosperity.

I have summarized Greenspan’s original essay below – without the sophisticated financial language.

The Role of Gold in a Free Society

Money is what we use to exchange goods and services. It needs to be widely accepted, have a stable value, and be a reliable store of wealth. Gold fulfills these criteria and is a luxury commodity that is universally accepted as a medium of exchange.

Advantages of Gold as a Medium of Exchange

Gold has several advantages as a medium of exchange. It is durable, meaning it does not easily wear out. It is also portable, homogeneous (each unit is the same as the others), and divisible. These qualities make gold superior to other goods as a form of money.

The Transition to a Single Medium of Exchange

In a developing money economy, different goods can be used as a medium of exchange. However, over time, one commodity tends to become more widely accepted until it becomes the sole medium of exchange. Gold, silver, and other goods have served as international media of exchange, with gold eventually becoming the predominant one due to its scarcity and advantages.

The Role of Banks and Credit Instruments

A banking system based on gold allows for the extension of credit. Banks can create bank notes and deposits, backed by the production requirements of the economy. With a fraction of the deposits held as reserves, banks can make loans and support economic growth.

The International Gold Standard

When gold is accepted as the medium of exchange by most or all nations, it fosters a division of labor and international trade. The economies of different countries act as one, with credit, interest rates, and prices following similar patterns. The gold standard helps maintain stability and balanced growth.

The Abandonment of the Gold Standard

The welfare state opposes the gold standard because it limits deficit spending. Under a gold standard, credit expansion is limited by the economy’s tangible assets. However, the welfare state relies on massive deficit spending, which requires borrowing money through government bonds. The abandonment of the gold standard allows for an unlimited expansion of credit and can lead to inflation and the confiscation of wealth.

The Importance of the Gold Standard

The gold standard serves as a protector of property rights and safeguards individuals’ wealth. It prevents the hidden confiscation of wealth and ensures stability in the economy. The welfare state opposes the gold standard because it hinders their ability to manipulate the financial system for their benefit.

Conclusion

The gold standard plays a crucial role in economic freedom and stability. It serves as a reliable medium of exchange, store of value, and protector of property rights. The abandonment of the gold standard allows for excessive deficit spending and wealth confiscation. Understanding the importance of the gold standard is essential for promoting individual prosperity and economic well-being.

Read Greenspan’s original 1966 Essay, “Gold and Economic Freedom” here: http://www.321gold.com/fed/greenspan/1966.html

https://ai3d.blog/the-importance-of-the-gold-standard-in-economic-freedom/

Goldilocks "Where Have We Been, and Where Are We Going From Here?" 6-2-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted news links and comments to help us understand where we are:

Where have we been, and where are we going from here?

For the last year and a half, the world has been engaging in creating new values on every single asset on our Market.

Each time a sector of the market was transitioned into being tokenized and backed by a real asset, we have witnessed new legislative laws governed by several different Financial Departments overseeing them be restructured.

This has taken place all the way until March the 21st 2023 when the New International Payment System came into play.

From that moment on, we began to work with currency/digital reforms tokenized for our new standardized payment system backed by commodities.

This process that began in March ends June 2023 placing new values on our paper/digital economy.

They are new values because no asset stands alone going forward without a commodity tokenizing it and giving it a real net worth.

This is why March through the end of June has been a revaluation of our entire payment system to compliment a revaluation of everything for the last year and a half.

At the end of June, we are going to implement what we have done in completing the entire QFS on an administrative level based upon standardized protocols in the banking system that will give rise to a digital-asset based trading system.

In the end, these new values will be the final revaluation of an entire global economy triggering a Global Currency Reset.

Many of you in my room have witnessed a brand new global economy being built from the ground up. I want to thank you for your patience and diligence in learning this new Financial System for it will prepare you going forward for any project you choose to be involved in undertaking.

But, we are not finished yet. On June 19th, the Bank of England will migrate to the ISO 2022 International payment system, and we are finalizing who is going to still be in charge of our new stablecoins by the end of the month in the US.

These final additions to the QFS are going to include all of the major countries around the world inside a new ecosystem whereby decisions made going forward will not be with a single country.

There will be a collective body from several countries that represents the World's new Financial System making decisions together and rising from the ashes from ground zero, and into, a world of unlimited possibilities.

© Goldilocks

https://www.bankofengland.co.uk/payment-and-settlement/rtgs-renewal-programme/iso-20022

~~~~~~~~~~

So, the debt ceiling has been raised. Now what? Herein lies a great challenge.

In an attempt to raise cash for this new debt ceiling, the US is now engaged in raising money for their T Bills.

"T-bills are a short-term U.S. government debt obligation backed by the Treasury Department with a maturity of one year or less. " Investopedia LINK

On the other hand, companies around the world are engaged in transitioning into the new SOFR lending system and struggling to survive themselves.

They are the ones that usually buy these t-bills to keep their companies moving forward with liquidity.

The question still remains, who is going to finance the US for continuing to run a financial system creating more and more debt.

© Goldilocks

https://www.cnn.com/2023/06/01/business/treasury-bill-auction/index.html

"The final implementation of the Basel III regulatory framework will bring "more robust" and more standardized capital requirements the largest banks, Federal Reserve Gov. Philip Jefferson said in a speech Wednesday."

This month is the end game as Banks around the world raise their Capital requirements in assets backed by commodities.

Our SOFR lending system has standardized protocols that must be met going forward for banks to service their local economies.

Our new collateralized economy (SOFR) will transition us away from our debt based fiat system, and into, a Gold Standard.

July the fourth is shaping up to be a true independence day for our entire Global Nation as a whole.

© Goldilocks

https://www.americanbanker.com/news/feds-jefferson-basel-iii-endgame-will-bring-more-robust-capital-requirements

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As we transition from the old Financial System to the new one, the following are the next steps.

© Goldilocks

Next steps:

"On 1 July 2023, we will publish formal legal notices completing the implementation of these decisions.

Markets participants must take all necessary steps to ensure they understand how their contract terms interact with LIBOR’s winddown.

Market participants must continue to actively transition contracts that reference US dollar LIBOR, and not rely on the synthetic settings.

The 3-month synthetic sterling LIBOR setting is expected to cease at end-March 2024. Market participants using this LIBOR setting must take necessary action to prepare for this."

See FS23/2 for full details.

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As you can see from today's postings and postings from the last year and a half, this transition is real based on actual government documents signed by International lawyers and committed to legislations throughout the world.

Hang on just a little bit longer. As you can see, we are reaching a final culminating point to what we have been looking for...

© Goldilocks

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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

Friday Morning Iraq Economic News Highlights 6-2-23

Friday Morning Iraq Economic News Highlights 6-2-23

The Dollar Is Heading For The Largest Weekly Decline Since The Beginning Of 2003

2023-06-02 Shafaq News/ The dollar headed for its biggest weekly decline since mid-January on Friday, as a view prevailed among investors that the Federal Reserve will abandon raising interest rates this month, which will reduce the dollar's attractiveness to non-American buyers.  The US Senate's passage of a bill to suspend the debt ceiling and avoid a catastrophic default also removed a pillar of support for the dollar, which ironically had been one of the main beneficiaries due to its safe-haven status.

The Australian dollar rose after the increase in the minimum wage raised the central bank's bets on raising interest rates again next week.

The dollar index, which measures the US currency against six others, fell by about 0.8 percent this week, in its biggest weekly loss since mid-January. It was last down 0.1%.

Some weakness in US manufacturing data overnight supported the pause, although jobs numbers continued to rise, with more focus than usual on the monthly non-farm payrolls report later in the day.

Money markets are pricing in an upside potential of around 29%, down from around 70% earlier in the week.

The dollar rose to the positive zone against the yen, after recording the longest series of daily losses against the Japanese currency since last November, with four days of decline. The dollar was last up 0.1% at 138.89 Japanese yen.

The pair tends to track long-term US Treasury yields, which were at 3.61% after falling to their lowest since November 18 overnight.

The euro settled at $1.0769, after hitting a one-week high of $1.07685 on Thursday, when European Central Bank President Christine Lagarde said further policy tightening was necessary.

Meanwhile, the US Senate passed a bill to raise the government's $31.4 trillion debt ceiling on Thursday, preparing it for President Joe Biden's signature before Monday's deadline.

The Australian dollar rose as much as 0.68% to $0.662, the strongest level since May 24. The primary trigger was the announcement by Australia's independent wage-setting body that it will raise the minimum wage by 5.75% from 1 July.

Traders are currently placing a 67% chance that the central bank will raise interest rates by 25 basis points. Even if there is no rally next week, the markets are anticipating a rally by the fall.  LINK

What Is The Reason For The Continued Rise In Dollar Prices?.. A Sudanese Advisor Answers

Today, Thursday, the advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad, explained the reasons for the continued high exchange rates of the dollar in the Iraqi markets, while stressing that the foreign currency market and the speculators' high demand for the dollar is still continuing.

Mazhar Muhammad said, in a press interview seen by Taqaddam, that “since the end of October 2022, the foreign transfer policy has witnessed new audit applications imposed by international financial cooperation regarding auditing funds transferred outside the country through the foreign currency sale window in order to finance foreign trade for the private sector.” and other permitted financing purposes.

He added, "For the first time, external transfer procedures are linked to an audit platform that monitors compliance levels in the legal and legitimate disposal of funds transferred in US dollars, in order to investigate the natural and legal persons to whom the transfer is made, or the so-called knowledge of (the last beneficiary)."

Al-Sudani’s advisor explained, “The Central Bank of Iraq issued three important and soft packages during the current year that facilitate foreign dealings in dollars through the international compliance platform. The value of the Iraqi dinar increased by 10% in early February 2023, which all led to a decrease in the value of the dollar to the dinar to about 9 points, after it reached its peak by about 20 points in the first weeks of the beginning of this year.

Muhammad stressed, “The foreign currency market and the speculators’ increased demand for the cash dollar is still continuing, to finance informal trade, and the phenomenon continues to put pressure on the stability of the exchange market, which made the dollar rise to about 12 points again, while the levels of banking compliance are increasing.” continuous".

And the exchange rates of the dollar, in the local markets, continue to rise, despite the many measures taken by the government and the Central Bank, as the exchange rate reached, today, Thursday, 1470 dinars for every US dollar.    https://takadum-news.com/archives/167209

Stability Of Dollar Exchange Rates In The Local Markets

Economy  |Today,  Baghdad today – Baghdad  Today, Friday, the exchange rates of the dollar recorded stability in the local markets in the capital, Baghdad.

The (Baghdad Today) correspondent said, "The Al-Harithiya and Al-Kifah stock exchanges are closed today and have stopped buying and selling."

He added, "While the selling price in exchange offices reached 147,000 dinars per 100 dollars, and the purchase price amounted to 146,000 dinars per 100 dollars."

Yesterday, Thursday, the exchange rates of the dollar against the dinar recorded an increase in the local markets in the capital, Baghdad, where "the selling price in exchange offices reached 147,000 dinars per 100 dollars, while the purchase price reached 146,000 dinars per 100 dollars."  LINK

The Dollar Is Heading For The Largest Weekly Decline Since The Beginning Of 2003

2023-06-02 Shafaq News/ The dollar headed for its biggest weekly decline since mid-January on Friday, as a view prevailed among investors that the Federal Reserve will abandon raising interest rates this month, which will reduce the dollar's attractiveness to non-American buyers.

The US Senate's passage of a bill to suspend the debt ceiling and avoid a catastrophic default also removed a pillar of support for the dollar, which ironically had been one of the main beneficiaries due to its safe-haven status.

The Australian dollar rose after the increase in the minimum wage raised the central bank's bets on raising interest rates again next week.

The dollar index, which measures the US currency against six others, fell by about 0.8 percent this week, in its biggest weekly loss since mid-January. It was last down 0.1%.

Some weakness in US manufacturing data overnight supported the pause, although jobs numbers continued to rise, with more focus than usual on the monthly non-farm payrolls report later in the day.

Money markets are pricing in an upside potential of around 29%, down from around 70% earlier in the week.

The dollar rose to the positive zone against the yen, after recording the longest series of daily losses against the Japanese currency since last November, with four days of decline. The dollar was last up 0.1% at 138.89 Japanese yen.

The pair tends to track long-term US Treasury yields, which were at 3.61% after falling to their lowest since November 18 overnight.

The euro settled at $1.0769, after hitting a one-week high of $1.07685 on Thursday, when European Central Bank President Christine Lagarde said further policy tightening was necessary.

Meanwhile, the US Senate passed a bill to raise the government's $31.4 trillion debt ceiling on Thursday, preparing it for President Joe Biden's signature before Monday's deadline.

The Australian dollar rose as much as 0.68% to $0.662, the strongest level since May 24. The primary trigger was the announcement by Australia's independent wage-setting body that it will raise the minimum wage by 5.75% from 1 July.

Traders are currently placing a 67% chance that the central bank will raise interest rates by 25 basis points. Even if there is no rally next week, the markets are anticipating a rally by the fall.  LINK

An Economist Agrees With The “Pessimism” Of International Criticism About Iraq: The Deficit And Spending Are Worrisome

Economist Durgham Muhammad Ali agreed with the International Monetary Fund's report on the latter's pessimistic view of the Iraqi economy, noting that the deficit is worrisome and the spending is large.

Ali said in a press interview, which I saw, “Progress”; “The percentage and size of the deficit in the general budget for the year 2023 is worrisome, and the volume of operating spending is very high, which would have required the House of Representatives to reconsider the items of operational spending.”

He added, "The House of Representatives should also reconsider estimates of oil resources by reducing expectations of the price of a barrel and expectations of the export ceiling, especially with the pessimistic expectations of global growth and the increasing competition in global markets in light of the cheap Russian supply of oil."

He stressed that "the price of oil, which was estimated in the budget, is considered high, in addition to stopping Kurdistan's exports from exporting, which constitutes a loss for the public budget."

The budget for 2023 talks about the existence of 63 trillion dinars as a deficit, in light of the price of $ 70 per barrel of oil.

And the International Monetary Fund had indicated a pessimistic view of the Iraqi economy, as it indicated that the percentage and size of the budget deficit in the short term, the implementation of the authorities’ financial plans could lead to re-igniting inflation and fluctuations in the foreign exchange market, and in the medium term, the continuation of current policies in light of the presence of some Significant uncertainty about the future path of oil prices Critical risks to macroeconomic stability If there is no significant increase in oil prices, the current fiscal situation may lead to an increase in deficits and intensification of financing pressures in the coming years. https://takadum-news.com/archives/167162

Parliamentary Committee: The Decline In Global Oil Prices May Lead To A Reduction In Iraq's Investment Budget

The Parliamentary Oil Committee warned of the repercussions of the continued decline in world oil prices on the volume of financial revenues for Iraq, while noting the possibility of canceling some investment projects due to the size of the deficit.

A member of the committee, Bassem Al-Gharibawi, said in a press interview seen by Taqaddam, “The Oil Committee, since the government announced the details of the 2023 budget, has warned it against adopting the price of a barrel of oil in the budget at a value of $70 per barrel, and it was more appropriate to adopt realistic prices ranging between 60-65.” Dollars per barrel, given that oil prices are subject to rise and fall, as a result of variable events in the world, most notably the Russian-Ukrainian war, which cast a shadow on oil prices greatly.

And Al-Gharibawi added, "Oil prices may witness a decline during the coming period, especially if calm prevails on both sides of the war conflict between Russia and Ukraine, which in turn will make global prices fall under the category of decline."

He added, "The continued decline in global oil prices will lead to an increase in the budget deficit rate, which amounts to 64 trillion dinars," pointing out that "the government has set its financial accounts according to the aforementioned deficit rate, which means that any drop in oil prices will lead to (confusion) in the work program." Government and financial allocations to ministries and provinces.

Al-Gharibawi added, "Russia's continuation in keeping the rate of its exports as it is without adhering to the decision to cut production from OPEC + will lead to a continued decline in prices, and this is what is expected, which may push Iraq to reduce the investment budget in the event that prices continue to decline," indicating That “the drop of one dollar in global oil prices will be reflected in the budget in a very large way and change a lot of things.” https://takadum-news.com/archives/167220

"Tidbits From TNT" Friday Morning 6-2-2023

TNT:

CcandyKisses:  One day after meeting with the Minister of Transport, the Chinese Ambassador meets the Prime Minister and discusses economic cooperation with him

Baghdad - Iraq Today:

Prime Minister Mohamed Shia Al-Sudani and Ambassador of the People's Republic of China to Iraq Cui Wei discussed aspects of cooperation between the two countries and the development path file.

The media office of Prime Minister Mohammed Shia al-Sudani said in a statement that "the latter received the Ambassador of the People's Republic of China to Iraq, Cui Wei, in the presence of the Minister of Transport, and the meeting witnessed a review of the overall relations and aspects of cooperation between the two countries, and ways to develop them at various levels and fields."

Al-Sudani stressed "Iraq's openness to all partnerships with friendly countries, and its keenness to establish sustainable development that supports security and stability efforts."

He pointed to "Iraq's promising strategic project represented by the development road, which enjoys the attention of the state with all its authorities," stressing "work is currently underway in parallel on the projects of the development road, the port of Faw and the industrial city, as well as a new residential city next to the port."

"Iraq has received offers from several countries in the region for funding and implementation," he said.

For his part, Ambassador Tsui Wei conveyed the greetings of the Chinese leadership to Sudan, and its keenness to sustain the best relations with Iraq in various fields of cooperation and partnership.

"The development road is very important for Iraq, and it will be the path of peace and prosperity in the region, and it will become a complement to the Belt and Road project," he said, expressing his desire to see the economic feasibility study of the project, and China's readiness to provide technical advice to complete this vital project

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Tishwash:  The Central Bank answers... What are the credit card controls and issuance procedures?

 On Thursday, the Central Bank of Iraq affirmed its obligation to credit card issuers to issue one for each customer, while specifying its procedures against those who use them for improper purposes.  

The media office of the Central Bank said in a statement to the official agency, followed by “NAS”, (June 1, 2023), that “every citizen who wishes to travel has the right to apply for the purchase of $ 2,000, and the steps begin with possessing a valid travel ticket with the date of travel on it and going to the dollar sales outlets (Bank Or an exchange company to register his data on the dollar sale platform (FITR) to complete his transaction).  

Regarding the issuance of Visa and MasterCard cards, he explained, "The Central Bank has issued new controls to enhance the security and safety of using prepaid credit cards, as usage ceilings for these monthly and daily cards have been set."  

He added, "The controls oblige the issuing authorities to issue one card for each customer after submitting all identification papers and affixing his name to the card, taking into account regular reviews of card transactions for people who use their cards for improper transactions."  link

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Tishwash:  Al-Sudani's advisor reveals the importance of the electronic payment experience: it reduces transaction costs by 5%

Today, Thursday, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the importance of launching and generalizing the electronic payment experience in government and private institutions. Saleh said: "Electronic payment at the level of individuals and the market in general is a digital monetary phenomenon that contributes to improving the functions of money itself through the development of payment systems in the world's economies.

Rather, electronic payment has become a tool that reduces transaction costs compared to transaction costs that rely on direct cash payment. Transactions for direct cash payment relative to the gross domestic product are not less than 5% as a result of cash circulation between individuals, the market and banks, and these high costs come due to the cost of managing the same liquid cash mass between family spending units, the market, the banking system and the government.

And he stated, "This is how the advanced economies are today paving their way to an era of transparent digital cash payments with high governance, devoid of ambiguous monetary transactions and the various security risks surrounding them due to the absence of the element of transparency and certainty, as well as the availability of payment speed and accuracy of payments in electronic payment systems and their role in activating the capabilities of The banking system is an effective player in managing digital payment systems.

Saleh added, "Given the government's significant economic role in the economy, which increases the contribution of government activity to the gross domestic product to 63%, and government spending through the budget rises to approximately 50% of the GDP itself, the electronic government collection will have an important contribution to The speed of cash flow and collection within the framework of maximizing public revenues in the annual general budget, instead of stalling, stagnating and accumulating financial revenues with collection units and through separate sub-accounts for months and even years sometimes without benefiting from them themselves.

He pointed out that "electronic taxation, due to the interconnection of systems, will be more rapid in flow, collection and spending, and is characterized by high accounting transparency and achieves the principles of financial governance, especially when the so-called unified treasury account is available (which is a unified accounting center that reflects an accurate and timely picture of cash flow from collections and expenditures of public finances and in all Moment)

Thus, electronic collection will enable the financial administration to disburse and act without facing temporary deficits in financial revenues due to delays in collection and collection by traditional methods, which are still caused by collection methods in their primitive forms.

And the financial and economic advisor to the Prime Minister continued, "It can grant encouraging allowances for payments made through electronic collection in return for setting an additional wage when resorting to traditional collection, and this generates an effective differentiation between the two types of collection in the interest of the progress and development of government digital payment systems."

Saleh noted that "electronic taxation as a system will help combat an important aspect of financial corruption that is achieved through traditional collection methods that are based on cash payment for government services by individuals and the costs, burdens and problems it causes when collecting."  link

Mot:  ... Now This Finally Explains the Pain!!! ~~~~

Mot:   ssiiiiggghhhhhh - This Modern Age can beeee Tough at times!!!

Awake-In-3D "Debt Jubilee: A Last Resort Before the Global Fiancial Collapse"

Awake-In-3D

Debt Jubilees: A Last Resort Before The Global Financial Collapse

On June 1, 2023 By Awake-In-3D

A Debt Jubilee is coming. It will be introduced as a last resort before a global financial collapse. However, without a Gold-backed Currency Reset is a very bad idea. Here’s my take on the alarming rise of global debt and the potential consequences of Fiat Monetary System debt jubilees as the world teeters on the brink of a financial system collapse. Brace yourself for an unsettling glimpse into the Jubilee future without Our GCR.

Debt Jubilees: A Historical Solution with Dire Implications

Ancient Babylonian rulers employed debt jubilees to prevent violent revolts caused by overwhelming debt.

Debt jubilees redistributed wealth and acted as societal pressure release valves.

The practice spread across different civilizations, even recognized in the Book of Leviticus.

Today, with unbearable levels of government, corporate, and personal debt, debt jubilees may make a big comeback.

Debt jubilees, a practice originating in ancient Babylon, were once employed to prevent social upheaval caused by overwhelming debt. Now, as modern society grapples with insurmountable levels of government, corporate, and personal debt, the revival of debt jubilees may appear enticing. However, the implications of such a solution are far from promising.

The Biggest Wealth Transfer in History: Imbalances and Unintended Consequences

Debt jubilees don’t create new wealth but redistribute it on a massive scale.

Examples like PPP (Payroll Protection Program) loan forgiveness and President Biden’s student loan forgiveness reveal the impact.

Student loan forgiveness alone could cost at least $590 billion.

Concerns arise regarding inflationary effects and setting irreversible precedents.

Debt jubilees, although touted as redistributing wealth, simply shift the burden from one party to another. Recent examples like PPP loan forgiveness and President Biden’s student loan forgiveness reveal the far-reaching impacts. These actions, accompanied by unprecedented costs, set dangerous precedents and sow the seeds of discontent among those who acted responsibly. The promised relief for some may come at the expense of others, intensifying social and economic imbalances.

The Rising Tide of Debt and the Precarious Breaking Points

Consumer debt, surpassing $16 trillion, is reaching unbearable levels.

Rising interest rates make servicing record debt increasingly challenging.

Biden’s student loan forgiveness sets the stage for future debt jubilees.

The pressure to provide debt relief before elections may become irresistible.

The staggering rise of consumer debt, soaring past $16 trillion, serves as a stark warning sign. As interest rates climb, the burden of servicing this record debt becomes increasingly unsustainable. The recent student loan forgiveness, fueled by political expediency, sets a precedent that could trigger demands for further debt relief. A significant portion of the population, burdened by car loans, mortgages, and credit card debt, may soon demand their share of debt forgiveness.

The Coming Federal Debt Jubilee: Unraveling the Global Financial System

The US federal government faces the biggest debt in the history of the world.

The debt is growing rapidly and reaching a financial endgame.

Even paying the interest expense becomes a daunting task.

The Federal Reserve is trapped between rising inflation and bankrupting the government.

The United States government faces an unparalleled debt crisis, with levels skyrocketing beyond comprehension. The sheer magnitude of the federal debt, accumulating at an alarming pace, points to an inevitable financial endgame. The interest expense alone threatens to consume more than half of current tax revenues. Even a return to average interest rates would prove insufficient to combat the surging inflation. The Federal Reserve finds itself trapped between a rock and a hard place, as raising rates to tackle inflation would push the government to the brink of bankruptcy.

Resetting the System: An Ominous Path Forward

A debt jubilee may be part of the US government’s strategy to reset the system.

Stealthily implementing inflation could be a means to repudiate the federal debt burden.

Inflation disproportionately benefits debtors, including the US government.

Consequences include devastating savers, eroding purchasing power, and global financial instability.

In the face of an impending financial collapse, governments often resort to drastic measures to “reset” the system. While the specifics remain uncertain, a debt jubilee of biblical proportions may play a significant role in the US government’s strategy. To avoid the appearance of default, they may implement a stealthy solution: inflation. Inflation disproportionately benefits debtors, making it an appealing choice for the largest debtor in history—the US government. However, the consequences of such a course of action will be far-reaching, devastating savers, eroding purchasing power, and shaking the foundations of the global financial system.

The resurgence of debt jubilees as a purported solution to overwhelming debt levels carries dire implications for the global financial system. The unequal redistribution of wealth, the normalization of debt forgiveness, and the unsustainable rise of debt in various sectors paint a bleak picture. As the US government grapples with an insurmountable federal debt burden, a looming financial collapse threatens the stability of the global economy. The path forward seems to involve a stealthy debt jubilee through inflation, exacerbating social, economic, and geopolitical tensions. The warning signs are clear—brace yourself for the turbulent times that lie ahead.

Combining a Gold & Commodity-backed Currency with a Debt Jubilee is the Solution

The current state of the global financial system, marked by soaring debt levels and the potential for a catastrophic collapse, necessitates a comprehensive solution.

While debt jubilees may provide temporary relief, a more sustainable approach lies in adopting a gold and commodity-backed monetary policy worldwide. By combining a debt jubilee with a return to sound monetary principles, governments can achieve a lasting solution that addresses the root causes of the crisis.

A gold-backed currency would restore confidence, provide stability, and prevent the rampant inflation associated with unchecked money printing. Additionally, coupling debt forgiveness with a commodity-backed system would ensure that wealth redistribution is more equitable and sustainable, avoiding the pitfalls of simply shifting the burden from one party to another.

By embracing such a holistic approach, governments can not only alleviate the immediate burden of debt but also establish a foundation for long-term economic stability, prosperity, and a resilient global financial system.

https://ai3d.blog/debt-jubilees-a-last-resort-before-the-global-financial-collapse/

Iraqi News Highlights Thursday Evening 6-1-23

Iraqi News Highlights Thursday Evening 6-1-23

Tlm724 Administrator Bondlady’s Corner

In Detail.. The International Monetary Fund Issues Its Report On The Iraqi Economy And Issues A Number Of Warnings

Money  and business  A team of International Monetary Fund experts, led by Tukhir Mirzoev, warned that the fluctuations in the foreign exchange market and the reduction in oil production affected the momentum of growth in Iraq, warning of the expansionary plans of the Iraqi authorities in public finances that could lead to an exacerbation of the level of inflation. In the short term, and to impose significant risks to macroeconomic stability in the medium term.

And he considered, in a report issued by the Fund, that the discipline of public finances and wide-ranging structural reforms are crucial factors to reduce weaknesses in the Iraqi economy, to enhance its resilience in the face of crises, and to achieve sustainable and more inclusive growth for all.

The report comes after a visit to Amman, Jordan, during the period 24-31 May, with the aim of discussing the latest developments and economic prospects with the Iraqi authorities, as well as discussing plans related to policies in the coming period.

At the end of this mission, Mirzoev issued the following statement:

"The growth momentum of the Iraqi economy has slowed down in recent months. After recovering oil production last year and restoring the level it reached before the outbreak of the Corona pandemic, production is expected to contract by 5 percent in the year 2023 in light of the OPEC + decision to reduce the volume of oil production." ,

and the interruption of the Kirkuk-Ceyhan oil pipeline from work.The fluctuations in the foreign exchange market rates, following the application of the Central Bank of Iraq to stricter controls to combat money laundering and terrorist financing on foreign currency sales, had a negative impact on the import-based non-oil sectors.

A contraction in real non-oil GDP by 9 percent (on a year-on-year basis) during the last quarter of 2022, canceling the growth achieved during the first three quarters of the year.With signs of stabilization of the foreign exchange market, in light of the measures taken by the Central Bank of Iraq, the non-oil real GDP is expected to resume growth, reaching 3.7 percent in 2023.

After the inflation rate rose to 7 percent in January On the second of January, inflation began to moderate in a way that reflects the decline in commodity prices at the international level and the increase in the exchange rate of the Iraqi dinar by 10 percent. The inflation rate is expected to average 5.6 percent during the year 2023.

"Favorable conditions in the oil market have supported Iraq's financial and external centers, but structural imbalances have continued to widen. In the year 2022, surpluses in public finance and external current account balances amounted to 7.6, or 17.3 percent of the total GDP, Respectively, due to the record rise in oil revenues, the foreign exchange reserves of the Central Bank of Iraq increased to reach 97 billion US dollars (equivalent to the value of 11 months of import), which includes financial savings for the government amounting to 16.3 billion US dollars ( At the same time, the significant expansion of public finances has increased the non-oil primary deficit from 52 percent to over 68 percent of non-oil GDP in 2022.

“The fiscal expansion will further increase, as proposed in the draft budget law for the year 2023, the size of the primary non-oil deficit in public finances to reach 75 percent of non-oil GDP, and the total deficit in the balance of public finances to 6 percent. 5 percent of GDP.

The combined effects of the increase in government spending, the increase in the exchange rate of the Iraqi dinar, and the decrease in oil production combined would increase the price of a barrel of oil required to achieve balance (zero deficit) in public finances, to 96 US dollars.

"In the short term, the implementation of the Iraqi authorities' plans for public finances could push the inflation rate upward, and return the foreign exchange market to volatility.

As for the medium term, the continuation of the current policies in light of a great deal of uncertainty about the path of Oil prices in the future pose serious risks to macroeconomic stability, and except in the case of a significant increase in oil prices, the current public finance situation could lead to an escalation of the deficit and an increase in fiscal pressures in the coming years.

A tighter fiscal policy is needed to strengthen the resilience of the economy and reduce the government's dependence on oil revenues while preserving urgent social spending needs.

Key priorities include diversifying fiscal revenues, reducing the huge wage bill for government employees, and reforming the pension system To make it financially sound and more inclusive.While the IMF mission supports the government's plan to increase the volume of social assistance, it recommends a stronger level of targeting, to ensure that aid is directed to the most vulnerable citizens.

“Improving public financial management remains critical. In this context, the IMF mission warns of the need to be cautious about planned creation of new extra-budgetary funds, which raises concerns about governance and efficiency, and strongly recommends that all Government expenditures through the budget.

Furthermore, the mission is urging full implementation of the Government Guarantees Management Framework, including taking parliamentary pre-approval of the annual ceiling and the list of government guarantees as part of the budget law.In addition, there is a need to accelerate efforts to Establishing the single treasury account with the aim of strengthening public financial management.

The mission welcomes the progress made by the Central Bank of Iraq in the area of ​​improving liquidity management, anti-money laundering and counter-terrorist financing frameworks, and stresses the importance of close coordination between the stances of monetary and public financial policies in managing the Iraqi economy.

“Creating an enabling environment for private sector development will be paramount to achieving sustainable and more inclusive growth. Priorities in this area include continued efforts to strengthen governance and reduce corruption, restructure large state-owned banks to improve access to finance, and reform the labor market with the aim of promoting job creation Employment in the private sector, improving the ability of the electricity sector to recover costs to enhance its ability to meet demand in a sustainable manner, and improving the broader business environment.

The Fund's team of experts stands ready to support the Iraqi authorities in their reform efforts, and would like to thank them for the frank and fruitful discussions during the mission.

Views 67   Added 06/01/2023 - https://economy-news.net/content.php?id=34525

An Economist Identifies The Advantages Of Establishing A Pioneer Bank To Finance Small Projects

Economy News / Baghdad  The economist, Durgham Muhammad Ali, praised the Central Bank's announcement of its support for the establishment of a Riyada Bank to support microcredit.

Ali told Al-Eqtisad News, "The bank's idea is good for activating small projects and eliminating unemployment, because borrowers need training in order to provide them with skills that enhance the mechanisms for benefiting from these loans," calling on state departments to "support this project, and borrowers with the aim of speeding up the process." its implementation process.

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

On the sidelines of the opening of the annual Iraqi banking conference organized by the Association of Private Banks, the governor said, "The initiatives of the Central Bank of Iraq are the largest in the history of Iraq," revealing "the completion of new projects, including the establishment of the Riyada Bank for Social Development in line with the vision and initiative of the Prime Minister in the project."

government (leadership) to support youth,” stressing 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 activate the private sector and reduce unemployment and poverty rates.”

He pointed out that "the Central Bank of Iraq put the final touches to prepare a national strategy for bank lending."   Views 85   06/01/2023 -    https://economy-news.net/content.php?id=34522

The Central Bank Of Iraq Organizes A Workshop For Banking And Financial Institutions

June 01, 2023     The Central Bank of Iraq, in coordination with the Anti-Money Laundering and Terrorism Office, organized a workshop for banking and non-banking financial institutions.

 The workshop dealt with the  participation of the results and the  measurement of the threats and risks surrounding the financial sector, with the direction of monitoring the necessary treatments in order to alleviate their risks.

 It is noteworthy that the establishment of this workshop was a continuation of the plan to publish the results of the national evaluation of the dangers surrounding this vital sector.

 The Central Bank of Iraq   Information Office   1 - June – 2023   https://cbi.iq/news/view/2349

The Central Bank Announces The Entry Into Force Of The Cabinet's Decision Regarding The Use Of Electronic Payment Devices

Economy| 09:32 - 01/06/2023   Baghdad - Mawazine News   The Central Bank announced, on Thursday, the entry into force of the Cabinet’s decision regarding the use of electronic payment devices (POS).

The bank confirmed, in a statement, a copy of which Mawazine News received, that “Cabinet Resolution No. (23044) for the year 2023 entered into force, represented by increasing the number of electronic payment devices (POS), which are used as of 6/1/2023 in government institutions.”

And the private sector to promote a culture of electronic payment and collection, and reduce the use of paper money in collection and commercial transactions.

The bank indicated that “it has been going on 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 the bodies 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. The citizen has the right to choose to pay in the way that makes it easier for him.

And he continued, "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 pointed out 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."

The statement stated, “The 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 procedures for electronic cash circulation through bank cards.”

The service to the bank holding the account of the billed government entity shall be after the completion of processing and settlement operations in payment systems of high reliability and security, affiliated to the Central Bank of Iraq, and in accordance with international best practices.    https://www.mawazin.net/Details.aspx?jimare=228102

The Central Bank Promotes The Use Of Payment Devices (POS) In Accordance With The Decision Of The Council Of Ministers

Thursday 01, June 2023 09:46 | Economical Number of readings: 446  Baghdad / NINA / The Central Bank of Iraq announced that Cabinet Resolution No. (23044) for the year 2023 has entered into force, 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 payment and collection. electronically, and reduce the use of paper money in collection and commercial transactions.

In a statement, the bank confirmed that it has spent years providing this service in accordance with its powers, and in compliance with the decision of the 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, agencies and state departments.

Those working 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.

The bank added, "Every entity that provides its services or has a financial collection with citizens directly, will work through electronic payment devices (POS), and the citizen has the right to choose payment in the way that facilitates it," revealing at the same time that there are other institutions and government departments that will join the (POS) service. POS) within the next few days, in implementation of the decision of the Council of Ministers.

The bank indicated, "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."

He explained that he had 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, indicating:

“The transfer of money electronically from the cards of the beneficiaries of this service to the bank.” The holder of the billed account of the government agency will be after the completion of processing and settlement operations in payment systems with high reliability and security, affiliated to the Central Bank of Iraq, and in accordance with international best practices.    https://ninanews.com/Website/News/Details?key=1057034

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Iraqi News Highlights Thursday Afternoon 6-1-23

Iraqi News Highlights Thursday Afternoon 6-1-23

Tlm724 Administrator Bondlady’s Corner

Central Bank: The Dinar Is The National Currency And There Is No Need To Deal In Dollars

Economy| 05:09 - 05/31/2023  Baghdad - Mawazine News  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 Deputy Director General of the Investments Department at the Central Bank of Iraq.

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 who speculate with dollars violate the law, and dealing with them takes place through the Iraqi judiciary."   https://www.mawazin.net/Details.aspx?jimare=228063

The Prime Minister Chairs A Meeting Of The Supreme Committee For Investment And Reconstruction

Political | 12:15 - 01/06/2023  Baghdad - Mawazine News  On Thursday, Prime Minister Mohamed Shia Al-Sudani chaired a meeting of the Supreme Committee for Investment and Reconstruction.

Al-Sudani's media office stated, in a statement, a copy of which was received by Mawazine News, that "Prime Minister Muhammad Shia'a Al-Sudani chaired a meeting of the Supreme Committee for Investment and Construction."   https://www.mawazin.net/Details.aspx?jimare=228116

The Iraqi Stock Exchange Announces The Weekly Trading Indicators

Economy| 04:48 - 01/06/2023   Baghdad - Mawazine News  The Iraq Stock Exchange announced today, Thursday, trading indicators during the last week of May.

The market said in a statement, a copy of which Mawazine News received, that “the Iraq Stock Exchange organized, during the last week of May 2023, five trading sessions, from Sunday 05/28/2023 to Thursday 06/01/2023.” During this week, the following indicators were achieved:

1. The number of shares traded during this week amounted to more than (1) billion shares

2. The value of shares traded this week amounted to more than (2) billion dinars 3.

The trading index closed in the market for the first time session of the week at (633.58) points, while the index closed at the end of the week at (632.58) points, achieving a decrease of (0.16%) from its closing at the beginning of the session.

4. During the week, more than (2400) buying and selling contracts were executed on the shares of companies listed in the market.    https://www.mawazin.net/Details.aspx?jimare=228144

Ministry Of Oil: Last Month's Revenues Amounted To (7.306) Billion Dollars

Economy| 01:41 - 01/06/2023   Baghdad - Mawazine News   The Ministry of Oil announced, on Thursday, the total exports and revenues achieved for the month of May, according to preliminary statistics issued by the Iraqi Oil Marketing Company "SOMO".

The ministry said in a statement, a copy of which Mawazine News received, that "the total amount of exports of crude oil is (102) million (463) thousand and (387) barrels, with revenues amounting to (7.306) billion dollars."

And she added that "the total exported quantities of crude oil for the month of May from the oil fields in central and southern Iraq amounted to (102) million and (206) thousand and (413) barrels."

The ministry indicated that "the average daily quantities exported amounted to (3) million and (305) thousand barrels per day," indicating that "the average price of one barrel amounted to more than (71.30) dollars."    https://www.mawazin.net/Details.aspx?jimare=228125

The Central Bank Records A Decrease In Its Total Sales Of Foreign Currency

Economy| 11:51 - 01/06/2023   Baghdad - Mawazine News  The Central Bank of Iraq announced a decrease in its sales of foreign currency, to about $240 million.

According to the schedule of the currency sale window, followed by / Mawazine News /, the Central Bank sold during its auction today 240,525,519 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 external transfers, and at a price of 1310 dinars per dollar, respectively. monetary.

Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits), amounting to $209,725,519 million, while the remaining $30,800,000 million went in the form of cash sales.    https://www.mawazin.net/Details.aspx?jimare=228112

Learn About The Exchange Rates Of The Dollar In The Local Markets Today

Economy| 11:12 - 01/06/2023   Baghdad - Mawazine News   On Thursday, the exchange rates of the dollar against the dinar recorded a slight increase in the local markets in all the country's governorates.

And Mawazine News correspondent stated, "The buying and selling prices of the dollar witnessed a slight increase against the dinar, in exchange shops in the local markets, as the selling price reached 147,750 dinars per 100 dollars, while the purchase prices reached 145,750 dinars per 100 dollars, in the capital, Baghdad."    https://www.mawazin.net/Details.aspx?jimare=228109

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MilitiaMan "Big Weekend For Iraq -USA" 6-1-2023

Big Weekend for Iraq - USA

MilitiaMan and Crew:  6-1-2023

Deals with Kurdistan, Possible correlation between Iraq’s budget and the US Debt ceiling, POS system was released today…. and more.

Iraq suspended Western Union and money coming in and out of the country.

Sounds like big decisions happening quickly.

We believe the CBI is fully ready to join forex systems. Our forex will open about 5 pm est on Sunday.

Please listen to the video for all the latest news…………

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

https://www.youtube.com/watch?v=LkqZqorge-A