Goldilocks "The SEC Stabilization Act and more" Tuesday 6-13-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

Good morning Dinar Recaps,

Goldilocks posted some links and comments to help us understand the global financial situation:

"Referring to the letter of the Prime Minister’s Office No. (3063/2314866) on 5/22/2023 and to achieve the principle of financial inclusion and sustainable development by delivering banking and financial services to all segments of Iraqi society and at any point in our beloved Iraq, all licensed banks must open branches in areas with Large population density, especially Al-Zawra district (Al-Ma’mal area).  Please inform us of your procedures in this regard as soon as possible"

https://cbi.iq/news/view/2358

There is only one reason for this to take place.

More money flow.

When a country attracts more demand for their currency, it's value increases.

© Goldilocks

How Do Interest Rates Affect Exchange Rates?
https://www.bound.co/blog/how-do-interest-rates-affect-exchange-rates#:~:text=As%20more%20investors%20are%20attracted,the%20value%20of%20a%20currency.

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“Today I filed the SEC Stabilization Act to restructure the SEC and fire Gary Gensler,” announced

(https://twitter.com/WarrenDavidson/status/1668305460368121857) Warren Davidson (R-OH) on Twitter Monday. “U.S. capital markets must be protected from a tyrannical Chairman, including the current one.”

Congress is currently in process of cleaning the swamp. We need someone who is more crypto-friendly going forward in leadership positions of our new digital asset-based trading system.

It is believed that our current SEC chairman is driving many of our crypto markets overseas with many of his decisions aiming to stop the growth of and into this new economy. 

Nothing can stop what is currently taking place, but we may see new leadership to carry it forward.

© Goldilocks

https://decrypt.co/144280/congressmen-draft-bill-to-fire-gary-gensler

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"Now MiCA crypto legislation is final, regulator ESMA to run consultations"

Markets in Crypto Assets (MICA) is likely to become the Standard for our Global Digital Economy.

It will provide clear guidelines for our stablecoins and other digital tokens going forward with consultations beginning as early as July.

These consultations will take place all the way through 2024 and complete this process in 2025.

All we need is for them to begin as early as next month, so we can begin the process of implementing our new digital economy.

© Goldilocks

https://www.ledgerinsights.com/esma-consultations-mica-crypto-legislation-final/

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"Gold buying up and US Dollar holdings down at Central Banks"

This is a major shift taking place in our Global Economy. A move from holding the US dollar to holding gold is the preferred monetary currency.

In August, we are going to see the BRICS nation's currency take away some of the share as well from the dollar.

It is clear we are at the beginning stages of a new economy, of which, will begin showing new correlations in our Global Markets as early as July.

Nothing happens overnight, but we will be clearly inside a new world financially.

© Goldilocks

https://www.forex.com/en/market-analysis/latest-research/gold-buying-up-and-us-dollar-holdings-down-at-central-banks/

https://dailyreckoning.com/rickards-drops-bombshell/

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The Emerging Markets are feeling the impact of the high cost in the use of the dollar.

It is each Country's responsibility to stabilize their currency.

This is why new structural reforms inside a new digital asset-based economy are coming into play.

© Goldilocks

https://watcher.guru/news/brics-egypt-ditches-us-dollar-in-trade-with-the-bloc?utm_source=TelegramNews&utm_medium=TelegramNews&utm_campaign=TelegramNews

https://www.thestar.com.my/business/business-news/2023/06/12/structural-reforms-needed---------------------to-support-the-ringgit

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If you take a close look at the articles written today, you will notice that the dollar is about to start going to a real value as gold steps up to the plate and goes to its real value.

The dollar faces many levels of competition beginning with new digital currencies formulating new price patterns in July along with the new BRICS Nation's currency introduction in August.

The next few months will begin the process of leveling off of the currencies. We will keep a close set of eyes on this as it progresses.

© Goldilocks

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"Monetary System coming in a matter of weeks." James Rickards

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Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Tuesday Morning Iraq Economic News Highlights 6-13-23

Tuesday Morning Iraq Economic News Highlights 6-13-23

(Baghdad Today) Publishes The Tripartite Budget Law In Its Final Version

Policy |Baghdad today - Baghdad   (Baghdad Today) publishes the Federal Budget Law for the years (2023-2024-2025) in its final version.   And the House of Representatives approved the general financial budget law for 3 years, after work that lasted for five consecutive days and months of controversy and discussions.

The last session related to the law was held on Sunday evening, June 11, about 7 hours after the scheduled date, as work began from Article 43 up to the last paragraphs of the law, before the Council returned to settling the postponed articles, most notably Article 15, which discussions took until the early morning hours. Monday.    Press here      LINK

The President Of The Kurdistan Region Welcomes The Approval Of The Budget And Regrets The "Incorrect Behavior"

2023-06-13 Shafaq News/ The President of the Kurdistan Region, Nechirvan Barzani, welcomed, on Tuesday, the approval of the tripartite budget for Iraq, while expressing his regret over the actions he described as incorrect that accompanied the process of discussing it in Parliament. He called for the implementation of the budget items in a fair manner, taking into account the status of the region as a constitutional entity within the Iraqi state.

President Nechirvan Barzani said in his statement, "We welcome the ratification of the Iraqi federal tripartite budget, and we hope that it will turn into a good road map for economic progress and political stability and pave a suitable ground for investment. We appeal to all the gentlemen who worked sincerely for the interests of citizens and equality among the people of Iraq." .

He added, "It is unfortunate that the discussions of the House of Representatives witnessed incorrect behavior towards the rights of the Kurdistan Region and the disputed areas on the part of some deputies," considering that "what happened is not consistent with the principles of the political agreement of the State Administration Alliance, and this approach and this method of dealing does not serve the political process." situation and the future of Iraq.

Barzani also stressed that "the general budget law should be implemented fairly, taking into account the status of the Kurdistan Region as a constitutional political entity, as well as the disputed areas and their rights and interests."

He pointed out that "there must be complete assurances that the financial dues and salaries of salary-bearers in the Kurdistan Region will not be hindered by obstacles and will not be neglected for political reasons."

And the President of the region continued by saying, "What we saw during the discussion of the general budget is a source of deep concern, and this fact proved once again that the division of the Kurdish parties harms the Kurdistan Region, and in addition to this."

He stressed, "We can, through the common political will and taking into account the public interest, take this as an opportunity to strengthen confidence between us, reorganize our home better, calm tensions and resolve differences in order to strengthen the strength of Iraq and the Kurdistan Region."

And the Iraqi parliament voted, at dawn on Monday, on the federal budget law for the years 2023, 2024, 2025, after discussions that lasted for five days.

The value of the current year budget is 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars), while the items of the 2023 and 2024 budgets have not been published.   LINK

Sudanese To The Iraqi Community In Egypt: After Approving The Budget, Your Country Will Turn Into A Workshop

TUE, 13-06-2023, KARRAR AL-ASADI   Prime Minister Muhammad Shia' al-Sudani met the Iraqi community residing in Egypt during his current visit to Cairo, where a dinner was held at the Iraqi embassy in Cairo.

And Al-Sudani expressed his pride in meeting the Iraqi community, who form a mini-Iraq of all sects and orientations, and reflect the kindness, values ​​and principles of the Iraqis.

He referred to the goal of visiting Egypt, and the desire to strengthen cooperation with brothers in various fields, and also touched on the government's orientation towards construction and reconstruction, to achieve the ambition and aspirations of all Iraqis, for a safe and stable Iraq, and its seriousness in transforming their country, Iraq, into a workshop to make up for what it missed and provide the best services to citizens. .

The Prime Minister stressed that "the relationship with Egypt is based on a common history, and the importance of the role of Baghdad and Cairo on the Arab and regional arena," appreciating at the same time "Egypt's standing after 2003 with Iraq at various stations, and its support in its battle against terrorism, as well as its moderate discourse." Al-Azhar Foundation.

He pointed out that "the Iraqi-Jordanian-Egyptian cooperation, and what was established by previous governments, is a matter of interest by our government, and it was included in the ministerial curriculum," adding, "We have seriousness and a real desire to enhance the horizons of cooperation with Egypt."

Al-Sudani continued, "We were accompanied on our visit to Egypt by a number of businessmen from the Iraqi private sector, which is an empowered and effective sector," noting that "the interest of the state and the direction of the government require that the private sector be a partner in economic and trade relations with brothers and friends, which is an approach adopted by the government." ".

And he added, "The government has developed a realistic, applicable program, and this was confirmed in a three-year budget, which is a reflection of the government program, and will be a catalyst for financial and economic stability in the country," stressing that "after approving the budget, there is planning for Iraq to be a workshop in all governorates for construction and reconstruction." .

On foreign relations, Al-Sudani said that his government adopted the "principle of productive diplomacy" in its foreign relations, and began drawing our relations according to the vision of "mutual respect, common interests, and economic partnerships."

The Prime Minister concluded his speech by noting that "Iraq has become a pivotal country in the region, through its role in resolving crises and bringing points of view closer." https://non14.net/public/157727

After The Budget.. Representatives Catch Their Breath During The Legislative Recess And Return With Four Important Laws

Tomorrow, the Iraqi parliament will enter a legislative recess that will last for a month, then it will resume its duties in the second legislative term of the second legislative year, as it intends to include four “important” laws on its agenda, according to one of the representatives.

The representative, Muhammad Al-Shammari, said in a press interview seen by Taqaddam, that “the parliament, after approving the tripartite budget law, will enter tomorrow, Tuesday, in the recess of the legislative term, which lasts for one month, and then resume its sessions again,” pointing out that “There are important laws awaiting their enactment, especially the oil and gas laws and the Federal Court.”

He added, "Parliament will resume its work with several laws that have been deferred for years, and the reason is that they are not subject to political agreement between the blocs."

He continued, "The laws that the parliament will work to legislate in the second legislative term are: oil and gas, the Federal Court, information crimes, and the amendment of the House of Representatives elections law," noting that "all these legislations need political consensus."

Yesterday, the House of Representatives ended its first legislative session of the second year, approving Iraq's tripartite budget, after months of tensions, disagreements, and anticipation.

https://takadum-news.com/archives/168807

The “Tripartite Budget” Is Awaiting Approval By The Presidency Of The Republic

The first  2023/06/13: Shaima Rashid   After Parliament finished voting on the draft general budget for the years (2023, 2024, 2025), the Iraqis are waiting for its provisions to enter into force within ten days after the end of the technical matters related to legally rewriting the budget according to what Parliament voted on, and the Parliamentary Finance Committee announced that the draft The budget and its amendments will reach the Presidency of the Republic for approval today, Tuesday.

The value of the current year's budget is 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars).

For his part, Prime Minister Muhammad Shia' al-Sudani stated that the government based its submission of the "tripartite budget" on the clear reform vision adopted by the government program, while indicating that the amended items in the budget would be reviewed.

And the Prime Minister stated in a statement, yesterday, Monday, that “the budget that the Council of Ministers voted on last March 13, took into consideration priorities that affect the basic requirements of the individual and the family, and the livelihood of citizens, and seeks to meet their aspirations in what they expect from the government in terms of services, construction and infrastructure projects.” ".

Adviser to the Prime Minister Hisham al-Rikabi explained in a tweet on "Twitter", that "after the House of Representatives voted on the federal budget for three years, the (reconstruction campaign) that Prime Minister Muhammad Shia al-Sudani promised to implement will be launched very soon, according to what was stated in the government program." He added "The features of the campaign will be construction, investment, combating poverty, raising the level of services, and implementing all reform packages," he said.

While the Advisor to the Prime Minister for Political Affairs, Fadi Al-Shammari, stated that "the tripartite budget will inevitably contribute to achieving economic stability and promoting development," and added, "We look forward to investing this event in transforming the country into a large workshop," stressing that "the time has come to work together to achieve the vision our country and achieve sustainable development and reconstruction.

And regarding the executive path of the budget, a member of the Parliamentary Legal Committee, Muhammad Jassem Al-Khafaji, explained, in an interview with “Al-Sabah,” that “there are articles that have been deleted from the budget, materials that have been added, and materials that have been modified, that is, there have become variables on them, so it must be rewritten again according to amendments and corrections. that took place during the voting session, as this revised version will go to the Protocol Department and be printed definitively and in a final legal form.

He added, "This copy of the budget will be submitted to the Presidency of the Republic for the purpose of approval and publication in the Official Gazette, and this procedure must not be delayed," suggesting that "approval of the budget copy takes between one week and ten days, and then it goes to the Ministry of Finance in order to issue instructions for its implementation and intervene." into effect.”

And he indicated that "the issue of appealing the budget items by the government is up to it, because Parliament voted on it and made changes and amendments to it in accordance with the constitution and according to the powers granted to it. As for any item that the government believes has no benefit in it, it can appeal against it."

Al-Khafaji added, "Parliament voted to start the budget from the beginning of the current year 2023, that is, retroactively and not from the date of the vote," noting that this paragraph was controversial in Parliament.

In addition, a member of the Parliamentary Finance Committee, Representative Hussein Muanes, explained that the current budget will end 6,000 lagging projects, and added that “the number of failed and lagging ministerial projects has reached 6,240 projects, and therefore the committee decided to transfer the funds to the governorates because they will be elected governments and will have the oversight of the local councils that You will be elected in a few months."

Edited by: Muhammad Al-Ansari    https://alsabaah.iq/78892-.html

KTFA Members "News and Views" Tuesday 6-13-2023

KTFA:

Clare:  A representative source for Al Furat News: Sending the budget to the Presidency of the Republic today  

6/13/2023

A representative source revealed the date of sending the tripartite financial budget bill to the Presidency of the Republic.

The source told {Euphrates News} agency that: "The general budget for the year 2023 will be sent to the Presidency of the Republic today for the purpose of approving it within 15 days, after which it will be published in the Official Gazette to be effective."

And the House of Representatives, at dawn yesterday, Monday, approved the draft federal budget law for the fiscal years 2023-2024-2025, after more than 4 days of holding sessions since last Thursday.

The value of the current year’s budget is 197 trillion and 828 billion dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars), while the items of the 2023 and 2024 budgets have not been published.

 For his part, Prime Minister Muhammad Shia al-Sudani confirmed, in a statement today, that "the government will work to review the items that have been amended in the budget and study the extent of their conformity with the government's vision and objectives approved in the ministerial curriculum approved by Parliament."

Raghad Daham     LINK

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Suzie:  With JP Morgan coming into Iraq now and countries pouring in to do business, everyone should be done frothing at the mouth over the budget by now, it's time to release the kracken and show the rate internationally if they're going to play ball and get on board with the rest of the world....just sayin"....

Scarlett10: IMO  They have to show us the rate from now till June 16. How can they have such an important meeting claiming that Iraq is open to the rest of the world on June 16 without a strong currency to back them. Praying we will see something in the coming days. 

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Clare:  Shafak News publishes the text of the tripartite budget law for the Iraqi

6/13/2023

Shafaq News Agency publishes the text of the general federal budget law, "with three years 2023,2024,2025" for the Iraqi state, which the House of Representatives voted on at dawn on Monday, the twelfth of June, after discussions that lasted for five days.

The value of the current year's budget is 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars).

And the Iraqi Prime Minister, Muhammad al-Sudani, confirmed that his government will review the parliamentary amendments that were made to them and the extent of their conformity with the government's goals.

Here is the text of the law     LINK

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Clare:  Al-Halbousi to the American Chamber of Commerce delegation: Conditions are now ripe for economic work in Iraq

6/13/2023

Parliament Speaker Muhammad Al-Halbousi received, today, Tuesday, a delegation from the American Chamber of Commerce, which included a large group of companies specialized in various fields, headed by the President of the American-Iraqi Business Council, Steve Lotus, and in the presence of the Chairman of the Investment Committee and the Vice-Chairman of the Economic Committee Parliamentary industry and commerce.

A statement from his office, a copy of which {Euphrates News} received, stated that: "The meeting discussed strategic cooperation and strengthening bilateral relations in the economic aspect between Iraq and the United States of America."

Al-Halbousi listened to a review by members of the delegation of existing investment opportunities and proposed projects in the field of health, energy, banking system, infrastructure, services, and others, stressing that "Iraq is open to foreign companies, provides the necessary facilities for investment in various fields, and works to provide the appropriate environment for international companies through the necessary legislation." ".

He also pointed out that "the conditions are now ripe for economic work in Iraq, and there are many investment opportunities and important projects within the government's vision and its executive program, which were approved within the Federal General Budget Law."  LINK

Iraqi News Highlights Monday Late Evening 6-12-23

Iraqi News Highlights Monday Late Evening  6-12-23

Tlm724 Administrator Bondlady’s Corner

International Monetary comments on Iraq's budget and re-warns of "inflation" in the currency

Economy    Baghdad today – Baghdad  Today, Monday, the American "Financial Post" newspaper reported a  warning that it said was issued by the International Monetary Fund to the Iraqi government regarding the budget in its current form after its approval after four continuous days of deliberation and political problems between Baghdad and the Kurdistan region of Iraq. 

The newspaper said, according to what it translated (Baghdad Today), that "the Iraqi government under the administration of the current Prime Minister, Muhammad Shia'a al-Sudani, passed the" largest budget "in the history of Iraq, amounting to 153 billion US dollars," explaining that

"the International Monetary Fund issued a warning to the Sudanese government on the atheist And the 30th of last May about the government's spending of such large sums, given the current economic conditions.  

The newspaper pointed out that "international monetary concern is due to fears that large government spending will lead to"inflation" in the Iraqi currency,

which in turn leads to a spiral of economic deterioration affecting the future of the country, according to its description.

It is noteworthy that Iraq recorded a decline in inflation rates during the month of April, which reached one percent, with the central bank heading towards buying large quantities of gold to support the local economy.

For his part, the Iraqi Central Bank announced that the country has become in the thirtieth place internationally with the quantities of gold reserves stored.

https://baghdadtoday.news/223724-النقد-الدولي-يعلق-على-موازنة-العراق-ويعيد-تحذيره-من-تضخم-في-العملة.html

Determinants Of The Exchange Rate Of The Dollar In The Iraqi Market.. An Expert Explains The Factors

Economy   Iraq  Central Bank of Iraq  Iraqi dinar  dollar exchange rate  Sulaymaniyah Stock Exchange  Economist 

2023-06-11 Shafaq News/ The economist, the spokesman for the Sulaymaniyah Stock Exchange in the Kurdistan Region, Jabbar Goran, explained on Sunday the factors affecting the determination of the exchange rate of the US dollar against the Iraqi dinar. 

Goran told Shafaq News agency, "Determining the exchange rate in the local markets is related to four determinants, the

first of which is citizens' expectations that are usually linked to government decisions (statements by officials), and the

second is related to determining the exchange rate in official transactions, especially financial budgets." 

He added, "There are also monetary determinants, which are related to the monetary policy of the Central Bank of Iraq, which is represented in the quantities of dollar pumping and the mechanism for distributing the dollar in the markets, the last of which is the financial policy of the state." 

Goran emphasized that "determining the exchange rate in the federal budget for the current year affected the exchange rate of foreign currency in the market.

After it reached approximately (149,000) thousand dinars per ($100), it has now fallen to (146,000) thousand dinars per ($100).)".  And that

"the budget decision alone is not sufficient to control the price of the dollar in the market," explaining that  "the difference exceeds (15) thousand dinars, and

this is a big difference that requires the Central Bank of Iraq to take other and additional measures to control the price of the dollar."

Regarding the reasons for the rise in the exchange rate from the official price, a spokesman for the Sulaymaniyah Stock Exchange indicated that

“currency smuggling operations outside the country, as well as the process of

not pumping all the money that some banks buy from the Central Bank, as well as

administrative and financial corruption,

are all reasons affecting the instability of the exchange rate.” dollar.” 

Goran concluded, saying, "The Central Bank of Iraq now grants approximately (200) financial invoices per week for foreign transfers, after it did not exceed (50) invoices per week, due to the financial audits on the accounts of those invoices."

https://shafaq.com/ar/اقتصـاد/محددات-سعر-صرف-الدولار-في-السوق-العراقية-خبير-يوضح-العوامل

What Is The Extent Of Its Impact On Iraq? .. “Goldman Sachs” Detonates A “Surprise” Regarding Global Oil Prices

 Translated Reports |  Baghdad Today – Translator  Goldman Sachs International Bank, one of the most influential banks on the international economy, predicted that oil prices would range during the remainder of this year between 86 and 91 dollars per barrel.

And the American CNBC network stated, according to a report it published today, Monday, and its translation (Baghdad Today), that “

an internal report issued late yesterday evening, Sunday, showed that the International Bank expects oil prices to range during the remainder of this year to between 86 to 91 US dollars per barrel. 

It stated that "the International Bank predicted last Thursday that oil prices would rise by more than ninety dollars a barrel during the coming period."  The network pointed out that

"the change in the bank's expectations comes as a result of news of a recovery in Russian oil exports by about 10% from current levels, despite the US sanctions imposed on Moscow."

It is noteworthy that Sachs' expectations about Russian oil faced criticism from specialists, according to the network, as a result of Russia's temporary entry into the OPEC Plus alliance and

its announcement last week, through its Deputy Foreign Minister Alexander Novak, of his country's "welcome and commitment" to OPEC's oil decisions and the outputs of the Vienna meeting, according to what was reported by the Russian News Agency.

Iraq relies entirely on oil revenues that finance government expenditures and form annual budgets without there being any other sources of income followed according to a realistic, integrated economic system.

As for the impact on the balance of the budget,

the automatic effect of the drop in oil prices is the rise in the budget deficit to high and dangerous levels (as a result of dependence on oil to finance the budget) and

the inability of the state to fulfill its financial obligations (especially consumer spending represented by salaries and wages), which is what actually happened during In the year 2020, and

one of the possible ways to clarify the impact achieved from the rise in oil prices is what is called the price achieved for the balance of the general budget (meaning the oil prices in which the general budget is balanced), and

in this context and in light of the current conditions and the rise in the wages and salaries bill (consumer spending), prices

The parity that achieves balance in Iraq may exceed the barrier of 70 dollars on average, and until October of 2021 the average price was about 65 dollars, and there is a difference of 5 dollars per barrel, and

it is possible to achieve balance in the budget at the end of the year in light of the prices remaining at their current levels.   

https://baghdadtoday.news/223725-ما-مدى-تاثيرها-على-العراق؟.-غولدمان-ساكس-يفجر-مفاجأة-بشأن-أسعار-النفط-عالمياً.html

Withdrawal Of The Al -Gizal Company's License To Mediate With The Sale And Purchase Of Foreign Currencies

June 12, 2023     Based on the decision of this bank’s board of directors (88) of 2023 in its numbered session in the number 1636 held on 4/26/2023,

it was decided to  withdraw the permission of the Al -Giza Company to mediate with the sale and purchase of foreign currencies and

confiscate the guarantee letter in favor of this bank and

cancel the establishment certificate granted to it and

provide us with a book of removing the name The company above is from the records of the Ministry of Commerce / Corporate Registration Department.   https://cbi.iq/news/view/2357

Servantic Reality In The Zawra District (Laboratory Zone)

June 13, 2023   A reference to the book of the Office of the Prime Minister No. No. (2314866/3063) on 5/22/2023 and  to achieve the principle of financial inclusion and sustainable development by delivering banking and financial services to all groups of Iraqi society and at any point in our beloved Iraq The large population density, especially the Zawra district (laboratory area).

Please inform us of your procedures as quickly as possible   https://cbi.iq/news/view/2358

Iraq Ranks Third In The World In Terms Of High Unemployment Rate

Monday, June 12, 2023 11:51 am  Follow-up / National News Center  The global economy grapples with rising unemployment rates as countries face the complexities of fighting inflation, laying off workers, securing international financing, attracting investment, and creating jobs.

According to BNN, the latest data sheds light on the countries with the highest unemployment rates, led by Africa, with Nigeria and South Africa ranking first with unemployment rates of 33.3% and 32.9%, respectively.

In a disturbing revelation, Iraq emerged as the third highest unemployment rate in the world and the highest rate in the Arab world, reaching 15.55%,

indicating that the repercussions of unemployment are deeply felt across the country, which underscores the urgent need to take effective measures to address this issue.

Spain comes in fourth place, after Iraq, with an unemployment rate of 13.26%.

Despite Turkey's ongoing crises, the country's unemployment rate stands at 10%, which puts it in fifth place on the global list.

Iran comes in sixth, grappling with an unemployment rate of 9.6%, and Serbia ranks seventh with an unemployment rate of 9.2%, followed by Chile and Brazil in South America, with average rates of 8.7% and 8.5%, respectively.

Surprisingly, Finland, famous for its high happiness rating, finds itself tenth on the list, competing with an unemployment rate of 7.9%.    https://nnciraq.com/210618/

Industry Provides Egyptian Investors With A Database To Set Up Factories In Iraq

 Economy of the day, 21:23   Cairo – conscious  Today, Monday, the Ministry of Industry and Minerals confirmed providing Egyptian investors with a database to set up factories in Iraq.

The Director General of the Investments Department in the ministry, Adel Ahmed Shabib, told the Iraqi News Agency (INA): During the work of the Iraqi-Egyptian committee in Cairo:

“The Iraqi Ministry of Industry and Minerals has common relations with the Egyptian side, in various fields, including the existence of a cooperation protocol as well as memorandums of understanding.” signed since 2020 between the two sides.

"We seek, during our presence today, to activate these memorandums and cooperation protocols by establishing contact points for the two sides," he added.  He added,

"The Egyptian side has a desire to invest in Iraq, by sending some investment delegations to Iraq earlier, among them important investors, including the well-known Egyptian investor Naguib Sawers, who has a desire to establish factories in Iraq, the most important of which are sugar factories and factories for silicon industries."". 

And he continued by saying:  "The delegations representing Iraq sat with the Egyptian side, and they were provided with an initial database, and they are now in the stage of preparing studies to establish factories in Iraq."  He stressed,

"Iraq has a desire to benefit from the Egyptian experiences, as the brothers in Egypt were pioneers in the field of industrial cities and complexes and their management, and there is also a desire to transfer the Egyptian experience in privatizing its companies and converting them into joint stock companies."  He pointed out,

"The Egyptian side has experience in medium and small industries, so through our presence, we presented to the Egyptian side the available investment opportunities in the Ministry of Industry, to present them to Egyptian investors who wish to conclude partnership contracts with the private sector in Iraq."  He pointed out,

"The results that we reached during the first session with the Egyptian side were positive, and showed their desire to build bridges in the industrial field with Iraq."

Regarding the rehabilitation of idle factories in Iraq, he stated that

"activating idle factories has two aspects.  

The first is what the Egyptian side desires to establish factories or rehabilitate factories, according to their desire, and the

second aspect is that the ministry offered the Egyptian side all the industrial investment portfolio to choose what they want."".

And he expressed his desire to "enter Egyptian companies interested in rehabilitating Iraqi factories, for many reasons, including the social fabric linked between the two countries and the depth of historical relations, in addition to the stages that Egypt has reached in developing its industry during the last period, as it was able to cover its local needs."

The Iraqi-Egyptian committee launched its work the day before yesterday, Saturday, with the participation of many ministries and independent bodies, including the Iraqi Media Network, and Egyptian official media.    https://www.ina.iq/187316--.html

Conscious / Including Sophistication.. Iraq Exports 15 Agricultural Products To The Gulf Countries

June 12, 2023 6 Views  Conscientious/Baghdad/M.A  The Minister of Agriculture, Abbas Jabr, confirmed, on Monday, that Iraq exports 15 agricultural products after achieving self-sufficiency, pointing to the

reduction of amber cultivation in Iraq to 70% due to drought, and what is grown to preserve seeds only.

Jabr said, in an interview reported by our correspondent, that "Iraq has achieved a lot of agricultural products in abundance and started exporting the surplus."

He added, "Iraq now exports from 10 to 15 agricultural products, including dates, tomatoes, potatoes, and watermelon, to the Arab Gulf countries," noting that

"there are committees to monitor the market, follow up prices, and know demand."  He pointed out,

"There is an increase and rise in the number of palm trees in Iraq, and reports indicate that their numbers have risen to 22 million palm trees," noting that

"the Ministry of Agriculture gave a million palm trees and trees to state departments."  And the Minister of Agriculture explained that

“the existing quantities of water are the standard for what is determined from the areas for cultivation each year,” pointing to

“reducing amber cultivation in Iraq from 10,000 dunums last year to 3,000 for the current year, with

a reduction of 70% due to water scarcity and drought.” https://al-iraqinews.com/archives/369721

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Tuesday Morning 6-13-2023

TNT:

Tishwash:  Legal: The implementation of the oil agreement between the center and the region will take place immediately after the budget is approved

 Legal expert Ali Al-Tamimi confirmed, on Tuesday, the implementation of the oil agreement between Baghdad and the Kurdistan region within the budget items, immediately after the law was published in the Official Gazette, stressing that the Democratic Party will not challenge the amended budget paragraphs.

Al-Tamimi said in a statement to Al-Maalouma, that "the implementation of the laws takes place after their approval and from the date of approval after their publication in the Official Gazette, and they do not have a retroactive effect unless they are proven by a legal clause."

He added, "The paragraphs that regulate the relationship between the center and the region, with regard to the oil agreement, will be implemented after the ratification of the law and from the date of its publication in the Official Gazette, and they do not have any retroactive effect."

Al-Tamimi indicated that "all the paragraphs contained in Articles (13, 14 and 15) of the Federal Budget Law are identical to the decision of the Federal Court," stressing that "the Democratic Party will not submit an appeal to those articles with the Federal Court."    link

Tishwash:  China expresses its desire to work in the path of Iraqi development

The Chinese company (CRBC) announced its desire to implement a number of projects offered for investment by the Ministry of Transport, as part of the Development Road project. 

  The Ministry of Transport said in a statement, received by the insider: “The Minister of Transport, Razzaq Muhibis Al-Saadawi, met with a delegation from the Chinese government company (CRBC) at the ministry’s headquarters in Baghdad. 

He was briefed on the capabilities of the Chinese company specialized in highway, railway, bridge, port and tunnel projects. 

  She added, "CRBC has expressed its desire to implement a number of projects offered for investment by the Ministry of Transport, within the Development Road project."

 And she continued, "During the meeting, the company's representatives reviewed the various infrastructure projects that the company worked to implement in various countries of the world, including the Beijing-Shanghai high-speed railway, which is the longest high-speed railway in the world ever built in one stage, as well as the Beijing-Shanghai high-speed railway." Mombasa-Nairobi Standard in Guinea, and the Nairobi-Naivasha Railway in Guinea as well. 

The minister affirmed, according to the statement, that the Ministry of Transport will guarantee fair opportunities for all discreet investment companies to work in development road projects such as highways, railways and industrial cities.  link

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

Harambe:  Vietnam ideal for foreigners' retirement - VnExpress International (6/11/23)

Rob Joseph decided he’d retire to Vietnam the moment local passers-by helped him out of a sticky situation he’d gotten into with a taxi driver here years ago.

Joseph, an Australian in his 70s, said that when he questioned the calculations of his taxi’s dubious meter, the driver got angry and locked the doors, preventing the traveler from exiting the vehicle. The driver then started shouting to people in the street, calling his passenger a liar.

"He [the taxi driver] thought people would help him. But they gathered to help me, which surprised me," Joseph said.

"And that is the moment when I decided to relocate to Vietnam after retiring."

Beside the friendliness and enthusiasm of people, Joseph also named the low cost of living in Vietnam as one of his reasons for retiring to Vietnam.

"I spend VND 3 million (around $128) a month on food in Vietnam," he said.

"But I had to spend five times that amount, or even ten times if I ate out every day, back when I was in Australia."

He said he was particularly impressed with how much cheaper the cost of fresh food in Vietnam was, especially vegetables and fruits, compared to his home country.

According to a survey conducted of American expatriates by International Livingmagazine, Vietnam is among the 10 mostideal countries for people of retirement age.

American magazine Travel+Leisure has also listed Vietnam among the eight cheapest countries to retire worldwide, citing costs of living, rents, and high-quality healthcare services that were all "affordable."

Ander Krystad, 67, from Norway, is another retiree who has chosen to live in Vietnam. He says Vietnam’s low cost of living, tropical climate, and beautiful scenery have contributed to improving his physical and mental health after retirement.

"You know, it is very cold in Norway, sometimes it even snows in June," says Krystad.

"I prefer tropical climate, and Vietnam is a country that has a lot of beautiful scenery."

Throughout his childhood and early adulthood, Krystad became familiar with the pictures and stories of the war in Vietnam on the news. But when he first came to the country, he realized that Vietnam is totally different from what he expected after watching the media.

"After three or four years, I totally fell in love with Vietnam," he said.

"I wanted to stay here, not only to make money, but also after that."

So, after officially retiring in 2018, Krystad and his wife built a house in Hue to enjoy their retirement. They have not been back to Norway since then.

Krystad also feels inspired by Vietnamese people’s praiseworthy optimism and collective culture. He thinks of the Vietnamese as a hard-working people whose sense of humor reminds him of Norwegian humor.

Krystad even published a book about his experiences retiring in Hue. After the book was published, people from all over the world sent him questions.

"The number of people interested in retiring in Vietnam, who have sent me their questions, has been rising day by day," he says.

"Some of my friends from my life back home have also asked me about how they could retire in Vietnam, to which I had to tell them that unfortunately there have not been many policies supporting this from authorities yet."

Relocating after retirement is a popular trend worldwide, especially for those who lived in expensive cities like Joseph and Krystad.

But there are currently a few options for foreigners who want to retire in Vietnam to choose from.

First, those who have a spouse of Vietnamese nationality are eligible to apply for a visa exemption for five years.

Second, foreigners could apply for an investor visa. In order to be qualified for this, they will have to establish a Vietnam-based company. Their visa will then be granted a length of stay in accordance with the amount of money they invested in that company in Vietnam. This type of visa is valid for up to five years.

Third, those who do not have enough resources to apply for an investor visa can apply for a business visa to enter Vietnam. This type of visa is valid for up to three months unless the visa holders have a work permit, which will enable them to apply for a temporary residence permit in Vietnam.

Last, those who are not classified in these groups can apply for a tourist visa, which is valid for three months. They can renew their visa by traveling out of the country and then re-entering.

Joseph is employing this measure. As an APEC card holder who can stay in Vietnam for up to six months, every six months, he has to cross a border and then re-enter.

Because of that, he and other foreigners interested in retiring in Vietnam are waiting for favorable policies in Vietnam to support foreign retirees.

"I think the tourism industry will benefit from that," says Joseph.

"Those who come to Vietnam to retire will spend money on accommodation, eating at restaurants, groceries, transport, and traveling. I think Vietnam should be more open if it wants to attract money from abroad."

Joseph says based on his experience, Thailand is a good example of employing such policies.

"They are promoting themselves as a country for foreign retirees."

"Many of my acquaintances have chosen to retire in Thailand just because there has not been such a visa type in Vietnam yet."

Other countries in Southeast Asia, including Cambodia, Malaysia, and Singapore, have all issued retirement visas for foreigners, aiming to make themselves the "second home country" for foreign retirees.

Steven Wolstenholme, chairman of Hoiana Resort & Golf, a five-star resort in Hoi An, Vietnam, said this would be a promising idea for Vietnam, too.

He said that foreign retirees will bring nothing but good to Vietnam, as they do not come to the country to find a job, and thus, will not compete with local laborers.

"Though I do miss my family in Norway, I still choose to stay in Vietnam," said Kyrstad. "I have five friends who said they would also choose to retire in Vietnam if the country issued a retirement visa."

He sighed. "So I hope the Vietnamese government does more to encourage foreigners to retire here."

 https://e.vnexpress.net/news/trend/vietnam-ideal-for-foreigners-retirement-4615687.html

Mot: ...... Unbelievable!!!

CandyKisses:  DO YOU?   

MilitiaMan "Iraq Dinar-Update-Budget-Done-LD's-Next?" Parts 1 and 2 6-12-2023

IRAQ DINAR - UPDATE - BUDGET - DONE - LDs - NEXT?

MilititMan and Crew:  6-12-2023

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

The budget has been taken care of…..Now they focus on “strategic projects”

https://www.youtube.com/watch?v=ouyXd3hvKRs

IRAQ DINAR - UPDATE - BUDGET - DONE - LDs - NEXT? - Part 2

MilititMan and Crew:  6-12-2023

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

https://www.youtube.com/watch?v=U-CnTH-Ak1I

Iraqi News Highlights Monday Afternoon 6-12-23

Iraqi News Highlights Monday Afternoon 6-12-23

Tlm724 Administrator Bondlady’s Corner

Sudanese Advisor: The Tripartite Budget Will Contribute To Achieving Economic Stability

Money  and business  Economy News – Baghdad  The political advisor to the Prime Minister, Fadi Al-Shammari, confirmed, on Monday, that the tripartite budget will contribute to achieving economic stability.  Al-Shammari said in a tweet, "Finally, the budget was approved successfully after extensive efforts and arduous negotiations, despite the proven observations."

He added, "The tripartite budget will inevitably contribute to achieving economic stability and promoting development."

He continued, "We look forward to investing this event in transforming the country into a large workshop," stressing: "The time has come to work together to achieve our country's vision and achieve sustainable development and reconstruction."

Views 9   06/12/2023   https://economy-news.net/content.php?id=34702

The Rise In The Exchange Rate Of The Dollar On The Local Stock Exchange

Monday 12, June 2023 10:22 | Economical Number of readings: 433  Baghdad / NINA / - The exchange rate of the dollar rose against the Iraqi dinar on the local stock exchange, today, Monday morning.

The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded an exchange rate of 146,600 dinars for every 100 dollars,

while on Sunday morning they recorded 145,900 dinars. The buying and selling prices also increased in exchange shops in the local markets in Baghdad, where the selling price reached 147,500 dinars, while the purchase price reached 145,500 dinars.  https://ninanews.com/Website/News/Details?key=1059175

Oil Prices Fell Globally Before The US Federal Reserve Meeting

Economy | 08:21 - 12/06/2023  Baghdad - Mawazine News  Oil prices fell on Monday, ahead of the Federal Reserve meeting as investors try to gauge the central bank's willingness to raise interest rates, while concerns about the growth of fuel demand in China and the increase in the supply of Russian crude affected the market.

Brent crude futures fell 81 cents, or 1.04 percent, to $73.97 a barrel by 04:38 GMT.

US West Texas Intermediate crude was at $69.40 a barrel, down 77 cents, or 1.10%.

Both benchmarks posted a second consecutive weekly decline last week as disappointing Chinese economic data raised concerns about demand growth in the world's largest crude importer, offsetting higher prices from Saudi Arabia, which cut an extra 1 million bpd of production in July.

Most market participants expect the US central bank to leave interest rates unchanged when it concludes its two-day monetary policy meeting on Wednesday. Interest rate hikes by the Federal Reserve have boosted the dollar, making dollar-denominated commodities more expensive for holders of other currencies and weighing on prices.

Russian oil exports to China and India have also grown despite the implementation of the EU embargo and the G7 price cap mechanism that began in early December. Ended 29/h

https://www.mawazin.net/Details.aspx?jimare=229046

Italian President: There Is An Intention To Diversify And Expand Economic Cooperation With Iraq

Political  | 01:16 - 12/06/2023  Baghdad - Mawazine News,  President Abdul Latif Rashid stressed, on Monday, the need to develop joint work with Italy, while Italian President Sergio Mattarella indicated that there is an intention to diversify and expand economic cooperation with Iraq.

The President of the Republic said during a press conference held with his Italian counterpart, Sergio Mattarella, that "my visit to the Italian Republic is the first, and I started with a meeting with President Sergio Mattarella, and it comes within the framework of continuing joint work between the two countries to strengthen the existing relations between them and to develop prospects for joint work in various political and economic fields." and cultural.”

He explained, "The meeting confirmed mutual keenness to move forward in constructive cooperation," praising "Italy's role in assisting Iraq during its war against terrorism."

He continued, "This cooperation constitutes a basis for us to enhance cooperation in construction and progress," pointing out, "There are many tasks for construction, reconstruction and development awaiting us in Iraq, and this is what makes our country a vital field for investment and the need for pioneering expertise in this field and in the development of services." that our people need in various fields.

He stressed that "opportunities are available for Italian companies to work in the cities of Iraq and benefit from their capabilities and expertise," noting that "the stability of the security and political situation in Iraq helps a lot in stimulating work, investment and construction, especially that the Iraqi government is working towards large plans for development and upgrading electricity, water and housing services." And in the field of infrastructure necessary for the various fields that have been affected by wars, violence and terrorism.

He explained, "The dialogue with President Sergio Mattarella focused on the need to develop joint work between Iraq and Italy in a way that serves the common interests of the two countries and peoples," stressing his keenness "that this visit be an important link in strengthening relations and developing joint work."

And he added, "We sensed the same concern from Italy, and this will make it easier for the Iraqi-Italian joint work team to enhance understanding in outstanding areas and develop joint work," expressing optimism about "the future of relations between the two countries."

For his part, the Italian president said during the conference that "there is an intention to diversify and expand economic cooperation with Iraq and the desire to strengthen cooperation with it."

He pointed out, "Iraq is the center of stability in the region." https://www.mawazin.net/Details.aspx?jimare=229064

A New Decrease In The Central Bank's Sales Of Foreign Currency

Monday 12, June 2023 11:31 | Economical Number of readings: 268  Baghdad / NINA / - Today, Monday, the Central Bank of Iraq's sales of foreign currency witnessed a significant decrease, as it recorded 201 million dollars.

According to the schedule of the currency sale window, “the central sold during its auction today 201,771,388 dollars, which the bank covered at an exchange rate of 1305 dinars per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar in cash.”

The bank indicated that "most of the sales are from the dollar to enhance balances abroad in the form of (transfers, credits) at 184,291,388 dollars, while the rest of 17,480,000 dollars went in the form of cash sales."/ End 8    https://ninanews.com/Website/News/Details?key=1059189

The Iraqi Trade Bank And Jpmorgan Are Discussing The Development Of Banking Operations

Economy News – Baghdad  Today, Sunday, the Iraqi Trade Bank and JPMorgan Bank discussed developing the banking operations mechanism.

The bank's media expert, Aqil Al-Shuwaili, said in a statement, "The President of the Trade Bank of Iraq and Chairman of the Board of Directors, Bilal Sabah Al-Hamdani, met with the Vice President of JP Morgan Bank (JP Morgan) Daniel Zeliko, his accompanying delegation, and a number of the bank's advanced team."

He added, "The two parties deliberated about the long practical relationship that binds the two banks and ways to develop the mechanism of banking operations in general, which is implemented by the Iraqi Trade Bank through JPMorgan Bank."

And he continued, "Our bank seeks to provide all facilities for foreign trade financing operations, in addition to supporting and developing industrial and service projects and providing banking services to government institutions and private sector companies in support of the directives of Prime Minister Muhammad Shia'a Al-Sudani to advance the country's economy, and to ensure that the best services are provided to the Iraqi citizen according to the best." Available methods and means within international standards, which will reflect positively on the Iraqi economy.

Views 238  06/11/2023 - https://economy-news.net/content.php?id=34686

Chairman Of The Securities Commission, Faisal Al-Haimus: Forex And Trading In Oil, Commodities And International Companies Are Prohibited In Iraq

Faisal Al-Haimus. "Economy News"  Economy News – Baghdad  The Chairman of the Securities Commission, Faisal Al-Haimus, revealed that the next two months will witness the arrival of the Securities Law to the House of Representatives, while he indicated that there are procedures to activate the Iraqi stock market during the next stage, and added that the Commission is fully prepared to privatize publicly owned companies after creating the environment. investment for that.

Al-Haimus renewed his warning to citizens against dealing with companies and entities inside Iraq that claim to deal with international stock exchanges because they do not have licenses. The following is the text of the interview:

* Where did you get in the securities law?

_ Last week we held a meeting with the Iraqi Stock Exchange, and all the differences were resolved. There are simple things, part of which are regulatory regarding the work of the market itself, as well as about the things that we can support with it as a body, and we were able to reach a solution to all the differences.

We have agreed to draft a new framework with the proposed solutions during the coming days, to submit the law to the General Secretariat of the Council of Ministers, which in turn will submit it to the State Council, and during the next two months the law will be ready to be sent to the House of Representatives, and the law will give the authority the legal support and tools to carry out its work properly. And its approval will lead to a qualitative leap in the work of the Iraq Stock Exchange.

* How do you see the financial reality of Iraq?

_ The volume of trading is weak, as the number of companies actually traded does not exceed 5-10 companies, while there are around 40-45 companies, part of which did not trade because there are no shares because they are all owned by large investors, and therefore there will not be a sufficient number of shares for trading, and it will be amended During the coming period of this year so that the market is active.

* What are the latest developments in “Al-Hafiz Al-Amin”?

_ As you know, (the trustworthy custodian) is a system and a mechanism, as well as a bank that guarantees the rights of investors, as the Authority previously licensed 4 banks, which is a sufficient number, and the banks, in turn, completed the infrastructure in addition to the training and experimentation operations, and I believe that during the next month the actual operations will begin.

The presence of these banks is sufficient and they usually have very simple tasks such as voting in public bodies, receiving profits and submitting monthly reports.

What are your procedures for combating money laundering?

_ There is a special division for money laundering present in the commission and linked to its president, and a meeting took place with the Association of Brokers in the market in which it was proposed that every brokerage firm should have a system to prevent money laundering and terrorist financing, and several ideas were circulated in this regard.

* How do you assess the reality of the Iraqi market for securities?

_ The reality of the market is not appropriate, because Iraq is a country rich in material and human resources. The Iraqi market for financial papers cannot have a trading volume of up to 100 thousand dollars per day, especially since the daily trading of the markets of neighboring countries is hundreds of millions of dollars, and some of them reach amazing numbers. Our reality is not appropriate and we need to That there is a boom in the market, and such a thing can be achieved during this stage.

* Is there a possibility to open markets for commodities inside Iraq?

_ The intention is there, but it is better today to reform the Iraqi market for securities before opening any new market.

* Is the Securities Commission ready for the privatization of public companies?

_ The Commission is fully prepared for that, especially in light of the new law, but the appropriate investment environment must be created for the privatization process.

The Ministry of Oil, Finance, or Banks, which brings great benefit, especially since the Prime Minister’s direction is to transform the economy from dependent on the government to dependent on the private sector, and accordingly, these operations must be started, especially since there are similar experiences that were carried out in the eighties of the last century and proved successful and transformed economies that were It relied on the public sector to the private sector, which raised many burdens, especially with regard to the issue of employment from governments to the private sector, and created a real private sector.

* How much is the government willing to offer in terms of bonds, and are the markets ready for that?

_ The markets are always ready, because if there is a benefit that you get from this thing, you can go to it, and if you offer bonds today with a high interest value, you will certainly find a buyer, whether inside or outside, especially since the budget suffers from a deficit that can be financed through existing banks or investors It can be put on the global markets, and in light of the high oil price, there is certainly a desire to buy bonds.

* You are a member of the Economic Council, what are the most prominent discussions of this Council?

_ There are steps to support the government's directions, advance its vision for investment and revitalize ineffective government sectors, and we are trying as much as we can to push the wheel forward.

Will the government contribute to supporting the local product?

_ The consensus that resulted in the current government being formed has brought some flexibility in the work of some joints of the state, and we hope well that the government can largely control the border crossings, and this is proposed if the budget is approved, and I expect that these agreements and the good relationship between the central government and the region will bear fruit that there will be understandings to work Common and public benefit for both sides.

* Are there verification processes for behaviors and practices suspected of violating the market system?

_ Certainly there is a department for monitoring market operations that inspects daily and has its own tools for auditing transactions that result in the market, and in anything outside the scope of the Securities Commission’s instructions, the department requests more information from the market, which in turn provides them with it, then in the event of seeing any violation, the commission takes legal procedures appropriate for that.

Q: There are companies in Iraq that deal with the global stock exchange, why are they not granted licenses to do so?

_ Such a dangerous matter, and we have already paid attention to it in the past stage, and we warned citizens against dealing with global stock exchanges through unlicensed companies, and today we repeat this warning, and previously a committee was formed from the Authority and representatives of the Ministry of Interior, the Central Bank, the General Secretariat of the Council of Ministers and the National Security Agency, and we met for more 15 times, and issued a group of proposals to license these companies in exchange for conditions, the most prominent of which is a letter of guarantee to return some or part of their money in case of breach of it,

 in addition to instructions for the investor to know his rights, and the recommendations were submitted to the General Secretariat of the Council of Ministers, but the government change prevented their implementation, and we will try these This time,

we will return the issue to the General Secretariat, and at the same time we see that the National Security and the Ministry of Interior are intensifying their campaigns against these companies, and a solution must be found either by licensing these companies or the issue ends completely, because practicing these activities without a license is a crime, and we do not know when this is taken.

What does the company do with the money and is it committed?Money laundering and terrorist financing system or not.   Views 208   06/12/2023 - https://economy-news.net/content.php?id=34697

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

https://www.bondladyscorner.com/

Awake-In-3D: ISO20022 QFS Explained: It’s a Messaging Standard – Not a Payment System

Awake-In-3D

ISO20022 QFS Explained: It’s a Messaging Standard – Not a Payment System

On June 12, 2023 By Awake-In-3D

There is a lot of talk in GCR Land about ISO20022. Most notably, that this Standard is somehow synonymous with the QFS. But is it? In this article, we will explore the key features of ISO20022, its benefits, and how it is being adopted by the financial industry. We will also answer one of the most common questions about ISO20022: Is it an actual QFS payment system?

The ISO is the International Standards Organization. It is an independent, non-governmental international organization with a membership of 168 national standards bodies. Through its members, it brings together experts to share knowledge and develop voluntary, consensus-based, market relevant International Standards that support innovation and provide solutions to global challenges. One of the more popular standards is ISO9001.

You have probably seen this designation on most manufacturers’ websites and it means that these companies comply with an International Standard for Quality Control in their production operations.

ISO20022 is similar in that it is a Standardized protocol in the financial industry for describing a pending payment transaction between financial institutions such as banks. It’s like the SWIFT Messaging System only it modernizes the overall structure of the transaction’s details not currently possible with SWIFT.

The global financial system is complex and interconnected, with financial institutions using a variety of payment systems and messaging formats to exchange information about transactions. ISO20022 is a messaging protocol that defines a standardized way for financial institutions to communicate about payment transactions. However, it is important to note that ISO20022 is not an actual payment system itself.

In this article, we will explore the key features of ISO20022, its benefits, and how it is being adopted by the financial industry.

The Importance of Standardization in Financial Messaging

Financial messaging is a critical component of the global financial system. Financial institutions must exchange information about transactions in a timely and accurate manner to ensure that payments are processed correctly and efficiently. However, with so many different payment systems and messaging formats in use, it can be challenging to achieve standardization and interoperability between different systems.

This is where ISO20022 comes in. ISO20022 is a messaging protocol that defines a standardized way for financial institutions to communicate about payment transactions. It provides a common language for financial messaging, making it easier for different payment systems and platforms to communicate with each other. This leads to greater efficiency, transparency, and automation in financial services.

What is ISO20022?

ISO20022 is a messaging protocol that defines a standardized way for financial institutions to exchange information about payment transactions. It specifies the format, structure, and content of the messages that are sent between different systems and platforms.

ISO20022 was developed by the International Organization for Standardization (ISO) in collaboration with the financial industry. It is designed to be flexible and adaptable, allowing it to be used across a wide range of financial services and transaction types.

The standard includes a variety of message types that cover different types of financial transactions, such as payments, securities, and foreign exchange. Each message type includes specific fields and data elements that must be included in the message, ensuring that the information is consistent and complete.

ISO20022 is also designed to be extensible, meaning that it can be customized to meet the specific needs of different financial institutions and payment systems. This flexibility allows financial institutions to use ISO20022 messaging while still maintaining their own unique systems and processes.

The Benefits of ISO20022

ISO20022 offers a number of benefits for financial institutions and the wider financial industry. Some of the key benefits include:

Improved Efficiency: By using a common language for financial messaging, financial institutions can communicate more easily and efficiently with each other. This reduces errors and delays in payment processing, leading to faster and more reliable transactions.

Increased Transparency: ISO20022 provides a standardized way to exchange information about payment transactions, making it easier for financial institutions to track and monitor transactions. This leads to greater transparency and visibility into the payment process, reducing the risk of fraud and other types of financial crime.

Greater Automation: ISO20022 supports the use of automation and straight-through processing (STP) in financial services. This means that more of the payment process can be automated, reducing the need for manual intervention and increasing efficiency.

Improved Risk Management: By standardizing the way that financial institutions exchange information about payment transactions, ISO20022 helps to reduce the risk of errors and fraud. This leads to improved risk management and increased confidence in the financial system.

Is ISO20022 an Actual Payment System?

One of the most common misconceptions about ISO20022 is that it is an actual payment system. However, this is not the case. ISO20022 is a messaging protocol that facilitates communication between payment systems, but it is not a payment system itself.

Payment systems are the actual platforms that process and settle payments. Examples of payment systems include SWIFT, SEPA, and Fedwire. ISO20022 can be used alongside these payment systems to facilitate communication and exchange of payment information.

In fact, many payment systems are in the process of adopting the ISO20022 standard for their messaging systems. For example, SWIFT has announced plans to migrate to the ISO20022 standard for its messaging system by 2025. This will allow for greater standardization and interoperability between different payment systems, leading to a more efficient and transparent financial system.

Conclusion: The Future of Financial Messaging

ISO20022 is a critical component of the global financial system, providing a common language for financial messaging that facilitates communication between different payment systems and platforms. While it is not an actual payment system itself, ISO20022 is being adopted by the financial industry at a rapid pace, with many payment systems already implementing the standard.

The benefits of ISO20022 are clear: improved efficiency, increased transparency, greater automation, and improved risk management. As the financial industry continues to evolve and innovate, ISO20022 will play an increasingly important role in facilitating communication and standardization between different systems and platforms.

Overall, ISO20022 is the universal language of financial messaging, helping to ensure that transactions are processed accurately and efficiently, and that the global financial system remains secure and resilient in the face of change.

While ISO20022 is a far more flexible and efficient messaging system than SWIFT, the many claims in GCR Land that “ISO20022 Compliant” financial institutions are somehow connected to the QFS is an optimistic stretch of the imagination. It is certainly not a marker or predictor for timing the release of Our GCR.

Reference Links:

Ai3D GCR Real-Time News

https://www.iso.org/home.html

https://www.iso.org/news/ref2467.html

https://ai3d.blog/iso20022-qfs-explained-its-a-messaging-standard-not-a-payment-system/

Goldilocks "This Will Really Stir Things Up" Monday 6-12-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

Good morning Dinar Recaps,

Goldilocks posted some news links with comments to help us better understand financial global news:

Our world has changed these last 3 years. The de-dollarization of the US dollar is about to be felt around the world. 

This will create new norms inside the Forex Market. Other currencies will begin to have breathing room to grow into their real values. 

Pegging foreign currencies to gold, rather than, the dollar will give these dormant currencies new life and new opportunities.

The Great Transfer of Wealth and Power among our Nations is currently formulating a new look at our world revealing new opportunities for growth never seen before in history.

Welcome to the Age of Creativity.

© Goldilocks

https://nationalinterest.org/feature/west-must-prepare-long-overdue-reckoning-206538

~~~~~~~~~~

"Based on the decision of the Board of Directors of this bank No. (88) for the year 2023 in its session numbered 1636 held on 6/4/2023, it was decided to withdraw the license of the company that may mediate in the sale and purchase of foreign currencies, confiscate the letter of guarantee in favor of this bank, cancel the certificate of incorporation granted to it, and provide us with a letter to delete the name The above company is from the records of the Ministry of Commerce / Companies Registration Department."

https://cbi.iq/news/view/2357

You may be asking yourself why this is happening at a time when an expected rate change is so close. 

The evidence is clear from recent writings and articles. Iraq is going through JP Morgan.

I do not expect this to be a permanent position for JP Morgan. Rather, it is a temporary and transitional necessity at the moment. 

Iraq's banking system is currently going through logistics training on the FEDNOW International Payment System, and this will go a long way in moving their banking system forward.

Per CBI Banker Contact, the rate change is not expected to be revealed in the budget. Now, don't lose heart because you thought this is where you were going to see it. 

In a real way, Iraq and JPMorgan are working out new ways of doing banking operations. Foreign Currency gains/losses are a part of formulating Bank Operations. They are factored into the expenses of a bank. And, a revalued rate will keep this section of their Bank out of the red. 

Iraq has a large amount of foreign currency reserves to protect their Banks during times of a crisis. This, along with gold reserves, will move them into Basel 3 compliance.

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Monday Morning Iraq Economic News Highlights 6-12-23

Monday Morning Iraq Economic News Highlights 6-12-23

The House Of Representatives Votes On The Tripartite Budget Law, With A Value Exceeding $150 Billion

2023-06-11 Shafaq News/ The Iraqi parliament voted, early on Monday, on the federal budget law for the years 2023, 2024, 2025, after discussions that lasted for five days.

The value of the current year’s budget is 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars), while the items of the 2023 and 2024 budgets have not been published.  LINK

Former Finance Minister: The Budget Is Lame And Disastrous For The Iraqi Economy

Money  and business  Economy News – Baghdad  The former Minister of Finance, Hoshyar Zebari, confirmed that Iraq's tripartite budget, which was voted on by Parliament, is lame and disastrous for the country's economy.

Zebari said, in a tweet on Twitter, "Iraq's proposed budget for the years 2023-2025 is lame and disastrous for the country's economy, and unrealistic and wishful for the political blocs benefiting from corruption."

He added, "It has great injustice against the region's constitutional and financial dues, and this budget will lead to inflation and fluctuations in currency exchange and failure in managing money and the general economy."

  The proposed budget for Iraq for the years 2023-2025 is lame and disastrous for the country's economy. Unrealistic and wishful for the political blocs benefiting from corruption. And there is great prejudice against the region's constitutional and financial dues. And this budget will lead to inflation and vibration in the currency exchange and failure in money management and the general economy.

Hoshyar Zebari (@HoshyarZebari)   Views 86  06/12/2023 - https://economy-news.net/content.php?id=34692

Parliament Approves A Very Dangerous Article In The 2023 Budget, Which Includes The Theft Of $100 Billion

Money  and business  Munqith Dagher, Director of the Middle East at the Calop International Foundation, confirmed that 100 billion dollars will be stolen from Iraqi money by adding an article in the 2023 budget, which includes extinguishing advances.

Dagher said in a tweet on Twitter, and “Al-Iqtisad News” followed it, “In a call with Dr. Magda Al-Tamimi, who worked in the Finance Committee for a long time, she confirmed to me that the accumulated amounts of advances that are to be extinguished according to this paragraph in the budget amount to 105 trillion dinars until 2021, which means now nearly $100 billion.

Dagher described this procedure as a calamity, saying, "I mean, if we slapped a thousand years on this calamity, it is not enough, because this amount is intended to waste the blood of the tribes and extinguish it with the stroke of a pen."

He continued, "They will give the Minister of Finance the authority to allocate one hundred billion dollars of Iraqi money to compensate for the advances that were (looped) and no one knows their fate."

 Views 152  06/12/2023 - https://economy-news.net/content.php?id=34695

The Iraqi Parliament Votes On The Financial Budget... And A Record Deficit Of 49.5 Billion Dollars

Political Scene Monday 12 June 2023 (151 views)  sky press   Iraq's parliament on Monday approved the 198.9 trillion dinars ($153 billion) budget for 2023, which includes record spending on a growing government wage bill and development projects aimed at improving services and rebuilding infrastructure ravaged by neglect and war.

According to lawmakers and a budget document, the budget deficit is estimated at 64.36 trillion Iraqi dinars ($49.5 billion), a record high and more than double the last budget deficit recorded in 2021.

Lawmakers said the budget was based on an oil price of $70 a barrel and expectations for 3.5 million barrels of oil per day to be exported, including 400,000 barrels per day from the Kurdistan region.

The budget sets the exchange rate for oil revenues in US dollars at 1,300 dinars to the dollar. This will remain in effect until 2025, but it will be subject to adjustment, and it includes the price of oil, which Iraq uses in light of its almost complete dependence on oil revenues.

The budget adds more than half a million new public sector jobs, contradicting the recommendations of many observers who say Iraq should tighten fiscal policy.

More than a million new workers have been added, including contractors, daily employees and full-time employees, said Mohamed Nouri, a member of the Parliament's Finance Committee.

Ahmed Tabaqjali, a visiting fellow at the Middle East Center at the London School of Economics, estimated the number of new hires at about 600,000, which he said would raise the total cost of public wages and pensions to more than $58 billion (76 trillion dinars). ).

“The more you spend this kind of money, the more vulnerabilities you have,” he said. The price of oil has to go up more and more just to keep spending...and it will lead to more and more borrowing.”

The International Monetary Fund said in a note dated May 31: The increase in the public sector salary bill will contribute to the escalation of the deficit and financial pressure, unless there is a significant increase in oil prices.

To break even, the fund stated that Iraq asked for an oil price of $96 per barrel, while the average price was $71.3 per barrel in May.

"A tighter fiscal policy is needed to enhance flexibility and reduce the government's dependence on oil revenues while protecting important social spending needs," the International Monetary Fund said.

Iraq's budgets are supposed to be approved before the start of the year they cover, but they are often delayed or not passed at all due to instability and political differences.

The budget takes steps to address the long-standing differences between Iraq and the autonomous Kurdistan region, as oil revenues are to be deposited in an account supervised by the Central Bank of Iraq.

Baghdad had previously had no say in Kurdistan's spending of oil revenues, as the region unilaterally exported crude oil via Turkey, despite Baghdad's objections.

But Kurdish officials were forced to negotiate with Baghdad after Turkey halted crude exports in April when an international arbitration ruling ruled them illegal.

Under an agreement concluded between Baghdad and Erbil in April, the Iraqi state oil marketing company (SOMO) will have the authority to market and export crude oil produced by fields controlled by the Kurdistan region.

Oil flows have not resumed, although Baghdad asked Ankara to do so on May 11.  LINK

On The Morning Of Approving The Budget.. The Rise In Dollar Prices In Baghdad And Kurdistan

2023-06-12 Shafaq News/ The exchange rates of the US dollar against the Iraqi dinar rose today, Monday, in the main stock exchange in the capital, Baghdad, and in Erbil, the capital of Kurdistan Region.

Shafaq News agency reporter said that the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded this morning, an exchange rate of 146,600 dinars for every 100 dollars,

While the prices recorded on Sunday morning 145900 dinars.

The buying and selling prices also increased in exchange shops in the local markets in Baghdad, where the selling price reached 147,500 dinars, while the purchase price reached 145,500 dinars.

In Erbil, the capital of the Kurdistan Region, the price of the dollar also increased, as the selling price reached 146,700 dinars, and the purchase price was 146,650 dinars for 100 dollars.

And the Iraqi parliament voted, at dawn today, Monday, on the federal budget law for the years 2023, 2024, 2025, after discussions that lasted for five days.

The value of the current year’s budget is 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars), while the items of the 2023 and 2024 budgets have not been published.   LINK

International Monetary Comments On Iraq's Budget And Re-Warns Of "Inflation" In The Currency

Economy      Baghdad today – Baghdad  Today, Monday, the American "Financial Post" newspaper reported a warning that it said was issued by the International Monetary Fund to the Iraqi government regarding the budget in its current form after its approval after four continuous days of deliberation and political problems between Baghdad and the Kurdistan region of Iraq.

The newspaper said, according to what it translated (Baghdad Today), that "the Iraqi government under the administration of the current Prime Minister, Muhammad Shia'a al-Sudani, passed the" largest budget "in the history of Iraq, amounting to 153 billion US dollars," explaining that "the International Monetary Fund issued a warning to the Sudanese government on the atheist And the 30th of last May about the government's spending of such large sums, given the current economic conditions.

The newspaper pointed out that "international monetary concern is due to fears that large government spending will lead to"inflation" in the Iraqi currency, which in turn leads to a spiral of economic deterioration affecting the future of the country, according to its description.

It is noteworthy that Iraq recorded a decline in inflation rates during the month of April, which reached one percent, with the central bank heading towards purchasing large quantities of gold to support the local economy.

For his part, the Iraqi Central Bank announced that the country has become in the thirtieth place internationally with the quantities of gold reserves stored.  LINK

Financial Expert For / Nina /: An Investment Budget At A Rate Of 48 Trillion Dinars Will Contribute To Achieving More Than 600 Service Programs

Monday 12, June 2023 | Economical Number of readings: 19  Baghdad / NINA / - The financial and economic expert, Safwan Qusay, confirmed that an investment budget at a rate of 48 trillion dinars will contribute to achieving more than 600 service programs.

Qusai said in a statement to the National Iraqi News Agency ( NINA) .): “Passing the budget for three years means that the government has estimated the level of spending for the next three years at a rate of $450 billion, of which $300 billion will go to consumer items such as employee dues and other items,” indicating :

 "The process of regulating the relationship between the ability of the Iraqi private sector and the public sector to meet the requirements of employees and retirees will contribute to mobilizing the private sector and expanding its circle of activity to meet local consumption."

He added: “The draft budget and monitoring public spending through an integrated administrative financial system can monitor spending management, whether in the governorates or Baghdad, through an unified electronic system, which will contribute to the possibility of tracking the movement of these funds, preventing Cases of corruption from appearing, and achieving the government program.”

The economist indicated that "an investment budget at a rate of 48 trillion will contribute to achieving more than 600 service programs," indicating that each ministry has included its service projects within the government's priorities and funded them within clear contracts from parties that can organize projects. on the ground, which will contribute to changing the form of government performance, given that the government can rehabilitate service units and make them productive to create an appropriate return for government institutions.

He stressed the need to draw up an accurate three-year economic map to guide investors that there are opportunities for growth in all sectors, and to identify investment opportunities towards these opportunities.

And he stressed the need to develop an accurate economic map for three years to guide investors 8

https://ninanews-com.translate.goog/Website/News/Details?key=1059201&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Al-Sudani On The Tripartite Budget: We Will Review The Parliamentary Amendments And Match Their Government Goals

2023-06-12 Shafaq News/ On Monday, the Iraqi Prime Minister, Muhammad al-Sudani, blessed the approval of the "triple budget" by the Parliament, while confirming that his government will review the parliamentary amendments that were made to it and the extent of their conformity with the government's goals.

Al-Sudani said in a statement received by Shafaq News Agency, "We extend our congratulations to our people, on the occasion of approving the federal general budget law for the years 2023, 2024, and 2025, and we also express our thanks to the presidency and members of the esteemed Parliament, for the efforts made and the keenness to approve the budget."

He added, "The budget that the Council of Ministers voted on last March 13 took into consideration priorities affecting the basic requirements of the individual and the family, and the livelihood of citizens," stressing that it "seeks to meet their aspirations in what they expect from the government in terms of services, construction and infrastructure projects."

And Al-Sudani stated, "Our government based the presentation of the tripartite budget on the clear reform vision that we adopted in the government program, which is a procedural and scientific step that carries solutions to the phenomenon of recurring or failing projects, which has accompanied governments over the past years. This vision also confirms the reduction of operational spending and the development of revenues." non-oil and private sector support.

He continued, "Based on this, the government will work to review the items that have been amended in the budget, and study the extent of their conformity with the government's vision and objectives approved in the ministerial curriculum approved by Parliament."

He concluded by saying, "We highly appreciate all the efforts that have been made to approve the budget, and we especially mention the members of the Parliamentary Finance Committee and the Strategic Planning and Parliamentary Federal Service Committee, for what they have provided over the past period."

And the Iraqi parliament voted, at dawn today, Monday, on the federal budget law for the years 2023, 2024, 2025, after discussions that lasted for five days.

The value of the current year’s budget is 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars), while the items of the 2023 and 2024 budgets have not been published.   LINK

"Tidbits From TNT" The Budget is Passed 6-12-2023

TNT:

CandyKisses:  House votes on tripartite budget law worth more than $150 billion

Shafaq News / The Iraqi Council of Representatives voted, ahead of Monday, on the federal budget law for the years 2023,2024,2025, after five-day discussions.

The value of this year's budget is 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars ($48.3 billion), while the budget items of 2023 and 2024 have not been published.

Harambe:  Iraq Approves Record Budget IMF Warns Could Destabilize Finances | Bloomberg (6/12/23)

(Bloomberg) — Iraqi lawmakers have approved a budget that may see the government spend a record 199 trillion Iraqi dinars ($153 billion) this year.

It signals a significant increase in expenditure in the OPEC nation, with the International Monetary Fund warning it could accelerate inflation and push Iraq’s breakeven oil price up to $96 a barrel, much higher than today’s price for Brent of around $74.

“Barring a large increase in oil prices, the current fiscal stance could lead to mounting deficits and intensifying financing pressures in the coming years,” the IMF said on May 31.

The fiscal plan was passed in the early hours of Monday morning after months of wrangling over how Baghdad would share revenue with the semi-autonomous Kurdistan Regional Government in the north.

It follows the formation of Prime Minister Mohammed Shia Al Sudani’s government late last year.

Iraq, like other major petrostates, enjoyed a windfall in 2022 as Russia’s invasion of Ukraine roiled energy markets and sent crude prices above $125 a barrel. They’ve since fallen, largely because high interest rates have weakened the global economy.

Baghdad’s finances and economy often suffer when oil prices drop, with the government struggling to rein in spending. The country has one of the world’s highest wage bills as a proportion of gross domestic product.

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Iraq expects revenue to reach $103 billion in 2023, based on 3.5 million barrels per day of oil exports at a price of $70 per barreli.

The budget deficit is set to reach $49 billion, which Iraq expects to partly cover with $18 billion of sovereign bonds.

Iraq’s $2.7 billion Eurobond maturing in 2028 — its only one outstanding — trades at a yield of around 9.8%.

To speed up the process and avoid more delays in the coming years, Iraq’s parliament has said budgets for 2024 and 2025 should be based on this years’ figures but tweaked according to oil prices and export volumes.

https://www.bloomberg.com/news/articles/2023-06-12/iraq-approves-record-budget-imf-warns-could-destabilize-finances

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Tishwash:  Sudanese in the first official position on the approval of the tripartite budget

 On Monday, Prime Minister Muhammad Shia al-Sudani commented on approving the highest budget in the history of Iraq.  

Al-Sudani said in a statement, which “NAS” received a copy of (June 12, 2023), “We extend our congratulations to our people, on the occasion of approving the Federal General Budget Law for the years 2023, 2024, and 2025, and we also express our thanks to the presidency and members of the esteemed Parliament, for the efforts that have been made and the keenness to approve the budget.  

He added, "The budget that the Council of Ministers voted on last March 13 took into account priorities that affect the basic requirements of the individual and the family, and the livelihood of citizens, and seeks to meet their aspirations in what they expect from the government in terms of services, construction and infrastructure projects."  

And he continued, "Our government has relied, by presenting the tripartite budget, on the clear reform vision that we adopted in the government program, which is a procedural and scientific step that carries solutions to the phenomenon of recurring or failing projects, which has accompanied governments over the past years, and this vision also confirms the reduction of operational spending and the development of revenues." non-oil and private sector support.   

He pointed out that, "based on this, the government will work to review the items that have been amended in the budget, and study the extent of their conformity with the government's vision and objectives approved in the ministerial curriculum approved by Parliament."  

And he stressed, "We highly appreciate all the efforts that have been made to approve the budget, and we especially mention the members of the Parliamentary Finance Committee, the Strategic Planning Committee, and the Parliamentary Federal Service, for what they have provided over the past period."   link

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Harambe:  Iran’s SEPAM to replace SWIFT in trade transactions: ACU chief | ILNA (6/12/23)

The secretary general of the Asian Clearing Union (ACU) says Iran’s financial messaging system SEPAM will replace SWIFT, a dollar-based international system, in trade exchanges between ACU members beginning next month.

Farhad Morsali said that Iran’s SEPAM has been accepted by ACU members as an internal financial messaging system, according to a Saturday report by Fars News Agency.

He said it will take six months for the union’s own messaging system to be ready, and in the meantime, the members should replace SWIFT with SEPAM, for which Iran will charge a fee.

Iran unveiled SEPAM in October 2013 as an alternative to SWIFT, a Belgium-based financial messaging system that is being gradually abandoned by countries because of its sheer reliance on transactions that are based on the US dollar.

Last month, central bank governors of ACU member states decided at a summit in Tehran to create an internal financial messaging system to replace SWIFT in banking transactions between members of the bloc.

The decision was in line with the efforts made by ACU members to reduce the domination of the US dollar in global trade.

Iran’s CBI governor Mohammad-Reza Farzin said on May 24 that the bloc will diversify the basket of currencies it accepts for payment settlements to help the global de-dollarization bid.

https://www.ilna.ir/Section-economy-4/1366642-iran-sepam-to-replace-swift-in-trade-transactions-acu-chief

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