"Tidbits From TNT" Friday Morning 6-9-2023

TNT:

Tishwash:  Parliamentary Finance expects to pass the budget today

The Parliamentary Finance Committee expected that the draft financial budget would be fully passed in the parliament session today, Friday.

The committee will hold a new meeting to vote on the articles that have been added to submit them to the Presidency of Parliament and include them with the draft budget law for voting on them in the session scheduled for today.

And the House of Representatives, in its session that was held yesterday evening, in the presence of 258 deputies, started voting on the Federal General Budget Law for the years (2025, 2024, 2023).

The Council voted on seven articles from the total articles of the draft budget law, after which the Speaker decided to adjourn the session to 1 pm today, Friday.  link

CandyKisses:  The long night is over.. Parliament is raising its session and this is the budget version and the most prominent articles passed. ” +964

12:35 Parliament raises its session to 1 p.m. on Friday.

12:15 | Voting on Article III, V, VI, VII and VIII, postponing the second, canceling the fourth, and withdrawing Hadi Al-Salami.

The House of Representatives votes on Article 1 of the Budget Law.
Vote to add new agenda clause on replacement of some MPs
The House of Representatives proceeds to vote on the draft federal budget law of the Republic of Iraq for the fiscal years (2023, 2024, 2025).

Start distributing the final version of the budget law among the members of the House of Representatives.

At 11:27 Speaker of the House of Representatives Mohammed Al-Halbousi called on the Finance Committee to read the budget, announcing the opening of session No. 28 to vote on the draft budget, in the presence of 258 deputies.

ARY SOURCE: 15 articles will be voted on and the session will resume tomorrow to complete the vote on the rest of the articles.

The Chairman of the Parliamentary Finance Committee Atwan Al-Atouni announces the settlement of differences and agreement to hold the budget pass session.
At 10:45, the parliament bell ringed to invite council members to enter the hall in preparation for the budget pass session, after a number of deputies objected to the postponement of the session to tomorrow.

After the end of the meeting of the Presidency of Parliament in the Finance Committee, Speaker of the House of Representatives Mohammed Al-Halbousi held another meeting with the objecting deputies of the Finance Committee.

The spokesman for Sadekoun bloc Mohammed Al-Baldawi reveals that the reason for postponing the parliament session is “technically problematic, not political,” and that the majority of the points of disagreement have been exceeded, as the draft budget will be printed for submission to the presidency of the Council.

Postponement of the budget voting session for a day for the purpose of reviewing parliamentary finances.

The meeting of the Presidency of Parliament with the Finance Committee and the heads of parliamentary blocs ends at 10:10 pm.

At 10:00, the Parliamentary Finance Committee began voting on the draft budget bill, in the presence of Parliament Speaker Mohammed Al-Halbousi.

Official newspaper: More than 240 MPs are inside the parliament building so far.
At 9:30, Parliament Speaker Mohammed Al-Halbousi chaired a meeting of the Finance Committee in the presence of First Deputy Mohsen Al-Mandalawi, Second Deputy Shakhwan Abdullah and the heads of parliamentary blocs ahead of the voting session on the budget law.

First Deputy Speaker of Parliament Mohsen Al-Mandalawi, the head of Sadekoun bloc Adnan Fihan, and the head of the Sanad parliamentary bloc Murtaza Al-Saadi meet with the Finance Committee before the budget pass session.

Side meetings to agree on the final version of the budget more than an hour after the scheduled session.

The spokesman for the Sadiqoun parliamentary bloc, Mohammed Al-Baldawi, said, in a televised interview, that “there are some problems in the budget law that have not been solved so far, including articles related to the region, noting that “the majority of the political blocs are directed towards approving the budget.”

MP Firas Al-Muslimawi: Large influx of members of parliament and a comfortable majority to pass the budget.

Dozens of MPs gathered inside the hall designated for the parliament session, at 8:25.
The 45-minute meeting of the deputy coordination framework ended, during which the draft budget was discussed, without disclosing the outputs of the meeting.

First Deputy Speaker of the House of Representatives Mohsen Al-Mandalawi, and Second Deputy Shaxuan Abdullah, arrived at the parliament building at 8:10.
Deputies began flocking to the parliament building at 7:45 in preparation for the budget vote session.

Half an hour before the scheduled date of the session, the deputy coordination framework held a meeting in the House of Representatives.

The House of Representatives had decided to postpone the budget session to eight o'clock in the evening today, after what was scheduled to be held at 1 pm.

**

Tishwash:  Outputs of the Central Bank's meeting with the US "JP Morgan" bank

 The Governor of the Central Bank, Ali Al-Alaq, discussed with the Vice President of the US JP Morgan Bank "Daniel Zeliko" in Baghdad, Friday, Friday, the support of Iraqi banks in the field of combating money laundering and terrorist financing.  

In a statement, "NAS" received a copy of it (June 9, 2023), the two parties discussed "means of cooperation between JP Morgan Bank and the Central Bank of Iraq, and the US bank's readiness to support a number of Iraqi banks in financing foreign trade operations in the US dollar currency."   

And Zelikow praised "the recent measures taken by the Central Bank of Iraq in the field of combating money laundering and terrorist financing and the adoption of international standards in money transfers."  

He called on the Governor of the Central Bank, "Zeljko to open a representative office in Iraq, promising him to provide the necessary support to facilitate this step because it represents positive repercussions on the Iraqi economy in general, and the banking sector in particular, while the meeting touched on joint cooperation in the fields of investment management, technical support and training." In different fields".  

It is noteworthy that JPMorgan Bank is the largest US bank in terms of financial assets, with assets amounting to about $4 trillion.  link

Mot:  MARRIAGE IS A WORKSHOP

Mot: ..... oooooh I Get This un! - Was Just There!!!

Iraqi News Highlights Thursday Afternoon 6-8-23

Iraqi News Highlights Thursday Afternoon 6-8-23

Tlm724 Administrator Bondlady’s Corner

Warnings Of Running Out Of Iraqi Cash Reserves Due To Indicators Of The International Economy

Economy   | Baghdad today – Baghdad  Today, Wednesday, the economist, Bariq Shubar, warned of the depletion of the Iraqi cash reserves, due to the indicators of the international economy and the state of contraction, and the occurrence of actual deficits in the general budget and the Iraqi balance of payments.

Shubbar expected, in press statements, followed by (Baghdad Today), a contraction of the general international economy, a drop in oil prices, and a decline in export revenues, with the continuation of planned government spending in the 2023 budget and subsequent years, which will cause a state of fiscal deficit and depletion of reserves of foreign currency and gold.  And the economist said,

"The increase in cash reserves is very important for the future of the Iraqi economy, because of its strategic importance,

but the fiscal and monetary policy pursued by successive Iraqi governments failed to use the reserves for sustainable development purposes." He pointed out that

"the total cash reserves announced by the Central Bank of Iraq include the financial abundance achieved in the past year belonging to the Ministry of Finance, and

it will be withdrawn by the US Federal Bank after passing the 2023 budget."  Shubar emphasized that

"the central bank sells large amounts of dollars, which are leaving large amounts of it outside Iraq, and this means that an inevitable decrease will be exposed to the cash reserves."

The Central Bank of Iraq revealed a new statistic that showed the increase in foreign exchange reserves and the quantities of gold available as strategic storage, in addition to its progress in the global ranking among the countries that have the most gold reserves.

And the statistic, which was published yesterday, Tuesday, showed that the cash reserves of the dollar rose until the end of May 2023 to 111.7 billion dollars, from about 77 billion dollars a year ago, and the gold reserves rose to 132.7 tons from 96.4 tons a year ago.

According to the same statistic, Iraq ranked 30th in the world in gold reserves, eight places higher than it was in May 2022.

Despite the increase in monetary and gold reserves, there are warnings about the risks of repercussions of this rise, which will lead to structural imbalances and economic problems that are difficult to treat.

The Advisor to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, explained that the increase in foreign currency reserves resulted from the oil price differences for the year 2022, as the selling price of a barrel of Iraqi oil reached about $93.

Saleh said, in media statements, that this increase was due to the lack of a budget for the country, in addition to the fact that government spending was limited according to the 1/12 system, with the existence of the food security law, which provided large revenues for the general budget, and this was reflected in the provision of large revenues for the finances. the public.

He referred to the storage available at the Central Bank of foreign currency reserves with budget savings amounting to about 16 trillion Iraqi dinars, which means that the reserves revealed by the Central Bank of monetary currency include the bank's storage with the government's storage.

 https://baghdadtoday.news/223345-تحذيرات-من-نفاد-الاحتياطي-النقدي-العراقي-بسبب-مؤشرات-الاقتصاد-الدولي.html 

Iraq Saves The Dollar And Invests In Gold 

Immunization of the economy from global fluctuations

Jabbar Zidan is an Iraqi journalist @jabarzed  Saturday, June 3, 2023 5:27

The Central Bank of Iraq seeks to convert cash reserves into gold (AFP)

"Gold is an adornment and a treasury."

This saying represents what international banks have reached in terms of storing and buying tons of gold as a result of global price fluctuations,

as the Central Bank of Iraq worked to purchase a new amount of the yellow metal in order to guarantee the country's economy, which depends mainly on oil.

Specialists indicate in an interview with "Independent Arabia" that monetary gold is considered a guarantee to avoid the risks of fluctuations in currency exchange rates in which the investment portfolio of foreign reserves varies, stressing that

it is an essential guarantor to protect the investment portfolio of the Central Bank of Iraq against fluctuations in the risks of the exchange rate of the local currency, the interest rate, and others..

30 Worldwide

And the Central Bank of Iraq announced, last Wednesday, the purchase of new quantities of gold of approximately 2.3 tons, which resulted in an increase in its holdings of this metal by 1.79 percent,

bringing its total to (132.74) tons, maintaining its sequence in the thirtieth rank in the world ranking. Gold holdings of the countries of the world.

The Investments Department stated, according to a statement by the media office of the Central Bank of Iraq, that the purchase came with the aim of increasing its holdings of gold in light of the economic and political conditions the world is witnessing.

Gold is considered one of the most important components of the reserves held by banks and international financial institutions, as

they continuously increase their reserves of this metal, because of this procedure’s positive impact on the financial solvency of these institutions and the creditworthiness of their countries.

Gold Guarantee

In the context, the financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, said that monetary gold occupies within the base of diversifying sovereign foreign reserves an estimated rate of between 7 to 10 percent of the total components of the investment portfolio represented by various currencies as foreign assets, and managed by central banks.

In the world, including the Central Bank of Iraq, according to international standard evidence, in investing that portfolio in various currencies.

Saleh explained that despite gold no longer playing a direct role in the international monetary system today, "central banks and governments around the world, including Iraq , seek to keep record quantities to protect against economic instability," pointing out that

"it is characterized by less fluctuations in its prices." compared to other individual commodities, trading stocks and currencies, across the world's various asset cycle chains.

Investment Stability

For his part, Mahmoud Dagher, a specialist in financial affairs and former director general of financial operations at the Central Bank of Iraq, said,

"The increase in the gold balance means the stability of Iraq's foreign investments that belong to the Central Bank," continuing to say that "currencies are now imitating each other, so it is better That our reserves in gold are the only effect," denying the existence of an impact on the domestic economy.

Financial Transformation

On the other hand, economic researcher Nabil Jabbar Al-Tamimi said that the process of buying gold is driven by financial transformation policies in the midst of the international conflict and expectations of large economic fluctuations in it or fears related to the expected recession, which is what drives investors to buy gold as a substitute for stocks, currencies and other assets.

Read More:

   Gold is a haven for investors in the storm of turmoil

   Gold is recovering above $2,000 amid existing economic risks

   Iraq is searching for its looted antiquities abroad

Al-Tamimi referred to the contracts signed by the Central Bank of Iraq to buy gold two years ago, during which reserves increased from 98 tons to 132 tons, pointing out that  it will not exceed 9 percent of its total reserves today in US dollars, with investments in US Treasury bonds.

Critical Risks

On Thursday, the International Monetary Fund issued a pessimistic statement for the Iraqi economy after recovering from the Corona pandemic last year, as he mentioned a number of fund experts who met in Jordan from May 24 to May 31 to discuss with the Iraqi authorities about recent economic developments and expectations as well as policy plans.

In the coming period, the growth momentum of the Iraqi economy has slowed in recent months, reaching a level lower than before the pandemic.

Experts said that

"oil production is set to shrink by 5 percent in 2023 due to a cut in production (OPEC +) and the

interruption of the (Kirkuk-Ceyhan) oil pipeline, in addition to

fluctuations in the foreign exchange market in the wake of tightening control over combating money laundering as well as financing terrorism." by the Central Bank of Iraq, which negatively affected foreign currency sales.

Growth Estimates

And the fund’s experts stated in their statement that

“estimates indicate that the real non-oil GDP contracted by 9 percent (on an annual basis) in the last quarter of 2022, which cancels its growth during the previous three quarters, with the continued stability of the foreign exchange market with the help of the bank’s measures.”

The Iraqi Central Bank, as it is expected that the growth of real non-oil GDP will resume and reach 3.7 percent in 2023, after rising to 7 percent in January.

The fund noted that "inflation has begun to moderate, reflecting a decline in international commodities, in addition to a 10 percent revaluation of the dinar, and

it is expected that the average will reach 5.6 percent in 2023."

The experts pointed out, according to the statement, that "favorable conditions for the oil market supported Iraq's financial and external situation, but structural imbalances continued to widen, and

in 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 prices, and the CBI's foreign exchange reserves rose to $97 billion (11 months of imports), including $16.3 billion (6 percent of GDP) in financial savings accumulated by the government, at the time

At the same time, the large fiscal expansion expanded the non-oil primary deficit from 52 percent to more than 68 percent of non-oil GDP during 2022.

Financial Relief

And the statement added that

“the largest fiscal easing envisaged in the draft budget law of 2023 would widen the primary non-oil fiscal deficit to 75 percent of non-oil GDP and bring the total fiscal balance to a deficit of 6.5 percent of GDP.

The combined effects of

increased government spending, a

revaluation of the exchange rate, and

lower oil production have

raised the fiscal breakeven price of oil to $96 per barrel.

Experts stressed that

"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."

If there is no significant increase in oil prices, the current fiscal situation may lead to an increase in the deficit and intensification of financing pressures in the coming years.

Experts emphasized 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.

Supporting the government's plan to increase social assistance, the mission recommends stronger targeting to ensure it is directed at the most vulnerable.

https://www.independentarabiacom/node/458411/اقتصاد/أخبار-وتقارير-اقتصادية/العراق-يدخر-الدولار-ويستثمر-بالذهب

World Bank: Iraq's GDP Growth Declined By 1.1%

Economy     breaking    The World Bank    Iraqi economy    local production

 2023-06-07   Shafaq News/ The World Bank expected, on Wednesday, that  Iraq's real GDP growth will decline by 1.1% during the current year 2023.

Shafaq News agency viewed a schedule issued by the bank, during which it expected the real GDP growth of Iraq to decline by 1.1% during the year "2023", indicating that

"Iraq's gross domestic product increased in 2021 and 2022, by 1.6% and 7%, respectively, after it It was down 12% in 2020."

The World Bank schedule also showed an expectation that Iraq's gross domestic product would rise again in the next year 2024 and 2025 by 6% and 3.7%, respectively.

The bank suggested that the decline in the gross domestic product of three Arab countries in 2023, namely Iraq and Syria, would be by 5.5%, Yemen by 0.5%, and Lebanon by 0.5%, while the highest growth rate of GDP among the Arab countries would go to Egypt by 4%, followed by Qatar by 4%. 3.3%.

Gross domestic product is measured by the economic performance card, as  it is the total value of all final goods and services produced by any country as a comprehensive tool for measuring the production of this country.

It is calculated as follows: Gross Domestic Product = Consumer Expenditure + Government Expenditure + Total Investment + Net Exports.

https://shafaq.com/ar/اقتصـاد/البنك-الدولي-تراجع-نمو-الناتج-المحلي-ال-جمالي-للعراق-بنسبة-1-1

The Head Of Securities Reveals The Reasons For The Fluctuation Of The Exchange Rate Of The Dollar And What Will Happen After The Approval Of The Budget

Economy  |  Baghdad today – Baghdad  The head of the Securities Commission, Faisal Al-Haimus, expected a decrease in the exchange rates of the dollar against the Iraqi dinar and its stability after the approval of the 2023 budget.

Al-Haimus said, in a statement to the official newspaper, that "the Commission supports the Iraqi dinar, although it is mainly the responsibility of the Central Bank," noting that  "the stability of the dinar price represents a common interest." 

And that  "the stability of the dinar will give confidence to new investors to enter the Iraqi market for securities."  Al-Haimus added, "The measures taken by the Central Bank led to its decline during the last stage," explaining that  "the period of fluctuation in changing the exchange rate will be followed by its stability at the price of 1320 dinars."

Al-Haimus attributed the fluctuation of the exchange rate to the failure to approve the budget and thus the failure to launch projects, "expecting that" approving the budget will lead to entering into the stage of stabilizing the dinar.

He called for the necessity of supporting the government by speeding up the approval of the budget, because it will release funds to projects and enter the work phase, which will provide stability in the exchange rates of the dinar against the dollar.

https://baghdadtoday.news/223291-رئيس-الأوراق-المالية-يكشف-أسباب-تذبذب-صرف-الدولار-وما-سيحصل-بعد-اقرار-الموازنة.html

The Central Bank Hints At The Possibility Of Canceling Some Fines On Banks

news source  /the morning  The source of the news / morning  Baghdad: Ahmed Abed Rabbo  The Central Bank of Iraq hinted at the possibility of canceling some fines imposed on private banks that violate the instructions, while stressing that the purpose of the fines is to ensure their compliance with the instructions and not to punish them.

The Iraqi Central Bank expressed its astonishment at the huge uproar that arose in this regard.

During the past days, the controversy escalated between experts and specialists in financial affairs regarding the imposition of fines by the Central Bank on banks, and

they described the monetary policy of the Central Bank as retaliatory and inflexible, especially with the fines exceeding the barrier of 34 billion dinars for the first quarter of this year.

The Deputy Governor of the Central Bank of Iraq, Dr. Ammar Hamad, said to “Al-Sabah”:

“The bank may move towards canceling some fines on private banks and reconsidering them in the event that they were imposed with a miscalculation by the bank’s employees,” noting that  “the bank is keen to ensure efficient performance of banks. 

He added that  the Central Bank “aims to correct the path of some private banks and ensure their compliance with the standards and their commitment to the set timings, especially in the process of sending some of the data required by it in accordance with laws and instructions.”

Regarding penalties for banks that cannot be tolerated, Hamad explained that

“the Central Bank takes harsh penalties for violations related to financing terrorism and money laundering,” noting that this is a “red line.”

The deputy governor attributed the imposition of fines to administrative violations, indicating that most of them do not amount to non-compliance.    https://iraqakhbar.com/3961754

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

https://www.bondladyscorner.com/ 

Goldilocks "We are at a Crossroads" Thursday 6-8-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

Good morning Dinar Recaps,

Goldilocks posted some news links with comments:

House Republicans have moved from discussions to a proposal, and now, a draft of digital asset regulations. 

© Goldilocks

Ripon Advance LINK

At the Commodities Futures Trading Commission open meeting today, the CFTC Approved the final governance rule, two proposals, and other business items on the table. 

Below, you will see the approved items. These approved items have to deal with our currency swaps, recording requirements, and digital assets swaps. 

These approved determinations will govern our digital/currency economy going forward. 

* "Final Rule: Governance Requirements for Derivatives Clearing Organizations

* Proposed Rule: Derivatives Clearing Organizations Recovery and Orderly Wind-down Plans; Information for Resolution Planning

* Proposed Rule: Amendments to Part 17 Large Trader Reporting Requirements

* Notice of Proposed Determination and Order/Request for Comment: Capital Comparability Determination in connection with an Application Submitted on behalf of Nonbank Swap Dealers Domiciled in the French Republic and the Federal Republic of Germany and Subject to Capital and Financial Reporting Requirements of the European Union"

I realize these items have been mentioned before, but they are settled now and ready to move forward.

Did you notice the large trader reporting requirement? They are expecting large transactions in the near term. 

© Goldilocks

https://www.cftc.gov/PressRoom/PressReleases/8714-23

~~~~~~~~~~

The Swift System is having inoperability issues in interfacing with multiple blockchain networks. 

They are currently reaching out to these already-established networks to solve some of these issues. 

Uh Oh. Does this mean that the QFS is about to take the lead as the Swift System attempts to catch up?

We are at a crossroads, but we do have an alternative already in place, and it is decentralized on Web 3.

© Goldilocks 

https://www.cryptonewsz.com/swift-is-scouring-blockchain-interoperability/

~~~~~~~~

"FedNow instant payments are about to unlock fintech investment opportunities"

The FEDNOW instant payment services are now in the process of integrating/interfacing investment opportunities onto their services this month. 

It will be competing with India's UPI International payment service and the BRICS International payment service. 

© Goldilocks

Tech Crunch LINK

~~~~~~~~~~

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Thursday Morning Iraq Economic News Highlights 6-8-23

Thursday Morning Iraq Economic News Highlights 6-8-23

Almost Final Confirmation From The Framework About The Budget Pass Session.. Will We Witness A Vote?

06/08/2023  Earth News/.. The coordination framework, which brings together the Shiite political forces, confirmed today, Thursday, the existence of a political agreement to resolve the passing of the budget law today.

“There is a political agreement to pass the budget law during the day, and to postpone the session until the evening, because there are some problems with the budget paragraphs, and they are on their way to a solution,” MP Mahdi Taqi told Earth News.

And Taqi stated that “solutions have been reached by the Kurdistan Democratic Party regarding the region’s paragraphs within the budget, and the budget law will be passed according to what was amended by the Finance Committee and with the agreement of the political blocs, and not as stated in government texts.”    https://earthiq.news/archives/243623

Legal Expert: Passing The Budget Without Taking Into Account The Decisions Of The Federal Court Will Put Parliament In Front Of A Constitutional And Legal Violation

Thursday 08, June 2023 12:02 | Economical Number of readings: 205   [rtl]Baghdad / NINA / The legal expert, Counselor Salem Hawas, affirmed that the agreement to approve the draft general budget, which is scheduled to be voted on today, despite the objection of some and without taking into account the previous decisions of the Federal Supreme Court Regarding the export of oil through the oil distribution company, SOMO, will put Parliament before a clear constitutional and legal violation. .

Hawass said in a statement: “When the Finance Committee completed the discussion of the budget and most of its items were completed, despite the objection of some of the deputies to some of its items and the statement of some deputies that it will pass despite the objections to it, these objections will deepen the gap of differences and confuse the political process and increase the number of appeals against it.” Federal Supreme Court.

He explained: “The reason for the delay in voting on the budget, despite the loss of half of its fiscal year, is the existence of a defect in the constitution, as it did not specify a specific time limit and did not oblige the House of Representatives or the government with a specific time on the one hand, and the lack of agreement between the political blocs on its items throughout this period on the one hand.second".

The legal expert concluded by saying: "The parliament's vote on the budget and its approval without taking into account the decisions of the Federal Supreme Court regarding the export of the oil of the Kurdistan region through the window of the Oil Export Company / SOMO / as a principle and as a judicial precedent, will expose the budget after voting on it to appeal, and therefore Parliament will be obligated to implement the decisions The Federal Court, in accordance with the provisions of Article 94 of the Constitution, which states: The decisions of the Federal Supreme Court are final and binding on all authorities https://ninanews-com.translate.goog/Website/News/Details?key=1058395&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Al-Sudani: The Budget Amendments Are Political, Not Technical, And This Is About Voting On Them

Information/Baghdad.. The representative of the State of Law Coalition, Muhammad Saadoun al-Sudani, confirmed, on Thursday, that some of the amendments made to the budget are not considered professional or technical amendments, but rather political, and therefore whether or not to vote is a political decision.

Al-Sudani said in an interview with Al-Maalouma, that "there is a parliamentary consensus to pass the federal budget to allow the government to implement its program, and to export and market the region's oil through the SOMO company."

He added, "The approval of the budget will benefit the people, and the national duty requires everyone to move towards the voting session to pass the budget, and to allow the government to complete its program, which included promising projects and paragraphs to improve the standard of living and services.”

And he indicated that "members of Parliament and political parties are required to pass the budget so that the government can provide the needs of the people, and start practical steps for the Sudanese government."

He pointed out that "the region has no other choice but to export and market oil through the SOMO company, especially after the recent decision of the Paris court, which prohibits the export and import of oil from the region, and therefore the region is obligated." to export through the aforementioned company.” LINK

Al-Zajrawi: Transferring 6 Trillion Dinars To Support The Investment Budget Of The Governorates And Ministries

Thursday 08, June 2023| Economical Number of readings: 103  Baghdad / NINA / - Member of Parliament Thanaa Al-Zajrawi revealed a transfer of 6 trillion dinars to support the budget investment in the governorates and ministries.

Al-Zajrawi stated in a statement, "These amounts will contribute positively to the establishment of projects for the governorates and ministries," indicating that "| The priorities on which these amounts will be distributed to the governorates and ministries have not yet been declared. /

https://ninanews-com.translate.goog/Website/News/Details?key=1058409&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Parliament’s Finances Reveal The Fate Of Kurdistan’s Budget Amendments.. “The Agreement Has Been Achieved.”

06/08/2023  Earth News / The Parliamentary Finance Committee revealed today, Thursday, the fate of the amendments made to the paragraphs related to the Kurdistan region within the budget law.

Committee member Mueen Al-Kadhimi told Earth News that "the amendments made by the Finance Committee to Articles 13 and 14 were taken into consideration by the negotiators of the coordination framework, and this was achieved in the agreement reached with the Kurdistan Democratic Party."

He added, “As it has become obligatory for the regional government to produce no less than 400,000 barrels of oil per day, and for the federal government represented by the Ministry of Oil and the SOMO company, the process of selling and exporting, signing contracts with foreign companies, and depositing the revenues of these quantities in an approved account with the central bank,

and the prime minister of the region has the authority to exchange From it, and in the event that it is not possible to export 400 thousand barrels, these quantities are delivered to the federal government for local consumption in refineries and others, in addition to the delivery of non-oil revenue statements, and it is considered a clearing regarding what is allocated to the region 12.67%.

And he explained, “As for the observations and paragraphs that were added to Article 14, which call for spending an additional 10% on the salaries of employees of the Kurdistan Region, these may be among the recommendations that are submitted to the Kurdistan Regional Government to deal with this file internally for them and not necessarily include it in the budget,

and thus these procedures are consistent with the directions The Finance Committee, and it is assumed that there will be a meeting before it, a preliminary meeting of the Finance Committee, before the plenary session of the House of Representatives this Thursday evening.    https://earthiq.news/archives/243634

"Manipulation And Speculation".. Economists Attribute The Dollar's Rise In The Parallel Market To "Non-Economic" Reasons

2023-06-08 Shafaq News/ The exchange rates of the dollar in the parallel market are still high by about 20 points from the official price that was set in the budget for the current year, which is 130,000 dinars compared to 100 dollars, and it has not decreased despite the central bank’s attempts to correct the course of foreign transfers towards their stated goals, which is to cover imports .

Many reasons

The financial and economic expert, Hilal Al-Taan, said in an interview with Shafaq News agency; The reasons for the dollar’s ​​rise in the parallel market are several, including the presence of exchange offices that manipulate the price of the dollar up and down according to their interest, as well as a number of black market traders who manipulate prices.

He continued, "Administrative and financial corruption is the main reason for smuggling currency abroad, and there are no strict laws to control the sale of dollars and punish smugglers of foreign currency."

non-economic items

The economist Dergham Muhammad Ali said in an interview with Shafaq News agency, "The exchange rate of the dollar is controlled by the banks participating in the currency auction. There are two non-economic elements that control the exchange rate. It must create a parallel exchange rate that stifles the market and raises the level of pressure on the citizen.”

He added, "The second element is the delay in the budget, which some political forces often acquire a part of, either through projects or institutions that dominate them. Whenever the budget is delayed, those parties and forces need funding, so they resort to creating a gap between the official and parallel exchange rate to increase their financial revenues."

Checking remittances

The economist, Muhammad al-Hassani, said in an interview with Shafaq News Agency, "Despite the increase in the bank's daily sales, especially foreign remittances, to feed Iraq's imports, these remittances need to be checked by financial institutions that Iraq has contracted with in order to prevent smuggling and money laundering, and therefore it takes a long time to finish. From it, which pushes the trader to the parallel market to obtain the dollar as quickly as possible.

Also, "most of the small traders resort to the parallel market to obtain dollars to finance their simple trade instead of obtaining it from the Central Bank, because they do not have their own companies, which increases the demand for dollars more than the supply."

The exchange rates of the dollar in the parallel market rose to approaching 150,000 dinars against 100 dollars, despite the Central Bank’s attempts to reduce the gap between the parallel market and the official rate that is fixed in the budget at 130,000 dinars against 100 dollars.   LINK

Securities Expect A Decline In The Price Of The Dollar After The Approval Of The Budget

Economy ,  08/06/2023, Number of readings: 147  Securities expect a decline in the price of the dollar after the approval of the budget 74566

Baghdad-Iraq today:  The head of the Securities Commission, Faisal Al-Haimus, expected that the markets would witness a decrease in the exchange rate of the dollar against the Iraqi dinar after the approval of the general budget.

Al-Haimus said in a statement, “The stability of the dinar price will enhance confidence between investors and the Iraqi market for securities, and it is expected that the dollar exchange rates will decline against the Iraqi dinar and its stability after the approval of the 2023 budget.”

He added, "The commission supports the Iraqi dinar, and its stability must be a common interest," noting that "the central bank has taken measures to reduce the fluctuation of the exchange rate and expected its stability at 1320 dinars to the dollar."

Al-Haimus attributed the fluctuation of the exchange rate to the failure to approve the budget and the failure to launch projects, calling for government support and speedy approval of the budget to stimulate stability in the exchange rates of the dinar against the dollar.   LINK

Chambers Of Commerce Identify Three Reasons Behind The Rise In The Exchange Rate Of The Dollar In The Iraqi Markets

Baghdad today – Diyala   Today, Thursday, the head of the Chambers of Commerce in Diyala, Muhammad Al-Tamimi, identified 3 reasons behind the high exchange rate of the dollar in the local markets.

Al-Tamimi said to (Baghdad Today), "The return of the compass to the high exchange rate of the dollar in the parallel market in Diyala and the rest of the provinces is due to 3 important reasons."

He added, "The most prominent reasons are smuggling and the presence of influential parties within the government institution whose interests intersect with any attempts to correct the course of the national economy," stressing that "the deep state has effective tools in thwarting any attempts towards any decisions that harm its interests."

He explained that "there are influential forces benefiting from the parallel market for the dollar, because it generates very huge sums of money on it, and the government's efforts to end smuggling and control the rhythm of the currency market mean cutting large sums of money."

Al-Tamimi pointed out that "controlling the national economy and dismantling the tools affecting it is not an easy task, and it is a battle similar to the battle with terrorism," stressing that "there are parties that do not want to continue the compass of economic reform in Iraq, or at least keep it within certain limits away from the interests of adults."

The exchange rates of the dollar against the Iraqi dinar are witnessing a significant increase in light of a battle waged by Prime Minister Muhammad Shia al-Sudani to reduce prices locally.

A war waged by the Prime Minister, to control exchange rates, sometimes with procedures from the Central Bank of Iraq and others related to exchange offices and private banks.

Here we find that despite the strict measures imposed by the executive authority, private banks and exchange offices found doors to manipulate prices away from the sight of the regulatory authorities.

The Association of Iraqi Banks is present and absent from the Iraqi arena. Despite the manipulation of the dollar exchange rate, it did not move a finger and take concrete steps on the ground as a supervisory authority that follows up on the work of banks. 

The citizen, in turn, is first and foremost affected by the manipulation of the dollar exchange rate. The livelihood is now at the mercy of the merchants who raised prices under the pretext of the dollar.  LINK

Alekti Resolves His Position To Attend The Session To Pass The Budget

Policy  – Baghdad  A member of the Patriotic Union of Kurdistan, Salih Faki, confirmed today, Thursday, that the representatives of the Union bloc will attend the parliament session for this day .

Faki said to (Baghdad Today), "The National Union and its deputies are determined to proceed with approving the draft general budget, as it was long overdue ."

He added that "the National Union bloc will attend the session scheduled for this day and vote on it, to proceed with this project to serve the citizens of Iraq and the region ."

For his part, the representative of the Kurdistan Democratic Party bloc, Sabah Sobhi, revealed that "radical changes" had been made in the draft budget law in favor of the Kurdistan region .

Yesterday, Wednesday, the State Administration Coalition held a meeting, in the presence of the Kurdistan Democratic Party, to resolve the file of approving the general budget to discuss changes in the draft budget, without disclosing the nature of those changes .

It is scheduled that the House of Representatives will hold its regular session today, Thursday, and devote it to voting on the draft financial budget law for the years 2023, 2024 and 2025, amid confirmation by the majority of parliamentary blocs to attend the session and vote in favor of the law .

The Presidency and the Kurdistan Regional Government have previously 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 . LINK

"Tiddbits From TNT" Thursday AM 6-8-2023

TNT:

CandyKisses:  Securities expect the dollar to fall after the budget is approved

Baghdad - Iraq Today:

The Chairman of the Securities Commission, Faisal Al-Hims, expected the markets to witness a decline in the exchange rate of the dollar against the Iraqi dinar after the approval of the general budget.

Al-Hims said in a statement that "the stability of the dinar rate will enhance confidence between investors and the Iraqi Stock Exchange, and it is expected that the exchange rates of the dollar against the Iraqi dinar will decline and stabilize after the adoption of the 2023 budget."

He added that "the Commission supports the Iraqi dinar and its stability must be a common interest," pointing out that "the Central Bank has taken measures to reduce the fluctuation of the exchange rate and expected its stability at 1320 dinars to the dollar."

Al-Hims attributed the fluctuation of the exchange rate to the failure to approve the budget and the failure to launch projects, calling for the government's support and the speed of budget approval to stimulate stability in the exchange rates of the dinar against the dollar.

Tishwash:  Final agreement to send the draft budget to the Finance Committee and to vote at 6 p.m

 An informed source in the office of First Deputy Speaker of Parliament Mohsen Al-Mandalawi revealed, today, Thursday, that the heads of political blocs and parties have sent the draft budget law to the Parliamentary Finance Committee. 

The source told (Baghdad Today) that "the heads of the blocs and parties will send the draft budget law to the Parliamentary Finance Committee."

He pointed out that "the transmission will take place after political agreement on it in full for the purpose of voting on it at six o'clock in the evening."

Earlier, the House of Representatives announced that the House of Representatives session would be postponed until 8:00 pm today, Thursday. 

And the Parliament's media department stated, in a statement received by (Baghdad Today), that "the First Deputy Speaker of the House of Representatives announced the postponement of the parliament session for approving the budget until eight o'clock this evening  link

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

Tishwash:  Al-Barti on today's session: Things are positive, and we are afraid of surprises in the last moments

 Today, Thursday, a member of the Kurdistan Democratic Party, Wafaa Muhammad Karim, described the recent agreements between political parties regarding the budget as "positive."

Karim told (Baghdad Today), that "despite the objections of a number of members of the Finance Committee to cancel the articles related to the region, the leaders of the political blocs gave us approval to proceed with the cancellation of the articles."

He added, "Until this moment, the atmosphere is positive and reassuring, but we fear last-minute surprises," stressing that "the position of the Democratic Party representatives attending today's session will be decided by the party's leader in the coming hours."

Earlier in the day, the House of Representatives announced that the House of Representatives session would be postponed until 8:00 pm today. 

And the media department of Parliament stated in a statement (Baghdad Today), that "the First Deputy Speaker of the House of Representatives announced the postponement of the parliament session for approving the budget until eight o'clock this evening."

For his part, a member of the Patriotic Union of Kurdistan, Salih Faki, confirmed today, Thursday, that the representatives of the Union bloc will attend the parliament session for this day .

Faki said to (Baghdad Today), "The National Union and its deputies are determined to proceed with approving the draft general budget, as it was long overdue ."

He added, "The National Union Bloc will attend the session scheduled for this day and vote on it, to proceed with this project to serve the citizens of Iraq and the region." 

The Presidency and the Kurdistan Regional Government have previously 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  link

Mot:  .. sooo Not Funny! - I was Really Trying to eat Right YOu see!! 

Mot: .. they Always Seem to KNow!!! ~~~

Iraq Opens to The World.....And Who's Making It Happen

TNT:

Tishwash:  Iraq Open to the World... and Who's Making it Happen

From the Iraq Britain Business Council (IBBC):

Iraq open to the world... and who's making it happen.

An IBBC conference on June 16th at London's Mansion House.

 On 16th June IBBC are hosting a significant delegation of Iraq businesses and government officials to the UK, with a strong focus on energy, oil and gas, new infrastructure, and Investment projects.

 As Iraq takes a more internationalist approach to business, trade, culture and diplomatic engagement with their neighbours and the world, the range and nature of projects is opening.

For example, Saudi Arabian investment fund (PIF) is investing $3bn in infrastructure projects, Aramco are discussing Basra oil projects, Shell is finally moving into multibillion dollar petrochemical projects, Total Energies has started work on its huge solar, gas capture and oil extraction deal, ANB are moving into Iraq, Dutch Royal Boskalis investing in an export terminal in Basra and the EBRD are expanding operations in Iraq and the Government are investing $17bn in the development road connecting both the Gulf to Turkey and Europe.

H.E. Dr Haider M. Mekkiyah, Chairman of the National Investment Commission is making s keynote speech outlining the current opportunities for Infrastructure and Investment.

You can attend sessions on finance and energy, from leading international speakers, such as Dunia Chalabi, CEO of Total Energies Iraq, Ali AL Janabi chairman of Shell Iraq, Basra Gas Company, Dr Laith Al Shaher, Deputy Minister of Oil, will give a keynote speech, Standard Chartered, TBI and UKEF, GE, and The Sardar Group, and high-profile speakers on the developing Heritage sector from the British Museum. A Tech session with SAP, Mastercard, Scott Logic and Iraq's new streaming stars, 1001.

Professor Frank Gunter is launching the IBBC advisory council's report on Ports and Airport supported by industry leaders and sponsors, Sardar Group, AAA Holding and Hydro-C.

Prof. Hamid Ahmed Khalaf, Advisor to the Prime Minister and Executive Director of the High Committee for Education Developments in Iraq, will attend the conference and take part in the Education Round table discussion chaired by Professor Mohammed Al Uzri. The Iraqi Government has allocated funding for several thousand post graduate scholarships to mostly take place at UK universities of the next 3 years.  Education is one of the strongest growth sectors in the country and now represents the second biggest membership stream within IBBC.

Iraq has world class reserves of oil and gas, and oil exports represent over 90% of its income. The sector is due to vastly expand in coming years with new projects having been agreed in Solar, Oil production, Gas capture and Petrochemicals. It is also under increasing pressure to reduce its environmental impact and reliance on crude oil revenues.

Under the expert Chairmanship of Dr Luay Al Khateeb, former Electricity Minister, and Founder of the Iraq Energy Academy, our high powered 'Energy Panel' will focus on Iraq's burgeoning Energy sector and how to maximise its potential following international standards and best practices.

Iraq's heritage is coming a big topic, not just for its commercial value, tourism, and growth, but also for what it signifies about Iraq's current culture and history. Hear leading experts on Iraq's heritage.

- Professor John McGinnis, The British Museum /Nimrud Archaeological Trust

- Professor Gamal Abdelmonem, Nottingham Trent University
- Mr Ali Al Makhzomy, Bilweekend

- Dr Rosalind Wade Haddon, British Institute for the Study of Iraq.

- Professor Chris Whitehead, Newcastle University

IBBC is also hosting an exhibition on heritage "Legacies of War and Peace in Iraq: Mosul's Story of Resistance, Resilience, Recovery and Rise".

Supporting the new internationalism are initiatives in training, education, and skills, with British Universities and training companies, who are expanding new courses to propel Iraq business skills, including Nottingham Trent University, University of Mosul, University of Leeds, University of Wasit, and Newcastle University.

Baghdad and Basrah are bristling with new developments and the country is regularly hosting large business delegations from around the world. Whilst IBBC co-hosted the first UK Iraq Trade Fair in mid-May, large UAE, Saudi, Japanese business delegations were in Baghdad as well as the largest ever German business delegation with over 30 company delegates.

For a full agenda please click here and to register here

Iraqis are resilient and have always recovered, but now is a golden time.

A diversifying economy. Iraq is still dependent on oil income, and all financial indexes, including income per head and GDP (+4% '23) are all looking good, with 2022 surplus of over $40bn. Other areas of the economy are expanding off the back of this, especially consumer products, telecoms, education, and tourism. KRG has seen a 30% increase in tourists in 2023, this and other areas of Iraq are projected to grow 10% pa to 2027, Healthcare by 19% pa, food market at 4.13 % (largest growth segment is Confectionery & Snacks), beauty and personal care 6%, Household appliances 5.42%, luxury goods 4%, home laundry care 6%.

A modernising govt. Iraq is finding its confidence and has been active with diplomacy and hosting regional conferences, broking relations between Saudi, Iran, and Turkey, while also stimulating infrastructural development, from oil refineries to dry canal and housing projects, new electricity and renewable energy production, airport, and airline travel facilitation. Making access faster with Visas on arrival and travel between Baghdad Basra and Erbil easier

Stability and security have also paid dividends in Basrah hosting of the Gulf cup which occurred without incident, and the bourgeoning number of tourists at religious and heritage sites.

Still challenges. The international community is still lagging in its view of Iraq, as international travel caution remains from US, EU and UK, and corruption is still prevalent, but on both counts, things are improving as the country moves towards international standards.

Come and meet the key international businesses and officials at our conference on June 16th, including over 20 private Iraqi banks, where we are exploring these themes with energy companies, educational panels, heritage, tech, infrastructure, the KRG, and significant investment and finance panels.  link

Iraqi News Highlights Wednesday Afternoon 6-7-23

Iraqi News Highlights Wednesday Afternoon 6-7-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Denies Depriving Banks And Companies From Participating In The External Transfer Platform

Economy News – Baghdad  The Central Bank denied, on Wednesday, reports that a group of licensed banks and electronic payment companies were denied participation in the external transfer platform.

The Central Bank also denied, in a statement issued today, "rumors about banning or stopping electronic payment cards issued by private banks or electronic payment companies."

The bank stressed, "This news is untrue, as its main goal is to manipulate the exchange rate by speculators in foreign currency."

And the bank held "full responsibility for the parties and pages that circulate such fake news," continuing that it "reserves its legal right to take measures to deter the promoters of such fake news in all media."

He called on the Central Bank to "see the official website of this bank (www.cbi.iq) and the confirmed news it publishes that refute these allegations."

Views 15   06/07/2023 - https://economy-news.net/content.php?id=34626

The Central Bank denies rumors about stopping electronic payment cards issued by private banks

Economy | 05:26 - 07/06/2023  The Central Bank of Iraq denies depriving a group of licensed banks and electronic payment companies from participating in the external transfer platform667INA(1), 05:24 PM

https://www.mawazin.net/Details.aspx?jimare=228674

Sales Of The Central Bank Of Iraq Exceed 230 Million Dollars In Today's Auction

Economy News _ Baghdad  Central Bank sales at auction today, Wednesday, amounted to more than 230 million dollars.

A bank statement, seen by "Al-Iqtisad News", stated that "the central bank sold today, during its auction for the sale and purchase of US dollars, 234 million and 268 dollars, which the bank covered at a basic exchange rate of 1305 dinars per dollar for documentary credits and international settlements for electronic cards, and at a price of 1310 dinars per dollar for transfers." Foreign affairs at a price of 1310 dinars per dollar in cash.

He added that most of the dollar sales went to enhance balances abroad in the form of (remittances, credits) at 196,180,268 dollars, while the rest of 37,820,000 dollars went in the form of cash sales.

He pointed out that the banks that bought cash dollars amounted to 17 banks, while the number of banks that responded to requests to strengthen balances abroad reached 22 banks, while the total number of exchange and mediation companies participating in the auction was 125 companies.

Views 142  06/07/2023 - https://economy-news.net/content.php?id=34622

High Dollar Prices In Baghdad  

Market   Economy News _ Baghdad  Today, Wednesday, the exchange rates of the US dollar rose against the Iraqi dinar, 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 147,950 dinars for every 100 US dollars, while the prices recorded yesterday morning, Tuesday, were 147,800 dinars.

The buying and selling prices also increased in exchange shops in the local markets in Baghdad, where the selling price reached 149,000 dinars, while the purchase price reached 147,000 dinars for every 100 dollars.   Views 169  06/07/2023 - https://economy-news.net/content.php?id=34620

The Use Of POS Devices, Start-Up And Future Prospects

Articles  Sameer Al-Nusairi  The digital transformation in the banking sector using electronic payment techniques in financial and commercial transactions is one of the most prominent developments led by the Central Bank and implemented by banks.

With what was stated in the government program to develop banking work and proceed with plans for financial inclusion and digitization of banking transactions in a manner that meets international standards and specifications in force at the international level.

While we support the decision of the Council of Ministers in this regard and stress the need for strict adherence to the authorities in charge of implementing the decision in accordance with the procedures and mechanisms specified in the paragraphs of the decision,

we must, on this occasion, clarify the efforts made and are being made by the Central Bank since its launch of the technical revolution for digital transformation in the banking sector since 2016 in implementation For the objectives of its first and second strategies and until the present time in achieving banking reform and development and with determination and high confidence in the ability of the Iraqi financial and technical cadres working in the Central Bank to overcome the challenges of the technical gap in the information systems that Iraq suffered from due to the repercussions of the blockade, wars, terrorism and instability during the period of the information revolution.

Where the Central Bank was able to overcome the challenges of digital transformation and development in banking technologies, establish infrastructure in banks, and lead an advanced system of payments at the level of the state's financial system.

It is certainly an important national effort for the employees of the Central Bank and banks, and this comes because of the procedures and developments that the Central Bank has taken, and to stand in the right direction in the darkest economic conditions that our country suffered from, and to draw a sound road map to catch up with technical developments in the countries of the world.

The Central Bank and the banking sector believe that the decision of the Council of Ministers is moving in a direction and steps consistent with the strategy of the Central Bank in digitizing and developing daily financial, banking and commercial transactions with the latest developments, developments and standards in the developed countries of the world in this field, and on 1/6/2023 some ministries began contracting with payment companies

On the other hand, technical discussions with specialists in the Central Bank and electronic payment companies in the private sector are continuing with the aim of securing the foundations, standards and technical infrastructure and the availability of the necessary number of POS devices, including covers the required need.

Great educational, media and advertising efforts are being made to spread banking awareness among citizens of the importance and positive aspects of electronic payment at the individual and community level, because the banking culture of citizens using this modern technical means to move from cash payment to payment in this manner is very weak, in addition to the poor knowledge and ways of stimulating the owners of malls or shops. And services, entities and areas that can use this type of daily financial and banking transactions.

As well as the urgent need to develop communication services and facilitate the use of Internet services, therefore, governmental support is required for the process of expanding the use of electronic cards and points of sale by obliging the ministries to cooperate with the Central Bank of Iraq.

Business completion and facilitation of all routine procedures also requires providing incentives to service providers and providing banking facilities such as exempting them from taxes, especially since they waived their commissions for a period of 6 months. 200 views  06/07/2023 - https://economy-news.net/content.php?id=34619

Iraq And Switzerland Are Discussing Building Partnerships To Promote Sustainable Development In The Financial, Economic And Investment Sectors

Wednesday 07, June 2023 13:07 | Economical Number of readings: 338  Baghdad / NINA / - The Minister of Finance, Taif Sami Muhammad, expressed the Iraqi government's welcome to the Swiss government's steps towards consolidating joint bilateral relations in all fields, especially with regard to financial and economic files.

A statement by the ministry stated, "The Minister of Finance received, today, Wednesday, the Swiss Ambassador to Iraq, Emilia Georgieva, and her accompanying delegation. During the meeting, they reviewed the most prominent issues and files of common concern, and ways to strengthen bilateral relations by building partnerships to promote sustainable development in the financial, economic and investment sectors."

The statement added, "The minister renewed the Iraqi government's desire to improve relations with Switzerland, and benefit from its advanced expertise in various fields, especially related to benefiting from the abundant investment opportunities in Iraq, and strengthening banking cooperation between the two sides."

For her part, Ambassador Georgieva expressed "her country's readiness to consolidate economic and financial relations with Iraq, especially in the fields of industry, trade exchange, banking cooperation, and support for reform plans for the Iraqi economy."/ End

https://ninanews.com/Website/News/Details?key=1058215

Oil Prices Declined Globally, With Brent Nearing $76 A Barrel

Economy | 08:26 - 07/06/2023   Baghdad - Mawazine News  Oil prices fell today, Wednesday, due to slowing global economic growth, which increased fears of lack of demand, but fears of shrinking global supply after Saudi Arabia's pledge to deepen production cuts limited the loss significantly.

Brent crude futures fell 35 cents, or 0.46%, to $75.94 a barrel at 04:15 GMT.

US West Texas Intermediate crude futures fell 29 cents, or 0.4%, to $71.45 a barrel.

Both benchmarks fell about 1% on Tuesday, paring some of Monday's gains that were prompted by a surprise pledge over the weekend by top crude exporter Saudi Arabia to cut output by 1 million barrels per day to 9 million bpd in July.

Some energy analysts believe that the divergent economic outlook and discouraging indicators in the United States and China have overshadowed the news of Saudi production cuts, which investors are now reluctant to take a major position.

The voluntary cut, Saudi Arabia's biggest in years, comes on top of a broader agreement by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia to limit supplies until 2024 as the group, known collectively as OPEC+, seeks to consolidate the decline.

https://www.mawazin.net/Details.aspx?jimare=228608

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

https://www.bondladyscorner.com/

Wednesday Afternoon Iraq Economic News Highlights 6-7-23

Wednesday Afternoon Iraq Economic News Highlights 6-7-23

In The Presence Of Al-Sudani, The Framework Agrees To Pass The Budget Tomorrow

Time: 06/07/2023   {Politics: Al-Furat News} A member of the coordination framework revealed the agreement of Prime Minister Muhammad Shia' al-Sudani and the framework forces in a meeting held today to pass the financial budget bill in the parliament session tomorrow, Thursday.

Wael Al-Rikabi told {Euphrates News} agency: "The Sudanese met with the coordination framework, and it was agreed to pass the budget law tomorrow."

He added, "The rate of passing the budget is more than 80%, because there has been agreement and settlement between the Kurdish parties with all other parties, and they are continuing to pass it, especially with emphasis on setting the budget as a single paragraph on tomorrow's agenda."

The House of Representatives set tomorrow, Thursday, a date for voting on the tripartite budget draft.

The session’s agenda included, according to the media department of the parliament, “voting on the draft federal budget law for the years (2023, 2024, 2025). In a surprising statement by the Minister of Finance, Taif

Sami, she said yesterday that the Ministry of Finance will challenge the budget if it is approved and includes a change to the paragraphs included by the government. in the budget. Raghad Daham   LINK

Independent Deputies Announce Attendance At Tomorrow's Session: It May Pass Without The Democrat

Time: 06/07/2023    {Politics: Al Furat News} An independent deputy announced that the independent representatives will attend the parliament session tomorrow, Thursday, to vote on the draft financial budget law.

Sahar al-Saadi's phone told {Euphrates News} agency: "Independent deputies will attend a session tomorrow, Thursday, to approve the budget."

He added, "There is an agreement to pass the budget law, but the Kurdistan Democratic Party may put some notes, and if the quorum is complete, the budget will be passed without them."

The House of Representatives set tomorrow, Thursday, a date for voting on the tripartite budget draft.

The session’s agenda included, according to the media department of the parliament, “voting on the draft federal budget law for the years (2023, 2024, 2025). In a surprising statement by the Minister of Finance, Taif

Sami, she said yesterday that the Ministry of Finance will challenge the budget if it is approved and includes a change to the paragraphs included by the government. in the budget. Raghad Daham    LINK

Al-Sudanese Is Betting On The Majority To Support The Service Government

Information / Baghdad ..  We are only hours away from the date of the voting session on the draft federal budget law, which is the backbone of the work of the National Service Government headed by Muhammad Shia'a al-Sudani by implementing its program in the fullest way.

Passing the 2023 budget bill is considered the most important and complex file because it faced obstacles that Kurdish and Sunni political parties worked to delay its approval, despite the passage of five months of the current fiscal year.

In this regard, the leader of the State of Law Coalition, Jassem Muhammad Jaafar, describes in an interview with Al-Maalouma, that "approving the budget means the start of the most difficult test for the Sudanese government and parliament," pointing out that "the government has no excuse left for implementing its government program that Parliament voted for." ".

Al-Muttalbi pointed out, "The budget law is the most important economic and financial artery for the country, and it will move the wheel of the Iraqi economy through activating the public and private sectors."

For his part, the representative of the Al-Fatah Alliance bloc, Muhammad Al-Baldawi, confirmed in a statement to Al-Maalouma, that “voting on the budget and actually entering it is the real point of initiation for the Sudanese government, which is supported by the forces of state administration."

Al-Baldawi added, “The next stage is an important stage in the history of the political process, and cooperation and coordination between the legislative and executive authorities must be in full swing in order to achieve the public interest, which is the ultimate goal. "

As for the independent politician, Saad Al-Mutalabi, he considered that the approval of the budget will put the government and the political blocs in front of a fait accompli.

Al-Mutalabi said in a statement to Al-Maalouma, that:

He added, "The delay in approving the budget means the absence of stabilizing the state's expenditures and revenues in a deliberate and planned manner, in addition to the fact that a large part of public money remains properly unexploited through the high rate of deflation in the Iraqi markets.

The parliament's agenda included setting a session for tomorrow, Thursday, as a date for holding the voting session on the general budget.  LINK

Sudanese Political Advisor Heralds An Important Event Next Thursday

Policy     07/06/2023  Number of readings: 417   Baghdad - Iraq today:  Hisham Al-Rikabi, Advisor to the Prime Minister, called on members of the House of Representatives to play their role in voting on the budget next Thursday.

Al-Rikabi said in a blog post, "On Thursday, we will witness the launch of a new phase based on reconstruction and the provision of job opportunities for our Iraqi youth through the approval of the federal budget in Parliament."

He added, "Our great hope is that the people's representatives will play their role in voting on an ambitious budget that seeks to provide a decent life for every Iraqi."    LINK

Independent Deputy: We Have Not Received A Copy Of The Budget Yet

 Policy   06/07/2023, the number of readings: 168  Baghdad - Iraq today:   The independent deputy in the Iraqi Council of Representatives, Hadi Al-Salami, confirmed that the Iraqi parliament representatives will continue their work in order to approve the draft general budget law for the country, indicating that none of the members has received a copy of the draft law so far.

Hadi Al-Salami said, in a press statement, to answer questions posed to them by citizens in Najaf and other provinces in Iraq, that "in the framework of following up on the general budget, which is related to the interests of the Iraqi people, next Thursday has been set as the date for holding the parliamentary session to vote on the draft law."

He added, "None of the members of parliament has yet been handed over a copy of the budget, not even the tables related to it," noting that "the representatives are present in the parliament building from morning until evening for that."

"According to the rules of procedure of the Iraqi Council of Representatives, members of parliament must be handed a copy of the draft budget law and the schedules included in it, for the purpose of reviewing it. The majority of parliamentarians have a positive role in the draft law," al-Salami said.

Al-Salami indicated, "There are violations and abuses that need to be amended in the budget. The Finance Committee has not yet voted on the draft law, and our follow-up continues" of the file. LINK

Uncertainty Surrounds The Date Of The Vote On The Budget

The first  2023/06/06  Shaima Rasheed and Muhannad Abdel-Wahhab 

While political and parliamentary statements continue regarding it, the fate of the voting date on the “general budget” has become pending and shrouded in ambiguity until the moment. Between the insistence of influential parties that have their weight in the parliamentary and political body to set a date for the voting session in the House of Representatives, others see The date horizon is still unclear.

Yesterday, Monday, Parliament Speaker Muhammad al-Halbousi met with the Secretary-General of the League of the Righteous, Sheikh Qais al-Khazali, to discuss the need to expedite the passage of the budget.

A statement by the movement stated that "during the meeting, they discussed the latest political developments and what resulted from the discussions within the House of Representatives regarding the articles of the financial budget law, stressing the need to pass the law as soon as possible because of its importance related to the lives of citizens and the completion of development projects in the country."

Meanwhile, the head of the Parliamentary Finance Committee, Atwan Al-Atwani, called on the Presidency of Parliament "to expedite the convening of a special session, to vote on the budget, during the current week."

And the deputy of the State of Law coalition, Yasser al-Maliki, announced earlier that the voting session on the budget would take place during the next two days.

And he said in a tweet on "Twitter": "After strenuous efforts, the signatures of the representatives of the State of Law coalition were collected to determine the voting session on the general budget for the year 2023 during the next two days."

On the other hand, the representative of the Kurdistan Democratic Party, member of the Oil and Gas Committee, Sabah Sobhi, confirmed that the political forces had not reached a final agreement regarding the share of the region.

A member of the Parliamentary Finance Committee, Youssef Al-Kalabi, said, for his part: “(Today, Tuesday) we will put the final touches on the draft budget law,” noting that “there is communication with the Presidency of Parliament to set the date for the special session to approve the budget law.”

And on a matter related to the file, parliamentary and political parties expressed their fears about the impact of the recent "OPEC" decision regarding reducing production for the member states of the organization, led by Iraq, on the revenues generated, and thus a negative impact on the budget.

A member of the Parliamentary Oil and Gas Committee, Bassem Naghimish, told Al-Sabah: “The problem is only in the budget for this year 2023, because according to the Financial Management Law, the first year of the three-year budget is obligatory, and in the following two years the budget is optional and can be amended with a proposal from Finance, planning, and the approval of the Council of Ministers and Representatives, so the fear is from this year only, and as for the next year, there may be an adjustment to the price of a barrel or the budget number.

And he indicated that "the current problem is also related to calculating the export of oil from the region at the rate of 400,000 barrels in the budget. If this process does not proceed, this amount can be directed internally in the domestic consumption in the refineries, because not exporting it causes a big problem, as it will increase the deficit."

On the other hand, a member of the Parliamentary Reconstruction and Services Committee, Zuhair Al-Fatlawi, told Al-Sabah: “The committee is following up on lagging projects and new projects that have been suspended due to the lack of approval of the budget,” noting that “many old and new projects await approval of the budget.”

As for the member of the committee, Representative Alaa Sukkar, he said in an interview with “Al-Sabah”: “The government must follow up on its stalled or lag projects, and coordinate with the Construction and Services Committee, which prepared plans to follow up and monitor stalled projects, including strategic projects, and their implementation is in the public interest.”  Edited by: Muhammad Al-Ansari   https://alsabaah.iq/78430-.html

Tomorrow Is The Date For The Budget Vote

Iraq  06/07/2023   Shaima Rashid   The House of Representatives set tomorrow, Thursday, a date for voting on the long-awaited general budget, at a time when signs of a Kurdish division appeared regarding whether or not to approve the budget amendments. While the Patriotic Union of Kurdistan "Yekti", along with other Kurdish parties, announced its approval and call for voting on the budget, it waved The Parti Kurdistan Democratic Party boycotted the voting session on the condition that clear agreements be reached on the amendments.

A member of the House of Representatives, Faisal Al-Naeli, said in an interview with “Al-Sabah”: “The Presidency of the House of Representatives has set Thursday as a date for voting on the general budget, but the Finance Committee is preparing to complete the budget and what some transfers remain in it,” noting that “the vote on the budget within the committee will be In all.”

He added, "It is not known yet; if the budget will be passed by majority or by consensus! Because the political blocs did not issue anything from them."

In addition, Member of Parliament Jamal Cougar said, in an interview with "Al-Sabah": "There is silence within the Finance Committee regarding its recent meetings," but he stressed that "there will be a meeting of the committee in order to reach a political consensus within it in order to pass the budget."

He added, "There will also be a date for a meeting of the heads of the blocs regarding the budget in order to pass it," expecting that the budget will proceed with "consensus" and that there will be a solution in the last moments, especially since the meetings are continuing in the "State Administration Coalition" regarding this matter.

In addition, the advisor to the Prime Minister, Hisham Al-Rikabi, expressed his hope that the "people's representatives" would vote on an ambitious budget, and said in a tweet: "On Thursday, we will witness the launch of a new phase based on reconstruction and job creation for our Iraqi youth through the approval of the federal budget in Parliament."

He added. "Our great hope is that the people's representatives will play their role in voting on an ambitious budget that seeks to provide a free and dignified life for every Iraqi."

As for the leader in the coordination framework, Turki Al-Atbi, he announced that 90% of the disputes regarding the budget have been resolved with the “Democratic Party,” indicating that meetings are continuing in Baghdad with party leaders, but he indicated that “proceeding with passing the budget according to the (majority) is one of the options presented in If the Democratic Party insists on its positions on exporting oil and adheres to its decisions.”

In the Kurdish position regarding the budget, the division in the position appeared clear, yesterday, Tuesday, between the two main parties in the region, and Jayy Timur, a member of Parliament for the Kurdistan Democratic Party, "Al-Parti", did not rule out boycotting the party bloc's voting session on the country's general financial budget "in case Not settling the existing differences between Baghdad and Erbil" regarding the paragraphs related to the region, but he hinted at the continuation of strenuous efforts, "in order to reach solutions before the voting session."

In turn, a member of the Kurdistan Democratic Party, Wafaa Muhammad Karim, indicated that there is a single point of contention that hinders the party's agreement with the coordination framework, and he said: "Three points of contention were resolved yesterday, Monday, within (what is known) as the Finance Committee's amendments to the budget. He had objected The region has its share of the federal budget.

In contrast to the "Parti" position, the Patriotic Union of Kurdistan "Yekti" party called for not delaying the interests of many segments of society by continuing to obstruct the approval of the general budget law.

The leader of the party, Burhan Sheikh Raouf, said: "There is no justification for obstructing the approval of the budget by all parties by creating problems and putting obstacles to voting on it," and he continued, "All political forces that participated in writing the ministerial curriculum of the current government must contribute to its implementation."

On the ground,” pointing out that “the National Union, from the first moment, supports passing the budget in order to guarantee the rights of the people.” Edited by Muhammad Al-Ansari   ttps://alsabaah.iq/78496-.html

https://alsabaah.iq/uploads/posts/2023-06/whatsapp-image-2023-06-06-at-23_08_43.jpg

Tomorrow... The Date For Voting On The Budget

The first  06/07/2023   Shaima Rashid  The House of Representatives set tomorrow, Thursday, as a date for voting on the long-awaited general budget, at a time when signs of Kurdish division appeared regarding the approval of the budget amendments or not. While the Patriotic Union of Kurdistan "Yekti", along with other Kurdish parties, announced its approval and call for voting on the budget, it waved The Parti Kurdistan Democratic Party boycotted the voting session on the condition that clear agreements be reached on the amendments.

Member of the House of Representatives, Faisal Al-Naeli, said in an interview with “Al-Sabah”: “The Presidency of the House of Representatives set Thursday as a date for voting on the general budget, but the Finance Committee is preparing to complete the budget and what some transfers remain in it,” noting that “the vote on the budget within the committee will be In all.”

He added, "It is not known yet; if the budget will be passed by majority or by consensus! The fact that the political blocs did not issue anything."

In addition, a member of the House of Representatives, Jamal Cougar, said, in an interview with "Al-Sabah": "There is silence within the Finance Committee regarding its recent meetings," but he confirmed that "there will be a meeting of the committee in order to reach a political consensus within it in order to pass the budget."

He added, "There will also be a date for a meeting of the heads of the blocs regarding the budget in order to pass it," expecting that the budget will proceed with "consensus" and that there will be a solution in the last moments, especially since the meetings are continuing in the "State Administration Coalition" regarding this matter.

In addition, Advisor to the Prime Minister Hisham Al-Rikabi expressed his hope that the "people's representatives" would vote on an ambitious budget, and said in a tweet: "On Thursday, we will witness the launch of a new phase based on reconstruction and providing job opportunities for our Iraqi youth through the approval of the federal budget in Parliament." He added. "Our great hope is that the people's representatives will play their role in voting on an ambitious budget that seeks to provide a free and dignified life for every Iraqi."

As for the leader in the coordination framework, Turki Al-Atbi, he announced that 90% of the disputes regarding the budget have been settled with the “Democratic Party,” indicating that meetings are continuing in Baghdad with party leaders, but he indicated that “proceeding with passing the budget according to the (majority) is one of the options presented in the event The insistence of the Democratic Party on its stances towards oil export, and I adhered to its decisions.”

https://alsabaah.iq/78510-.html

Goldilocks " Big Meetings, Cryptos, Deutsche Bank and more" 6-7-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted some news links and comments to help us understand what is happening in the financial sector and determine where we are:

The Commodities Futures and Trading Commission has finalized their agenda for tomorrow's meeting. 

They have given instructions for people wanting to listen or view on videos inside and outside of the banking system. Yes, this includes you and me. 

It is an important meeting that has everything to do with our currency swaps. We are getting a preview of what is to come in our next monetary system.

© Goldilocks

https://www.cftc.gov/PressRoom/PressReleases/8713-23

It's been about a few months ago when we found out that the Stellar Development Foundation was being included in discussions surrounding stablecoins. 

They have been working with Congress, G20, Central Banks, and several Government agencies to form policies and recommendations in the integration of Fiat Currencies with the digital economy using Stellar's platform to bring it into implementation.

By the end of this month, we are going to find out what they come up with for us in establishing coordinated rules for cryptocurrencies. 

At that point, we will be able to see what these determinations mean for us in the new economy.

This final layer will be added to the QFS along with new determinations on the Commodities Market prices. 

© Goldilocks 

Crypto News Flash LINK

~~~~~~~~~~

The Deutsche Bank is expecting defaults on banks inside the US and Europe at any moment. 

In order to prevent these predictions, banks are increasing their capital in gold to absorb the shock of such an event.

Gold increases their net worth and gives real value to the currencies they hold within these Banks.

At some point, allowing gold to go to its real value will become important and pegging gold to the dollar will no longer be an option.

This will trigger a Global Currency Reset on currency values around the world. 

© Goldilocks

World Nation News LINK

Daily Hodl LINK

Bloomberg LINK

Market Watch LINK

~~~~~~~~~~

"JPMorgan uses blockchain for instant USD transfers to India."

Banks are expanding their QFS connections to one another around the world. 

We talked about this becoming important in the month of July, but we are witnessing these events already starting. 

This US and India connection will enable us to connect with the Asian/Eastern half of the world and their currencies in cross-border international trading and exchanges.

© Goldilocks

Cryptopolitan LINK

Inventiva India LINK

Bloomberg LINK

~~~~~~~~~~

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" Wednesday Morning 6-7-2023

TNT:

Tishwash:  Within hours.. an "important" meeting to resolve the passage of the budget in the presence of the Sudanese - Urgent

The coordination framework, which brings together the Shiite political forces, will hold an important meeting today, Wednesday, in the presence of Prime Minister Muhammad Shia al-Sudani, in order to resolve the passage of the budget law, tomorrow, Thursday, in the Iraqi parliament.

An informed source told "Baghdad Today" that "the leaders of the coordination framework will hold an important meeting in the coming hours with the participation of Prime Minister Muhammad Shia' al-Sudani in the office of the leader of the Al-Fateh Alliance, Hadi al-Amiri, in the center of the capital, Baghdad, in order to put the final touches on the budget law before voting on it on the day of Tomorrow, Thursday, members of the Parliamentary Finance Committee from the Coordinating Framework blocs will also participate in the upcoming meeting.

The source, who asked not to be named, added that "the meeting comes after a round of dialogues and negotiations with the Kurdistan Democratic Party, and an agreement to amend some paragraphs related to the Kurdistan region within the budget law."  link

Tishwash:  Iraq expands electronic payment outlets "pos”

Iraq is gradually moving towards expanding the electronic payment process (POS) through a plan prepared in advance, to spread the electronic payment culture in force in most countries of the world, while the local markets witnessed a wide spread of these devices. 

The Ministries of Foreign Affairs, Communications, Planning, Higher Education and the Environment, in addition to the Amanat Baghdad, launched the electronic payment service, while the Central Bank started increasing POS devices and distributing them in shops, markets and commercial centers, hoping that the rest of the state institutions would join successively.

Haider Majeed, spokesman for the General Secretariat, stressed the importance of the electronic payment system, noting that this system will facilitate transactions for more than 4 million employees and retirees. Majeed told (Al-Sabah): "The purpose of the (pos) system is to facilitate cash transactions, because Iraq lagged far behind the rest of the countries in this field," and added that "it will contribute to facilitating cash transactions and preserving funds from loss, damage, forgery, and theft, in addition to To provide banking facilities,” noting that “the money will be secured to a very high degree, which is what merchants need in their financial dealings.”   link

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

Tishwash:  Economic: Legislation of the oil and gas law has become binding on the government and parliament

Economic expert Diaa Mohsen confirmed, on Tuesday, that the executive authorities represented by the government and the legislative in the House of Representatives must approve the oil and gas law during the current session of the House of Representatives.

Mohsen said in an interview with Al-Maalouma, that "the delay in approving the budget contributed to the failure to achieve justice and distribution among the governorates, in addition to delaying government programs and projects," pointing out that "the constitution emphasized that the Management of oil wealth should be by the central government because it belongs to the people.”

He added, "It has become necessary to oblige the legislative and executive authorities to pass the oil and gas law and make it a priority for the laws placed on the table of the Presidency of the House of Representatives and the heads of political blocs."

He pointed out that "approving the oil and gas law will contribute to solving many problems, including delaying the approval of annual budgets, achieving justice for all, and cutting off oil smuggling and selling it to boycotting countries, such as the Zionist entity."

Mohsen pointed out, "The delay in approving the federal budget annually is caused by differences between the region and the center, by not approving oil and gas."

The Oil and Gas Law has been awaiting legislation in the House of Representatives since 2005, which stipulates that the responsibility for managing oil fields in Iraq must be entrusted to a national oil company, which is exclusively supervised by Baghdad.  link

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

Tishwash:  Report: Saudi Aramco is seeking large oil opportunities in Iraq

 Saudi Arabia seeks to take advantage of its recent rapprochement with Iran to facilitate investment opportunities in Iraq's oil and gas sector. But the problem is that ensuring that Iran does not object does not eliminate the existence of obstacles, including Iraq's readiness to receive major Saudi investments, and the second is the objection of the United States, which views this Saudi entry as a threat to the interests of its companies, according to a report by the London-based Al-Arab newspaper.  

The report, which was followed by "Al-Iqtisad News", stated that Saudi Aramco possesses sufficient expertise, especially the ability to invest, which makes its projects in Iraq a candidate for implementation according to the exact dates, despite the competition.  

Riyadh concluded a preliminary agreement with Baghdad in order to invest and participate in the development of the Crutch oil field in Anbar Governorate, and to direct the associated gas towards building the Nebras petrochemical project.  

 Official estimates specify that Iraq's proven reserves of conventional natural gas have reached 3.5 trillion cubic meters, or about 1.5 percent of the global total, which places Iraq in 12th rank among the holders of reserves in the world.  

But about three-quarters of Iraq's total proven reserves consist of associated gas, a by-product that Iraq has been burning for free over the years, rather than using it to generate much-needed domestic power or selling it to generate much-needed revenue.  

 Iraq ignites, after Russia, the largest amount of gas in the world, by burning about 17 billion cubic meters in 2022, according to a study conducted by the World Bank.  

Because of the waste of this resource of great importance, Iraq still depends on Iran to provide about 40 percent of its energy needs (through electricity and gas imports), which angered the Americans, who want Baghdad to reduce its relations with Tehran and abide by the sanctions imposed on Iran.  

Iraq faces huge budget problems annually because of this waste, and long periods of power outages, especially during the summer.  

Although Saudi investment in the field of oil and gas gives Iraqis hope for change, pro-Iranian Iraqi officials believe that the gas projects that Iraq seeks to implement through Saudi companies aim to harm Tehran's interests.  

And after Baghdad’s participation in the “zero routine flaring” initiative of the United Nations and the World Bank, which aims to end gas flaring operations by 2030, Iraq announced the adoption of the same plan three times, without significant effect.  

The latest update of the plan included harnessing a company to invest associated gas in the Gharf and Nasiriyah fields with a capacity of 200 million standard cubic feet per day, in addition to other oil fields north of Basra, with the aim of solving the chronic gas problem.  

Aramco's development of the Crutch field will serve the same goal of boosting Iraq's domestic gas supplies. And the Saudi company has the ability to achieve this.  

These factors will allow the overall development of the long-awaited Nebras Petrochemicals project. In January 2015, Royal Dutch Shell signed an agreement with Iraq worth $11 billion to build a petrochemical complex in Basra. The company owns 44 percent of the shares of the Basra Gas Company joint venture, which has a duration of 25 years.  

The project aims to enable Iraq to increase its independence in the field of energy and achieve economic diversification by capturing flared gas from the Rumaila, West Qurna 1 and Zubair fields.  

According to a source working closely with the Iraqi Ministry of Oil, who spoke exclusively to the US platform OilPrice, the suspension of this procedure was due to the demand of a number of senior oil officials to pay commissions of about 30 percent of the total cost of the Nebras petrochemical project.  

The potential returns for Nibras remain huge, and Saudi Aramco has the capabilities to achieve them. With Nebras adopting a seed project (just as Saudi Arabia exploited a petrochemical complex project in the Jubail Industrial City), and a sustainable and reliable supply of ethane (usually found in associated gas streams) for at least 20-25 years, Iraq will have to spend about $40-50 billion. .  

But then he will become one of the largest petrochemical producers in the Middle East, and his profits will be higher than his investments.  

Aramco may not face the same difficulties in the Iraqi oil sector as Western companies. Commission payments are standard business practice in the Middle East and are not subject to the same kind of scrutiny as they are in the West. But the problem that you may face in developing the planned Crutch and Nibras projects is the US view on the potential benefits and risks.  

In addition, the shift in Saudi Arabia's longstanding geopolitical allegiance from the United States to China and Russia is a key feature of the new global oil market order. But America does not intend to make it easier for the kingdom, or for countries in the Middle East that are looking to do the same.  

It is noteworthy that the United States has an additional reason for concern in the case of the Akkas gas field, as it has always considered it a major part of the plan to develop three fields (including the Mansouriya and Siba gas fields).  

These three locations form a triangle across southern Iraq, extending from Mansouriya in the east (very close to the border with Iran) to Siba in the south (very close to Iraq's main export hub of Basra), and then west through Akkas (close to the border with Syria)   link

Mot:  ... Today!! -- This Happened to Me!! ~~~

CandyKisses:  SOME PEOPLE......

Iraqi News Highlights Late Tuesday Evening 6-6-23

Iraqi News Highlights Late Tuesday Evening 6-6-23

Tlm724 Administrator Bondlady’s Corner

Prime Minister: The Development Road Is A Large And Ongoing Project That Will Include The Largest Industrial City In The Middle East

 Yesterday's politics, Baghdad – conscious  Prime Minister Muhammad Shia al-Sudani affirmed today, Tuesday, that  the development road is a large and existing project, indicating that it will include the largest industrial city in the Middle East.

The Prime Minister said in a press conference followed by the Iraqi News Agency (INA):

"The development path is not a media talk, but rather it is a large and existing project," noting that "the project starts from the port of Fao, then is followed by an industrial city, which is the largest in the Middle East, then a residential city close to the port."".

 He added, "The government's approach includes creating economic partnerships with countries in the region to strengthen relations, consolidate stability and achieve benefit," noting that

"Daewoo is implementing 5 projects in the port of Faw, and the work plan is proceeding according to what was agreed upon."

"The European Union and China have sent important messages on the path of development and have shown their willingness to participate," he stressed.

On the other hand, the Prime Minister pointed out, during his talk about the housing file, that

"our partnership with the private sector focuses on enabling the investor to implement his project."  He continued,

"Without the private sector and real estate development companies, we will not be able to solve the housing crisis," explaining that

"roads and infrastructure are among the most important pillars of solving the housing crisis, and the government must intervene in the pricing of housing units."  The Prime Minister stated that

"there are regional, Arab and foreign companies that have expressed their desire to carry out housing projects in Iraq," pointing out that

"housing projects were carried out inside cities, and did not take into account the issue of traffic jams and the provision of electric power."  He referred to

"the tendency to re-design basic cities to encourage investment and provide services," noting that

"the problem of multi-ownership lands necessitates obtaining legal approvals, as well as finding legislation from the House of Representatives to open up the establishment of new cities."  He stressed that

"the government will not grant lands to investors for free,

but the return will be housing units for the poor, as well as the establishment of infrastructure projects."

https://www.ina.iq/186891--.html

Al-Sawani: The Private Sector Is Capable Of Addressing The Housing Crisis

Information / Baghdad..  Prime Minister Muhammad Shia' al-Sudani expressed, on Tuesday, his confidence in the ability of the private sector to contribute to addressing the housing crisis in Iraq.

"The private sector and Iraqi companies are now competing with international companies," Al-Sudani said on the sidelines of the inauguration ceremony of Amwaj International's new residential project, considering that

"the project is evidence of the private sector's ability to alleviate the housing crisis."  He added,

"The current government has put the housing crisis as a priority," noting that

"the housing problem in Iraq is chronic and has faltered since the eighties of the last century."  He warned that

"9 percent of Iraq's population lives in slums, according to the Ministry of Planning." Ended/25 h

https://almaalomah.me/news/politics/السواني:-القطاع-الخاص-قادر-على-معالجة-أزمة-السكن

Mazhar Saleh: The World Bank Starts From The Rentier Of The Iraqi Economy

Economical 06/03/2023  Baghdad: morning  Yesterday, 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, and what he described as very pessimistic.

Saleh told the Iraqi News Agency (INA):

"The International Monetary Fund stems from the rentier problems of the Iraqi economy, as the proportion 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 of Iraq defends stability are linked to the general level of prices as a major goal of monetary policy through the bank's intervention with its operational goals 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 are dependent on imposing price stability 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 cycle of oil assets that affect In that important connection between the two policies, that is, 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 public 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 and fiscal policy.” Do 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 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 that "the second issue includes assuming fiscal policy imposing broader discipline 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 that "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 sum of these warnings leads to an existential threat to the economy, according to reports issued." about these organisations. 

He pointed out that, "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."    https://alsabaah.iq/78132-.html

Foreign Reserves And Gold

June 06, 2023   Data of the Central Bank of Iraq until the end of May 2023 regarding foreign reserves and gold https://cbi.iq/static/uploads/up/file-16860351536238.jpg

https://cbi.iq/news/view/2350

Iraq Is On The Verge Of A Commercial "Paradigm Shift" With The Gulf Countries Through The National Bank Of Iraq

Economy News _ Baghdad  The National Bank of Iraq, affiliated to the Capital Bank Group, announced during its sponsorship of the Joint Saudi-Iraqi Business Matching Forum that was held in Jeddah Governorate that it will start its work through its official headquarters in the King Abdullah Financial District in Riyadh, stressing that

it is a step that will contribute to enhancing economic development in Iraq, whose economy is growing.

Clearly, a "qualitative leap" will occur in enhancing the volume of trade exchanges with the Gulf states.

This announcement was made by the Chairman of the Saudi-Iraqi Business Council, Muhammad bin Abdullah Al-Khorayef, who inaugurated the activities of the forum along with a number of members of the

Business Council, the  Coordination Council, the Saudi Export Development Authority, the Ministry of Investment and the Foreign Trade Authority, and a number of official figures and businessmen from both Saudi sides.

And the Iraqi, and the managing director of the National Bank of Iraq, Ayman Abu Dahim, and the deputy CEO of the Capital Bank Group, Mr. Nadim Qabbat, and the CEO of the National Bank of Iraq in Saudi Arabia, Eng. Zaid bin Abdulaziz Abunayan, and a group of executives in the bank.

The opening of a branch of the National Bank of Iraq is an important step to expand the base of trade exchange between Iraq and the Kingdom of Saudi Arabia in light of the increasing growth of exports between the two countries. business services directly to them.

The managing director of the National Bank of Iraq, Ayman Abu Duhaim, stressed

"the importance of opening the first Iraqi bank in the Kingdom of Saudi Arabia," explaining that

"the National Bank of Iraq will play an important role in developing and developing economic relations between the two countries, after the increasing growth in the volume of trade exchanges between them.". He stressed,

"The importance of the bank becoming the ideal partner for Saudi and Iraqi companies."

For his part, the CEO of the National Bank of Iraq in the Kingdom of Saudi Arabia, Zaid Abunayyan, expressed his happiness with the opening of the first branch of the National Bank of Iraq in Saudi Arabia and said that

"the branch will provide banking services and various banking facilities to cover the untapped sectors in the Saudi trade market,

which means increasing its market share of Total commercial dealings between Saudi Arabia and Iraq by providing services to strategic corporate clients and facilitating their commercial dealings.

Abunayyan pointed out that "the volume of trade exchanges between Iraq and Saudi Arabia amounted to 5.5 billion riyals last year, with a growth rate of 48%, as

the volume of trade exchange maintained stable growth during the past few years, explaining that

the scope is still great for increasing bilateral trade exchange, especially after the bank directs Al-Ahly Al-Iraqi does its business in Saudi Arabia, and

thus aspires to become the preferred and ideal partner for Saudi and Iraqi companies, in a step that will contribute to strengthening the economic development process in Iraq, whose economy is witnessing clear growth.

During the forum, an overview of the Saudi Iraqi Investment Company, which is wholly owned by the Saudi Public Investment Fund, and which was established recently with a capital of $3 billion, was presented.

Acting CEO of the Saudi Iraqi Investment Company, Miteb Al-Shathri, stated that

"the company will invest in Iraq through direct investment in private companies and in companies listed in the Iraqi market, in addition to indirect investment by participating in economically feasible infrastructure projects and investing in funds that target Iraqi market. Al-Shathri added,

"The Saudi-Iraqi company will jointly invest with the Public Investment Fund companies and private sector companies to accelerate the regional expansion of Saudi companies," noting that

"the presence of the National Bank of Iraq in Riyadh will contribute to encouraging and facilitating trade between the two brotherly countries in light of the increasing growth of exports between the two countries."".

For his part, Abu Dahim expressed his "thanks and appreciation to the Saudi Public Investment Fund for its clear keenness in developing and developing Saudi-Iraqi cooperation relations, and transferring them to new levels," noting that

"the establishment of the Saudi-Iraqi Investment Company and its direction to invest in Iraq will cause a quantum leap in enhancing the volume of trade exchanges." Between the two countries".

It is worth noting that the establishment of a branch of the National Bank of Iraq in the Saudi market, which is among the strongest economies in the world, will contribute to supporting the pace of growth by building a network of banking relations with major institutions and companies operating in the commercial sector in the Kingdom and the continuous pursuit of achieving the desired goals through innovation and development. In providing all banking solutions that support and support commercial activities between the Kingdom of Saudi Arabia and Iraq.

190 views    06/06/2023 - https://economy-news.net/content.php?id=34597

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

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