Goldilocks: "Protocol 20 codes are currently being integrated into the QFS" 6-22-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

Good afternoon Dinar Recaps,

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

It has come to my attention that Protocol 20 codes are currently being integrated into the QFS. These codes deal with currency protocols allowing digital assets to move through the system.

These are necessary, to run the stablecoins which represent a country's currency. This will increase money velocity and demand. Demand increases value of all the currencies in that country.

We are about a week away or less from stablecoin clarity finishing up in Congress. And, liquidity is already coming into this sector of the market along with bridges to several networks that will populate around the world on the QFS.

This standardized digital process is backed by tokens with real values to support them such as gold ushering in a Gold Standard.

At the same time, we have what is called "foreign private issuer" status requirements coming out for companies involved in currency exchanges and other assets of their choosing.

A "foreign private issuer" is exempt from many of the US laws required for many of the assets sold in cross-border international trade.

These companies have until June 30th to complete their applications. It is renewed every year at about this time, and it will run between June 30th to December 31st of 2023.

© Goldilocks

https://www.jdsupra.com/legalnews/time-to-assess-foreign-private-issuer-8743369/

https://www.sec.gov/divisions/corpfin/internatl/foreign-private-issuers-overview.shtml

https://www.investopedia.com/terms/s/seact1934.asp

CFTC LINK

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☝️ this is the most important thing I will post today but there may be others

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Iraq is expected to take their new budget and put it into the Gazette next week.

This will make their new Financial International Agreements LAW.

They still have until the first week of July to begin implementing these new protocols.

Currently, Iraq has begun administrative employee development training through the CBI that will help them to engage and understand this new digital-asset global economy.

© Goldilocks

https://search4dinar.wordpress.com/2023/06/22/source-the-budget-law-reaches-justice-and-publishes-it-in-the-official-gazette-next-week/

https://cbi.iq/news/view/2365

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Thank you Dinar Recaps

Iraq News Posted by Clare at KTFA Thursday 6-22-2023

KTFA:

Clare:  Source: The Budget Law has reached Justice and will be published in the Official Gazette next week

6/22/2023

An informed source in the Ministry of Justice revealed that the financial budget law had reached the ministry.

The source stated in a press statement that: "The budget law has reached the Ministry of Justice and will be published in the Official Gazette (Al-Waqa'eq) next Monday, June 26, to enter into force."

The House of Representatives voted on the dawn of June 12 on the Federal General Budget Law of the Republic of Iraq for the years (2025, 2024, 2023) in total.
Yesterday, Wednesday, the President of the Republic, Abdul Latif Jamal Rashid, approved the budget.    LINK

Clare:  Parliamentary Finance: The instructions of the budget law will be issued after Eid Al-Adha

6/22/2023

Today, Thursday, the Parliamentary Finance Committee announced the date for publishing the budget law instructions.

A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, said, in a statement followed by Mawazine News, that "it is expected that the budget law will be published in the Official Gazette next Sunday."

Al-Kazemi added, "The instructions of the budget law will be issued after the blessed Eid Al-Adha."  LINK

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Clare:  Chairman of the Integrity Commission: Recover 15 billion dinars from one of the departments of the Ministry of Commerce

6/22/2023

The head of the Integrity Commission, Judge Haider Hanoun, announced the recovery of 15 billion dinars from one of the departments of the Ministry of Commerce.

Hanoun said in a press conference, "We will hold accountable all those who seek to undermine success and return to the days of corruption," announcing, "The recovery of 15 billion dinars from one of the departments of the Ministry of Commerce." Regarding the Abu Ragheef committee, Hanoun said: "We have formed two investigative committees in this regard, one of which concerns the cooperating employees of the commission.

" With Abu Ragheef.”

Regarding the inflation of funds, Hanoun explained that “the law stipulates a fine equal to the amount of inflation,” calling on citizens to “cooperate and submit files related to corruption.” He pointed out

that “some institutions prevent the oversight authorities from accessing to know the fate of state funds,” stressing That "the corruption suppression data is part of corruption."   LINK

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Clcare:  INTEGRITY: RECOVERING MORE THAN 40 BILLION DINARS FROM A CORRUPTION FILE BELONGING TO A CAPTAIN IN THE MINISTRY OF DEFENSE

6/22/2023   Baghdad 

Today, Thursday, the Integrity Commission announced the seizure of inflation of more than 40 billion dinars, with the money of a captain in the Ministry of Defense.

The head of the commission, Judge Haider Hanoun, said in a press conference followed by the National News Center: “The commission seized inflation of more than 40 billion dinars with money belonging to a captain in the Ministry of Defense.”

He stressed that "other files will be presented regarding the inflation of funds in the coming days."   LINK

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Clare:  Masrour Barzani: Any new project must have 75 percent of its workers from the people of Kurdistan

6/22/2023

The Prime Minister of Kurdistan Region, Masrour Barzani opened, on Thursday, a cement plant in the city of Erbil, and stressed that any new project must have 75 percent of its workers from the people of the region.

Masrour Barzani said in a speech he delivered during his participation in the opening ceremony of the factory, which was attended by Shafaq News Agency, "This factory is set to become one of the most important factories in Kurdistan Region, and it will have an important role in developing the reconstruction process in the region."

He added, "This factory will provide hundreds of job opportunities for young people, and certainly any project that opens in Kurdistan must have 75 percent of its workers from the people of the region and train local workers and engineers to raise their level."

Barzani added, "The Kurdistan Regional Government, in the context of diversifying sources of economic income, pays great attention to the industrial and agricultural sectors, as our region includes a lot of raw materials and can be a basis for building projects."

Barzani pointed out that "the bulk of the products in the region's markets are imported, and these products can be local, which will contribute to reviving the industrial sector and provide job opportunities," stressing that "the regional government is ready to do what is necessary in this regard."    LINK

"Tidbits From TNT" Thursday Morning 6-22-2023

TNT:

Tishwash:  After its approval.. Parliamentary Finance reveals its procedures regarding the budget

 A member of the Parliamentary Finance Committee, Mustafa Al-Karawi, revealed today, Thursday, the procedures of his committee regarding the budget.

Al-Karawi told Earth News Agency, "After the end of the legislative recess, the implementation of the budget will be followed up after the Ministry of Finance issues instructions for its implementation."

He added, "The most important details of the budget is the issue of internal and external debts, as well as the implementation of strategic projects that were included in the budget."  link

CandyKisses:  The tripartite budget deficit will exceed 300 trillion dinars

Ivan Shaker Aldobardani

Due to the tripartite budget, the Central Bank of Iraq will face a very difficult challenge and task, which is to provide the cash mass of Iraqi dinars in order to meet the operational and investment expenses of the tripartite budget, which was recently approved with a total value of 200 trillion dinars.

Where the dilemma of the budget that was approved for three years lies in its allocations, and where the lion's share was allocated as usual to operational expenses at the expense of investment expenses, most of which were ink on paper two decades ago, and where operating expenses burdened the Iraqi economy and twisted its arm, specifically in the last ten years that passed.

Economic recession:

The other dilemma lies in the budget, which is the pricing of oil at $ 70 per barrel, and this pricing is very high and incorrect, and note that oil prices are difficult to predict for three years because it is affected by many factors, most notably geopolitical factors, and it was supposed to price oil at $ 50 per barrel in the budget, because according to the data currently available, as the global economy is coming to an economic recession, led by the United States of America, China and members of the Union European, Britain and the rest of the developed countries.

Some of which have officially entered the economic recession spiral, and where the recession will be more severe in the second half of this year, due to the tight monetary policy adopted by most of the central banks of developed countries, led by the United States of America, where the interest rate of the US Federal Reserve reached 5.25% in order to fight inflation and reduce it to the target levels of 2%, which is a harmful rate for the US economy

And at the last meeting of the Federal Reserve The American temporarily stopped raising interest rates in order not to enter the US economy into a severe recession, and also the European Central Bank continues its tight monetary policy, where the interest rate of the European Central Bank reached 4%, and the repercussions of this tightening monetary policy are serious and painful on the global economy, and the banking sector was one of the victims of this tight monetary policy, as it led to the bankruptcy of several banks in the United States of America and in the European region as well.

And where this tight monetary policy of the US Federal Reserve led to a decline in the growth levels of the GDP of the US economy, and this indicates the beginning of the economic recession of the United States of America and therefore will have repercussions to the decline in demand for oil in the second half of this year and this will negatively affect oil prices

And on the other hand, similar to the United States of America, the Chinese economic data recently came negatively, and this suggests to us that the Chinese economy is also suffering Until this moment, and also the industrial sector has not recovered as required, and as China is the largest importer of oil in the world, and therefore its repercussions will be negative on oil prices in the coming period, as well as the German economy, which is the strongest economy in Europe, as its economy entered a state of recession officially

If you will, the so-called technical contraction after recording a decline in GDP for the second consecutive quarter, under the shadow of a tight monetary policy by the European Central Bank, which arrived The interest rate is 4%, so in light of these data, I expect that oil prices will fall in the second half of this year unless there are geopolitical factors that could change the general direction of oil prices and the opposite of what is expected.

JPMorgan report:

Recently, a report was issued by JPMorgan that there will be a strong sale of global stocks in the coming period, and the majority of the sale will be by sovereign wealth funds and pension funds, where they are expected to sell part of their assets from stocks and go to bonds, and this will lead to a strong selling wave in the stock market, specifically on Wall Street, and this will have negative repercussions on the economies of the world.

This suggests to us that markets are in a state of uncertainty and anxiety, and this will force the owners of large capitals to flee from stocks and go towards bonds for fear of exacerbating the economic recession crisis, and thus will lead to weak demand for oil, which will negatively affect oil prices in the coming period.

OPEC Plus:

Because we are on the verge of an economic recession and there is a weak demand for oil, and fears of low oil prices, the OPEC Plus alliance was forced to take preventive measures in order to maintain oil prices, as the OPEC Plus alliance has reduced its production twice in the past 3 months.

Had it not been for OPEC Plus' precautionary moves, we would have seen oil prices approaching levels of 50 US dollars and below, where the first reduction raised the value of prices to levels above 86 US dollars, but they could not maintain this level and oil prices returned to decline to levels above 70 US dollars due to fears of the expected economic recession.

It is likely that the honeymoon between the members of OPEC Plus will not last long, and that we will see differences in the coming period from within the OPEC Plus alliance, and if it happens, it will have a negative impact on oil prices, knowing that OPEC's history is full of differences between its members, the most prominent of which was the Russian-Saudi dispute in 2022

And even if the OPEC Plus alliance reduces production a third or more times, in order to maintain oil prices, this will be at the expense of Reducing Iraq's share of production, and in both cases, if oil prices fall or reduce the amount of exports, it will generate a larger budget deficit because the amount approved in the budget is 3.5 million barrels of oil per day and priced at $ 70 per barrel.

In the event that oil prices fall, its repercussions will be serious on the Iraqi economy because it is a rentier economy par excellence, and then Iraq will enter into a financial crisis with ominous consequences, because it depends on oil by 90%, and at that time the Iraqi government will be forced to repeat the borrowing scenario in order to cover operational expenses as happened in 2021

But this time the Iraqi economy will slide into a very dangerous slope and will not be spared from this expected crisis as it happened in 20202021

Also, the Iraqi government will tend to borrow through the Central Bank of Iraq and issue bonds, i.e. issuing a monetary mass, i.e. the high rate of inflation and the weakening of the value of the Iraqi dinar, meaning we will see the value of the Iraqi dinar collapse in conjunction with the high rate of inflation and also we will see a jump in the high borrowing rate, and also the non-implementation of a large part of the budget, specifically in investment expenditures, and it can be ink on paper.

The real and most severe deficit will be early in 2024 and more severe than in 2023 because the signs of economic recession will appear more deeply in the global economy, and because Iraq sold oil in the first half of this year per barrel more than $ 70.

 Researcher in Iraqi and international economic affairs / Ivan Shaker Al-Dobardani

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Harambe:  Indonesia Ranks Sixth Among Countries with Most Startups | Jakarta Globe (6/21/23)

Jakarta. Indonesia has great prospects as a digital economy giant as the country is home to the sixth-most startups in the world, according to a senior government official.

“As of 2023, Indonesia is in sixth place among countries with the most startups. We have more than 2,400 startups,” Rudy Salahuddin, a deputy at the Coordinating Ministry for Economic Affairs, told the 2023 Open Finance Summit in Jakarta on Wednesday.

Startup Ranking data shows that the US is in the lead with 74,944 startups. Followed by India (15,405) and the UK (6,833). Canada and Australia have 3,712 and 2,638 startups, respectively. In sixth place is Indonesia with 2,486 startups. This makes Indonesia the only ASEAN member in the top 10 countries with the most startups. Startups in ASEAN member Singapore reach 1,103, putting the country in 11th place.

Rudy also told the conference that many Indonesian unicorns came from the e-commerce and financial technology (fintech) sectors. 

According to Rudy, Indonesia last year also accounted for $77 billion, or around 40 percent of the digital transaction value in the ASEAN region. The number is forecast to jump by twofold to $130 billion in 2025.

“Investment in the digital sector is on the rise. We have secured $3 billion worth of investment deals [in the digital sector]. This is the second-highest after Singapore,” Rudy said.

Despite the great internet economy prospects, there still lie many areas that Indonesia needs to work on. Indonesia’s internet penetration has only reached 76 percent of its population. Only 51.8 percent of Indonesians aged older than 15 years have bank accounts, much lower than in Asia-Pacific countries. Indonesia's micro, small and medium enterprises (MSMEs) still struggle to access financing, according to Rudy.

“However, e-commerce and fintech transactions continue to be on the rise. The digital gap and low financial inclusion become an area that digital players, particularly e-commerce and fintech, can try to tap into,” Rudy said.

https://jakartaglobe.id/tech/indonesia-ranks-sixth-among-countries-with-most-startups

Mot:  ..... Tah - Dah!!!! ~~~~~~

Candy Kisses: :  HOLD IN YOUR TUMMY

Thursday Morning Iraq Economic News Highlights 6-22-23

Thursday Morning Iraq Economic News Highlights 6-22-23

The President Of The Republic Approves The Budget Law: The Country Faces Economic And Environmental Challenges

Money  and business  Economy News – Baghdad  Today, Wednesday, the President of the Republic, Abd al-Latif Jamal Rashid, approved the federal budget law.

Rasheed said in a statement, "The approval and ratification of the budget is a turning point for the government to implement its program, which includes securing the necessary needs of citizens, providing basic services such as health and education, rehabilitating the infrastructure and embarking on vital and strategic projects that will reflect positively on the reality of the daily life of citizens."

He stressed the need to rationalize government spending, preserve public money, and develop and diversify the sources of the economy at a time when the country is facing economic and environmental challenges. limited and to achieve social justice.

70 views  06/21/2023    https://economy-news.net/content.php?id=34853

The Rise In The Price Of The Dollar Against The Dinar In Baghdad

Market   Economy News _ Baghdad  Today, Thursday, the exchange rates of the US dollar rose against the Iraqi dinar, on the main stock exchange in the capital, Baghdad.

The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded this morning an exchange rate of 146,850 Iraqi dinars against 100 US dollars, while the prices recorded yesterday morning, Wednesday, were 146,350 dinars.

As for the dollar prices in exchange shops in the local markets in Baghdad, they rose, as the selling price reached 148,000 dinars, while the purchase price reached 146,000 dinars for every 100 dollars.

Views 12   06/22/2023  https://economy-news.net/content.php?id=34863

The Exchange Rates Of The Dollar In The Iraqi Stock Exchanges

2023-06-22 | 3,111 views  Al-Sumaria News – Local   Al-Sumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets, for today, Thursday, June 22, 2023.

In Baghdad:  The purchase price of the dollar is 147,500 for every 100 dollars, an increase of 250 dinars from yesterday.   The selling price of the dollar is 145,500 per 100 dollars

in the north:  the buying price of the dollar is 147,500 per 100 dollars, an increase of 500 dinars from yesterday.   The selling price of the dollar is 145,500 per 100 dollars

in the south:  the buying price of the dollar is 147,750 per 100 dollars, an increase of 250 dinars from yesterday.  The selling price of the dollar is 145,750 per 100 dollars.

It is noteworthy that the exchange rates decreased gradually three days ago, after reaching the threshold of 149, but they change during the day several times.   LINK

The Rise In The Exchange Rates Of The Dollar Against The Iraqi Dinar In The Exchanges Of Baghdad

Economy  |  Baghdad today - Baghdad   Today, Thursday, the exchange rates of the dollar against the dinar recorded a slight increase in the exchange offices of Baghdad.

The (Baghdad Today) correspondent said, "The exchange rate on the stock exchange in Baghdad amounted to 146,850 dinars per 100 dollars."

He added, "As for the selling price in the exchange offices in Baghdad, it amounted to 148,000 dinars per 100 dollars, and the purchase price amounted to 146,000 dinars per 100 dollars."    LINK

Parliamentary Oil Reveals The Reasons For The Disruption Of Kurdistan's Oil Exports And Ankara's Conditions For Resuming Them

2023-06-22  257   A member of the Parliamentary Oil and Energy Committee, Kazem Al-Touki, revealed this evening, Wednesday, the reasons for the disruption of Kurdistan region’s oil exports through Jahan, and we ask Turkey to resume oil.

Al-Touki said, in a television interview followed by Al-Mutalaa, this evening, Wednesday, that: “Turkey claimed technically that there was an injury to the Ceyhan pipeline due to the earthquake; but the truth is that Turkey’s decision to stop oil exports has a political aspect, especially after the decision of the International Tribunal to stop exporting the oil of the Kurdistan region.” ".

And he added, "The government has asked more than once to send a Turkish delegation to discuss the issue, and Turkey was awaiting Iraq's budget, especially with regard to exports through Ceyhan, and the federal government is the main affected, not Kurdistan, from stopping exports."

Al-Touki added, "There is an item in the budget that obliges the Kurdistan region to pay its oil money since 2003 to the federal government, and Turkey wants Baghdad to give up the case filed by international courts as a condition for resuming oil exports," pointing out, "One of the alternative solutions to the Ceyhan line is the development of the Aqaba line." ".

And he added, "Basra's oil ports are operating at their full maximum export capacity, and Iraq cannot raise its production capacity due to the stoppage of the Ceyhan pipeline. Oil is now produced, but it is not exported, and Iraq pays the investing companies even with the stoppage of exports."

Al-Touki pointed out that "the port of Faw will provide export flexibility to Iraq to double what it exports today," adding, "The regions of Najaf, Anbar and Nineveh have the lion's share in the sixth licensing round, as they include exploratory patches for free gas, and Iraq needs from 6 to 7 thousand cubic meters of gas."

And he noted that "if it is referred to the licensing rounds for solid companies, according to the statement of the Prime Minister and the Minister of Oil, then Iraq needs two to three years to invest gas," revealing "a defect in the contracts of previous licensing rounds that led to the non-investment of associated gas, and the four previous licensing contracts are tainted." Lots of bugs."

Regarding the social benefits in Dhi Qar, the representative of the province explained that: “Each oil company is supposed to allocate annually 5 million dollars that the company spends and recovers from the Ministry of Oil. She's the sergeant."

And he went on to say, "After 2015, these sums were transferred to local governments and until 2023 the affected areas are asking for this company to pay 28 million dollars that have not been spent yet and are arguing. For example, if the cost of one school according to Iraqi contracts is one billion dinars, the company raises the value to one billion and 800 dinars, noting that they are the same standards." ".

"We have a water project that covers more than 40,000 people. It was submitted 3 years ago to this company, and its cost is one billion and 900 million dinars, and its capacity is 400 cubic meters, and it refuses to work on it. To get rid of these problems, we asked the Prime Minister to transfer the sums of social benefits to oil projects according to Iraqi contracts." ".  LINK

The Tripartite Budget Deficit Will Exceed 300 Trillion Dinars

Evan Shaker Al Dobardani

 The Central Bank of Iraq, due to the tripartite budget, will face a challenge and a very difficult task, which is to provide the monetary mass of the Iraqi dinar in order to meet the operational and investment expenses of the tripartite budget, which was recently approved, with a total value of 200 trillion dinars.

 And where the dilemma of the budget that was approved for three years lies in its allocations, and where the lion’s share was allocated, as usual, to operating expenses at the expense of investment expenses, most of which were ink on paper two decades ago, and where operating expenses burdened the Iraqi economy and twisted its arm, specifically in the last ten years that passed.

 Economic recession :

The other dilemma lies in the budget, which is pricing oil at $70 per barrel, and this is a very high and incorrect pricing, knowing that oil prices are difficult to predict for a period of three years because of its influence on many factors, most notably geopolitical factors, and it was assumed that oil would be priced at $50. per barrel in the budget,

because according to the current data, as the global economy is on the verge of an economic recession, led by the United States of America, China, members of the European Union, Britain, and the rest of the developed countries, some of which have officially entered into a spiral of economic recession, and where the recession will be more severe in the second half of this year,

due to the tightening monetary policy adopted by most central banks of developed countries, led by the United States of America, where the interest rate of the US Federal Reserve Bank reached 5.25%, in order to fight inflation and reduce it to the target levels of 2%, which is considered harmful to the US economy,

and at the last meeting of the US Federal Reserve temporarily stopped raising interest rates in order for the US economy not to enter into a severe recession, and also the European Central Bank continues to Its tightening monetary policy, as the interest rate of the European Central Bank reached 4%, and the repercussions of this tightening monetary policy are serious and painful for the global economy,

and the banking sector was one of the victims of this tightening monetary policy, as it led to the bankruptcy of several banks in the United States of America and in the European region as well.

As this tightening monetary policy of the US Federal Reserve led to a decrease in the growth levels of the US economy's domestic product, and this indicates the beginning of the economic recession of the United States of America, and therefore it will have repercussions for the decline in oil demand in the second half of this year, and this will negatively affect the economy.

Oil prices, on the other hand, and similar to the United States of America, Chinese economic data recently came in a negative way, and this suggests to us that the Chinese economy is also suffering up to this moment, and also the industrial sector has not recovered as required, and China is the largest importer of oil in the world, and therefore it will be Its repercussions are negative on oil prices in the coming period, as well as the German economy, which is the strongest economy in Europe, as its economy officially entered a state of recession,

 and if it is correct to say what is called a technical contraction after recording a decline in GDP for the second quarter in a row, under the shadow of the policy Monetary tightening by the European Central Bank, which reached an interest rate of 4%, and therefore, in light of these data, I expect that oil prices will decline in the second half of this year, unless there are geopolitical factors that may change the general direction of oil prices and the opposite of what is expected.

J.P. Morgan Bank report:

Recently, a report was issued by J.P. Morgan Bank that there will be a strong sale of global stocks in the coming period, and the majority of selling will be by sovereign wealth funds and pension funds, as it is expected that they will sell part of their stock assets and go to Bonds, and this will lead to a strong selling wave in the stock market, specifically on Wall Street,

and this will have negative repercussions on the economies of developed countries and will lead to an exacerbation of the economic recession crisis in the coming period, and this suggests to us that markets are dominated by a state of uncertainty and anxiety,

and this will force owners of large capital By escaping from stocks and heading towards bonds for fear of exacerbating the economic recession crisis, which will lead to weak demand for oil, which will negatively affect oil prices in the coming period.

OPEC Plus:

And because we are on the verge of an economic recession and there is weakness in the demand for oil, and fears of a drop in oil prices, the OPEC Plus coalition forced to take preventive measures in order to maintain oil prices, as the OPEC Plus alliance reduced its production twice within the past 3 months.

And had it not been for the precautionary moves of OPEC Plus, we would have seen oil prices approaching levels of 50 US dollars or less, as the first reduction raised the value of prices to levels above 86 US dollars, but it was unable to maintain this level, and oil prices fell back to levels above 70 US dollars due to fears The upcoming economic recession.

It is likely that the honeymoon will not last long among the members of OPEC Plus, and that we will witness disagreements in the coming period from within the OPEC Plus alliance, and if this happens, it will have a negative impact on oil prices, knowing that the history of OPEC is full of disputes between its members, the most prominent of which was the Russian-Saudi dispute in 2022

Even if the OPEC Plus coalition reduces production a third time or more, in order to maintain oil prices, this will be at the expense of reducing Iraq’s share of production, and in both cases, if oil prices decrease or the amount of exports decreases, it will generate a larger deficit in the budget because the amount approved in The budget is 3.5 million barrels of oil per day and is priced at $70 per barrel.

And in the event that oil prices fall, it will have serious repercussions on the Iraqi economy because it is a rentier economy par excellence, and at that time Iraq will enter into a financial crisis that has no negative consequences, because it depends on oil by 90%, and at that time the Iraqi government will be forced to repeat the borrowing scenario in order to cover operating expenses, as happened in In 2021

, but this time the Iraqi economy will slide into a very dangerous slope and will not be spared from this expected crisis, as it happened in the years 2020-2021

Also, the Iraqi government will resort to borrowing through the Central Bank of Iraq and issuing bonds, that is, issuing a monetary block, that is, the increase in the rate of inflation and the weakening of the value of the Iraqi dinar, that is, we will see the value of the Iraqi dinar falling coinciding with the high rate of inflation, and we will also see a jump in the high rate of borrowing, and also the failure to implement a large part From the budget, specifically in investment expenditures, and it can be ink on paper.

The real and severe deficit will be in the beginning of 2024 and it will be more severe than in 2023 because the signs of economic recession will appear more deeply in the global economy, and because Iraq sold oil in the first half of this year for more than $70 per barrel.

 * Researcher in Iraqi and international economic affairs / Evan Shaker Al-Dobardani

Views 15   06/22/2023     https://economy-news.net/content.php?id=34864

Iraqi News Highlights Wednesday Evening 6-21-23

Iraqi News Highlights Wednesday Evening 6-21-23 

Tlm724 Administrator Bondlady’s Corner

The Exchange Rate Of The Dollar On The Meeting Table Of The Anti-Money Laundering Council

Money  and business  Economy News – Baghdad  The Governor of the Central Bank of Iraq, Chairman of the Council for Combating Money Laundering and Financing of Terrorism, Ali Mohsen Al-Alaq, chaired today, Tuesday, the regular session of the Council for Combating Money Laundering and Financing of Terrorism.  The bank's media stated in a statement, "The council hosted the Director General of the Legal Department and the Director General of the Real Estate Registration Department at the Ministry of Justice to discuss the mechanism for applying due diligence controls to combat money laundering and terrorist financing in the real estate registration departments."

The Council reviewed, according to the statement, "the steps and preparations for the mutual evaluation of the Republic of Iraq to be conducted next August, taking a number of decisions in this regard with the aim of preserving Iraq's advanced position in the control measures that resulted in its exit from the gray area in the international classification for the year 2018."

During the session, the council discussed "developments in changes in the exchange rate of the dollar currency in informal markets, and the measures taken by the Central Bank of Iraq in this regard."

Views 377   06/20/2023 - https://economy-news.net/content.php?id=34842

A Jump In The Central Bank's Sales Of Dollars In Today's Transactions

Economy | 12:51 - 06/21/2023  Baghdad - Mawazine News   Today, Wednesday, the central bank’s dollar sales recorded a significant increase, recording more than $ 274 million.

According to the schedule of the currency sale window that Mawazine News followed, the Central Bank sold during its auction today 274,980,624 dollars, which the bank covered at an exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for external transfers, and at a price of 1310 dinars per dollar, respectively. monetary.

Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits), amounting to 210,210,642 million dollars, while the rest, amounting to 66,770,000 million dollars, went in the form of cash sales. https://www.mawazin.net/Details.aspx?jimare=229780

Oil Continues Its Losses For The Third Day In A Row

Economy | 06/21/2023   Follow-up - Mawazine News  Today, Wednesday, oil prices extended their losses for the third day in a row, on the back of the dollar’s ​​rise thanks to the recovery in the US housing market, while demand concerns persisted, fearing that monetary stimulus in China would not be sufficient to revive growth.

Brent crude futures fell 21 cents, or 0.3%, to $75.69 a barrel, and US West Texas Intermediate crude futures fell 14 cents, or 0.2%, to $71.06 a barrel.

The dollar rose after data showed that home building in the United States rose in May to its highest level in more than a year, and building permits increased, indicating that the housing market may recover after being affected by the Federal Reserve's interest rate hike.

A strong dollar affects demand for oil because it makes a commodity priced in the US currency more expensive for holders of other currencies.

The market remains concerned about a stalled recovery in China, the world's largest oil importer.

In an effort to boost growth, Beijing on Tuesday cut key loan interest rates for the first time in ten months.

It cut interest rates on one- and five-year loans by 10 basis points, lower than expected.

The interest rate cut came in the wake of economic data that showed that China's retail and factory sectors were finding it difficult to maintain the momentum achieved earlier in the year after the abandonment of Corona restrictions.

The oil market is also cautious ahead of Federal Reserve Chairman Jerome Powell's congressional testimony later in the day, which is expected to provide clues about future interest rate movements in the world's largest economy.

Dealers are also awaiting US oil inventories data issued by the American Petroleum Institute today and the Energy Information Administration tomorrow, Thursday.

Both reports were delayed by a day after a public holiday on Monday.

Five analysts polled by Reuters estimated that crude stocks fell by about 400,000 barrels in the week ending June 16. https://www.mawazin.net/Details.aspx?jimare=229759

Requiring More Than 10,000 Merchants To Make Commitments That Include Dealing In Dinars

Local  |  06/21/2023  Baghdad - Mawazine News  Today, Wednesday, the Ministry of the Interior announced, in figures, its measures to support the dinar against the dollar, and while it committed the owners of shops and commercial centers to written pledges, it counted the number of arrested speculators in dollar prices since the beginning of the year.

Brigadier General Hussein al-Tamimi, director of operations to combat organized crime affiliated with the ministry, told the official agency, followed by Mawazine News, that "its measures to support the dinar consisted of taking written pledges from the owners of shops and commercial centers, in addition to residential complexes and car showrooms, to deal with the Iraqi dinar, not the dollar," indicating "Their procedures have reached retail shop owners in Shorja, which has its weight, as our procedures have reached the retail level."

He added, "Dealing in dollars is through the electronic platform at the price specified by the Central Bank of 1,320 dinars per dollar," noting that "these written pledges were made by a competent authority by the Central Bank of Iraq."

He stressed that "the work of the Directorate for Combating Organized Crime is to implement what is issued by the judiciary and from higher authorities such as the prime minister, where the Council of Ministers issued Resolution No. 23026 of 2023, which obligated all sectors, including the private sector, to deal in Iraqi dinars instead of dollars," pointing to He "took more than 10,000 written pledges from the aforementioned groups in Baghdad and the provinces."

And he continued, "The campaign launched by the Directorate for Combating Organized Crime regarding speculators during January of this year resulted in the arrest of more than 200 people who were carrying out currency smuggling operations outside Iraq by transporting it by special wheels from Baghdad towards the region and from there to other countries." the other,” explaining that “legal measures have been taken against them.”

He stressed, "There is a parallel market in which there are some owners of banking offices divided into (A), (B) and (C), as category (A) is allowed for transfers outside Iraq through existing banks, while the other two categories do not have The right to transfer outside Iraq," pointing out that "the existing large merchants subscribed to the electronic platform set by the Central Bank of Iraq and began importing their materials, whether electrical, household, food, or others."

He mentioned that "some wholesalers did not participate in the electronic platform, as they resort to the parallel market in the areas of Al-Kifah and Al-Harithiya, i.e. the black market, and deal in dollars under many pretexts, including the speed of the transfer, because the transfer with the Central Bank needs 10-15 days until it reaches the concerned country so that the merchant can import." 

And he indicated that "the organized crime detachments monitored the work of the exchange offices and followed up on those who carry out transfer operations outside the instructions issued by the Central Bank of Iraq," noting that "they were arrested and sentenced to imprisonment and a fine, while arrest warrants were issued against others."

He pointed out that "the penalty for speculators at dollar prices is 6 months imprisonment with a fine of up to 5 million dinars, and in the event of a repeat violation, the sentence will be imprisonment for a year with a fine of up to 15 million dinars," explaining that "the campaign to support the dinar that was launched in January The past under the slogan:

 "The dinar is a homeland issue" witnessed the arrest of a number of residential complex owners who deal in dollars instead of dinars, and more than 3 million dollars intended for smuggling were seized by foreign controls.

Al-Tamimi explained that "the directorate opened an investigation regarding withdrawing sums of dollars from the passport without the knowledge of its owner," pointing out, "

And he stated, “These people were arrested by the Directorate for Combating Organized Crime affiliated to the Agency for Intelligence Affairs,” noting that “the Ministry Agency for Federal Intelligence and Investigation Affairs has set the hotline 144, which receives complaints around the clock, and the identity of the caller is kept confidential, and the identity of the caller is kept confidential.

In the light of taking legal measures against the information received through the hotline, in addition to that, there is a special email and a special page for the Ministry of Intelligence Affairs and Federal Investigations that any citizen can access and sell to.

And he stated, "There are intelligence divisions present in all regions of Baghdad and the provinces, and the citizen can go to them and provide them with information, as they are presented to the Undersecretary for Intelligence Affairs, and measures are taken that do not exceed 48 hours." Ended 29 / A   https://www.mawazin.net/Details.aspx?jimare=229783

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

Bond Ladys Corner

Iraqi News Highlights Wednesday Afternoon 6-21-23

Iraqi News Highlights Wednesday Afternoon 6-21-23  

Tlm724 Administrator Bondlady’s Corner

The President Of The Republic Ratifies The Federal Budget Law

Political  | 03:04 - 06/21/2023  Baghdad - Mawazine News  President of the Republic Abdul Latif Jamal Rashid ratified, on Wednesday, the Federal Public Financial Budget Law.

The President confirmed in a statement, which Mawazine News received a copy of, that "approving and approving the budget is a turning point for the government's implementation of its program, which includes securing the necessary needs of citizens, providing basic services such as health and education, rehabilitating infrastructure and embarking on vital and strategic projects that will reflect positively on the reality of daily life of the citizens.

He pointed out, "the need to work to rationalize government spending, preserve public money, and develop and diversify the sources of the economy at a time when the country is facing economic and environmental challenges."

The President of the Republic praised "the efforts made to approve the budget by all parties, taking into account the important operational and investment aspects, and fairness to low-income groups, in a way that achieves social justice."

The approval of the President of the Republic came after the budget law reached the Presidency of the Republic from the House of Representatives after it was voted on. Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=229790

Integrity Carries Out Operations Against Manipulators By Selling The Currency And Overthrows (46) Of The Owners Of Exchange Companies

Political  | 06/21/2023  Baghdad - Mawazine News  The Federal Integrity Commission teams were able to arrest (46) accused owners of private exchange companies. Against the backdrop of manipulation, forgery, and circumvention of the platform system for selling foreign currency.

The Commission’s Investigation Department stated, according to a statement Mawazine News received, a copy of it, that it “has formed teams in the commission’s investigation directorates and offices in Baghdad and the governorates, to investigate and verify information received by it that includes some private exchange companies committing fraud and violations to circumvent the platform system approved by the Commission.”

The Central Bank of Iraq accepted to withdraw foreign currency and sell it on the black market.

She added, "Their teams were able to launch an inspection campaign, and after the investigation, investigation and auditing operations, they overthrew (46) of the owners of the money exchangers, because they used the passports of citizens and uploaded them to the platform system approved by the Central Bank, and withdrew an amount of (2000) US dollars."

for every passport without the knowledge or consent of the passport holder and with a forged travel ticket,” pointing to “the absence of the customer’s documents and his signature on the form for disbursing the amount.”

She indicated, "The arrested were distributed among several governorates, where (20) of them were seized in the capital, Baghdad, and (Cool in Basra, while (7) accused were arrested in Wasit, while the number of owners of private exchange companies who were seized reached In each of Maysan, Anbar, Muthanna, Najaf and Diwaniyah, there are two accused in each of them, and one accused in Babil province.

And she added, "The teams were also able to seize dozens of transactions and passport records of private exchange companies, which showed that there were no signatures for the customer to receive the amounts in the records or transactions, warning that some of the owners of the transactions denied receiving the amounts, after they were contacted by the authority's teams."

And it indicated, “The accused were taken, accompanied by the exhibits and the seizure reports, to the judges of the investigation courts specialized in examining integrity cases, who decided to arrest them according to various legal articles, while the judge of the Second Karkh Investigation Court decided to assign the investigation department in the authority to form an investigative committee to conduct an administrative investigation into the bank’s procedures.”

The Iraqi Central Bank to follow up on the work of some private exchange companies, "and decided to assign the aforementioned investigative committee to conduct investigations and explain the shortcomings by checking the disbursement of money amounts according to tickets and passport priorities seized by the commission and which it began to author." Ended   https://www.mawazin.net/Details.aspx?jimare=229794

The Rise In The Exchange Rates Of The US Dollar Against The Iraqi Dinar

Economy |  06/21/2023  Baghdad - Mawazine News  Today, Wednesday, the exchange rates of the US dollar against the Iraqi dinar rose on the main stock exchange in the capital, Baghdad, while it decreased in Erbil, the capital of the Kurdistan Region.

A Mawazine News correspondent said that the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded this morning an exchange rate of 146,350 dinars against 100 dollars, while the prices recorded on Tuesday morning were 146,200 dinars.

As for the dollar prices in exchange shops in the local markets in Baghdad, they rose, as the selling price reached 147,500 dinars, while the purchase price reached 145,500 dinars for every 100 dollars.

In Erbil, the price of the dollar recorded a slight decrease, as the selling price reached 146,450 dinars, and the purchase price was 146,400 dinars, compared to 100 dollars. Ended 29 / A

https://www.mawazin.net/Details.aspx?jimare=229776

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

Bond Ladys Corner

KTFA Members "News and Views" Wednesday 6-21-2023

KTFA:

Clare:  The President of the Republic ratifies the Federal Budget Law

6/21/2023

Today, Wednesday, June 21, 2023, the President of the Republic, Abd al-Latif Jamal Rashid, ratified the federal public financial budget law.

Rashid stressed that approving and approving the budget is a turning point for the government to implement its program, which includes securing the necessary needs of citizens, providing basic services such as health and education, rehabilitating infrastructure and embarking on vital and strategic projects that will reflect positively on the reality of the daily life of citizens.

He pointed out the need to rationalize government spending, preserve public money, and develop and diversify the sources of the economy at a time when the country is facing economic and environmental challenges.

The President of the Republic also praised the efforts made to approve the budget from all parties, taking into account the important operational and investment aspects, and fairness to low-income groups, in a way that achieves social justice.

On June 12, the Iraqi parliament voted on the financial budget for the three years (2023-2024-2025), with a value of 198.9 trillion Iraqi dinars ($153 billion) for each year.    LINK

Turk182:  Does this mean we now move forward to posting in the Gazette ?

Clare:  IT IS LAW NOW THAT THE PRES. HAS SIGNED IT.  THEY WILL GET IT IN THE GAZETTE. THAT IS JUST A FORMALITY... IMO

Ryan1216:  Great news! We’re so close! IMO  

Turk182:  Wonder why the CBI hasn't jumped all over this, and flipped the switch already?  Thought that is all they were waiting for? 

Zeeman:  Turk this is good news now  the big question we are all waiting for will the cbi do it now or in the future?

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

Clare:  THE PRESIDENT OF THE REPUBLIC STRESSES THE IMPORTANCE OF MAKING BAGHDAD AN INVESTMENT DESTINATION

6/21/2023

President of the Republic Abdul Latif Rashid stressed, on Wednesday, the importance of working to make the capital, Baghdad, a promising investment destination for investors.

And the Presidency of the Republic said in a statement received by the National News Center: “The President of the Republic, Abd al-Latif Jamal Rashid, received, today, Wednesday, the head of the Baghdad Investment Commission, Hassan Jamil.”

During the meeting, according to the statement, "a number of projects to be implemented in the capital, Baghdad, were discussed, where the president stressed the great task of the Baghdad Investment Commission to find opportunities for investment cooperation with sober companies."

The President of the Republic referred to "the importance of working to make the capital, Baghdad, a promising investment destination for investors, by building bridges of trust and cooperation in various sectors."

For his part, Jamil stressed, “The commission is keen to work diligently and leave a clear imprint in the field of investment in the capital, Baghdad, creating many job opportunities, introducing modern technology in building cities and residential complexes, and exchanging experiences with developed countries.”  LINK

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

Clare:  The Integrity Commission arrests 46 owners of exchange companies on charges of currency manipulation

6/21/2023

The Federal Integrity Authority stated, on Wednesday, that its teams managed to seize 46 accused owners of private exchange companies. Against the backdrop of manipulation, forgery, and circumvention of the platform system for selling foreign currency.

The investigations department of the commission, speaking of the arrest operations it carried out according to judicial notes, indicated that it had formed teams in the directorates and offices of the commission's investigations in Baghdad and the provinces. To investigate and audit information received by it that includes some private exchange companies committing fraud and violations; To circumvent the platform system approved by the Central Bank of Iraq to withdraw foreign currency and sell it on the black market.

The department continued that its teams were able to launch an inspection campaign, and after investigations, investigations and audits, they overthrew (46) of the owners of money changers. Because they used the passports of citizens and uploaded them to the platform system approved by the Central Bank, and withdrew an amount of (2000) US dollars for each passport without the knowledge or approval of the holder of the passport and with a forged travel ticket, pointing to the absence of the customer’s documents and his signature on the form for disbursing the amount.

The department also indicated that the arrested were distributed among several governorates, where (20) of them were seized in the capital, Baghdad, and (8) in Basra, while (7) accused were arrested in Wasit, while the number of owners of private exchange companies who were seized reached In each of Maysan, Anbar, Muthanna, Najaf and Diwaniyah, there are two accused in each of them, and one accused in Babil governorate.

And she added that the teams were also able to seize dozens of transactions and passport records of private exchange companies, which showed that there were no signatures for the customer to receive the amounts in the records or transactions, warning that some of the owners of the transactions denied receiving the amounts, after they were contacted by the authority’s teams.

The accused, accompanied by the exhibits and the arrest reports, were taken to the judges of the investigation courts specialized in hearing cases of integrity. Those who decided to arrest according to different legal articles, while the judge of the Second Karkh Investigation Court decided to assign the Commission’s Investigation Department to form an investigative committee to conduct an administrative investigation into the procedures of the Central Bank of Iraq by following up the work of some private exchange companies.

The judge also decided to assign the aforementioned investigative committee to conduct investigations and clarify the shortcomings by checking the disbursement of money according to the tickets and the first passports seized by the commission and which it started authoring, according to the Integrity Commission.    LINK

Goldilocks: “Stablecoins, ION Treasury and more” ….Wednesday 6-21-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

Good morning Dinar Recaps,

Goldilocks posted comments and links this morning:

Did you forget about the legislative bill that had to be done by the end of the month on Stablecoins?

It is well in play and in process with final touches being placed on it within days.

The next phase will be to liquidate the Stablecoins that will purchase the more than 5 trillion dollar tokenization of assets. This is in process along with bridges being built between asset networks to fulfill and secure funds through smart contracts.

This Market will be driven by Stablecoins and Central Bank Digital Currencies, private market funds, securities, and real estate.

Meanwhile, the BIS is proposing a Unified Ledger System to record the above tokenized asset  transactions.

© Goldilocks

https://www.cryptotimes.io/stablecoins-cbdcs-drive-5t-tokenization-opportunity-bernstein/

https://urbanmatter.com/liquidity-providers-crypto-facilitating-efficient-trading-in-the-cryptocurrency-market/

https://watcher.guru/news/bis-unveils-unified-ledger-proposal-for-tokenized-assets

~~~~~~~~~~

ION Treasury is the world's leading provider of treasury and risk management solutions.

They just completed their migration to ISO20022 International Messaging System.

This brings them up to date with the standardizing and processing of financial transactions backed by real world assets such as gold.

Here is the formal announcement: "ION Treasury, a global provider of treasury and risk management solutions for corporations, financial institutions, and central banks, has successfully moved its Wallstreet Suite clients to ISO 20022."

Here comes Wall Street.

© Goldilocks

https://www.prweb.com/releases/ion_treasury_announces_the_successful_migration_of_its_wallstreet_suite_clients_to_iso_20022/prweb19388159.htm

~~~~~~~~~~

There were two points made at the beginning of Jerome Powell's talk today on monetary policies that were important for us to hear. Other talking points referenced the state of our Global Economy.

Digital asset clarity and the "implementation" of Stablecoins are expected by the middle of July.

Everything will be completed by the end of this month, but the implementation process of the new digital asset-based trading system regarding digital currency and digital assets will begin the middle of July.

© Goldilocks

https://www.cftc.gov/PressRoom/PressReleases/8721-23

https://www.youtube.com/live/Mxqfoij6rp8?feature=share

~~~~~~~~~~

☝️ There was mention that the dollar would have a weak roll going forward as digital assets move on to the scene.

Oh Lord, look out Bond Markets.

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Wednesday Morning Iraq Economic News Highlights 6-21-23

Wednesday Morning Iraq Economic News Highlights 6-21-23

Al-Sudani's Political Advisor: The Government Has No Intention Of Challenging The Budget Yet

2023-06-21  21  Policy    Today, Wednesday, Sabhan Al-Mulla Jiyad, advisor to the Prime Minister for Political Affairs, ruled out the existence of the federal government's intention to challenge the tripartite financial budget approved by the Iraqi parliament, but he revealed that there are financial burdens in it that will be dealt with later.  Jiyad said in a press statement today, that "there is no intention to challenge the budget law so far," adding, "But there are financial burdens and the Council of Ministers will discuss them, and I expect that the budget will be passed without an appeal, or there will be an appeal in one or two articles at most."

And he added: "If the budget was for one year, the delay would be very large, but it is for three years, so the government will be able to complete the work and avoid the delay," explaining that "the disputes with the Kurds and the Kurdistan region are almost over because of the Sudanese approach that works with a balanced policy with everyone."

And Mulla Jiyad stated that: "The work of the governorates should be administrative and not political, and we are with the provincial councils, in order to work independently and with great freedom in the affairs of the state through administrative decentralization that gives greater freedom in work, and it is an administrative task that is approached with a political component." .

And the Prime Minister's advisor continued by saying: "The budget is an indicator of a successful consensus for Parliament, and any objector could have obstructed it, despite the delay, and it was approved by political consensus."   LINK

Foreign Loans In The Budget.. A Government Advisor Details Their Percentage And Disbursement Mechanism

economy |Baghdad today - Baghdad     Today, Tuesday, Mazhar Muhammad Salih, the financial advisor to the Prime Minister, clarified the percentage of foreign loans in the Federal Budget Law and the mechanism for disbursing them.

Salih told (Baghdad Today) that "foreign loans are for the purposes of investment projects and are limited in all cases and constitute only 20% of government investment spending in the 2023 budget, which constitutes 25% of total public spending."

He pointed out that "these loans are mostly old commitments and agreements that took place between Iraq and foreign institutions and governments, which stipulated the obligation to provide loans."

He pointed out that "withdrawals are made from it to the account of completing the implementation of investment projects annually and gradually, such as the Japanese government loan (JICA) or part of the American Export-Import Bank loan and others."

He emphasized that "these loans are mostly allocations in return for withdrawing the part allocated for the loan as financing, that is, to complete or implement government investment projects."

Earlier, the Parsec Consulting website quoted in a report on the economic advisor, Mazhar Muhammad Salih, as saying, “The Ministry of Finance maintains an external debt of $20 billion, which is owed to a group of creditors, and is expected to be amortized in 2028, in addition to $6 billion owed to the governments of Japan and the member states of the Union.”

The European Union, which pledged to finance parts of the Iraq Development Program at the Madrid Donors Conference in 2003, however, these are long-term loans and have not yet matured.

He added that "Iraq has debts estimated at 116 billion dollars at the present time, although the country plans to repay 76 billion of the total," according to the report.   LINK

Adviser To The Prime Minister: There Is No Intention To Challenge The Budget And The Disputes With The Kurdistan Region Are Almost Over

Money  and business    Economy News _ Baghdad  Today, Wednesday, Sabhan Al-Mulla Jiyad, Advisor to the Prime Minister for Political Affairs, ruled out the existence of the federal government's intention to challenge the tripartite financial budget approved by the Iraqi parliament, but he revealed that there are financial burdens in it that will be dealt with later.

Jiyad said in a press statement seen by "Al-Iqtisad News", that "there is no intention to challenge the budget law so far," adding, "But there are financial burdens and the Council of Ministers will discuss them, and I expect that the budget will be passed without an appeal, or there will be an appeal in one or two articles on the most".

He added, "If the budget was for one year, the delay would be very large, but it is for three years, so the government will be able to complete the work and avoid the delay," explaining that "the disputes with the Kurds and the Kurdistan Region are almost over because of the Sudanese approach that works with a balanced policy with everyone."

And Jiyad indicated that "the work of the provinces should be administrative, not political, and we are with the provincial councils, in order to work independently and with great freedom in state affairs through administrative decentralization that gives greater freedom of work, and it is an administrative task that is approached with a political component."

And the Prime Minister's advisor continued by saying: "The budget is an indicator of a successful consensus for Parliament, and any objector could have obstructed it, despite the delay, and approved a political consensus." Views 25  06/21/2023 - https://economy-news.net/content.php?id=34846

Parliamentary Finance Recommends Approving The “Budget” Next Week

The first  2023/06/21   Baghdad: Shaima Rashid    Sulaymaniyah: Karim Al-Ansari

The Parliamentary Finance Committee suggested that the President of the Republic approve the general budget law during the next week, at a time when the government spokesman, Basem Al-Awadi, stated that the version of the total budget coming to us from the House of Representatives is good and preserved its philosophy that the government wanted, and there are not many objections to it. And that the country will turn into a large workshop when the budget is approved and implemented in the coming months.

A member of the Finance Committee, Maeen Al-Kazemi, said: “It is assumed that the President of the Republic will approve the budget law during the current week or the beginning of next week as a maximum, and if it is not approved, and 15 days have passed since the date it was sent, the law is considered approved, even if it is not approved.” It is approved in accordance with the law and the constitution.

He added, "The implementation of the budget law will be at the beginning of next month, after which the government will be able to disburse the funds allocated for projects, and the citizen will see a major change in services during the next stage." implementation of its programme.

In addition, the government spokesman, Basem Al-Awadi, said: “The prime minister welcomed the approval of the budget, and these are indications that confirm that the government is convinced of approving the budget, but despite that he left the door open with regard to some paragraphs on which the government may have another position on it through the team.”

The economic team associated with the Prime Minister," pointing out that "the economic team will study these paragraphs and take the appropriate decision from them during the coming period."

He added, "The overall budget that came out of Parliament is good and preserved its philosophy that the government wanted, and there are not many objections to it," noting that "the budget provides ministries with legal space and funds, and the next six months will be radically different in work and financing."

And he continued, "In the past six months, the citizen felt the government's seriousness in working as much as the funds available before approving the budget, especially with regard to providing services, especially in the Baghdad governorate," stressing that "Iraq will turn into a workshop in all governorates, and the prime minister has been waiting for the budget since It takes a long time for the implementation of the actual workshops that promote all governorates to begin, and the next six months will be different in terms of work.

For his part, Jamal Cougar, a member of the Parliamentary Finance Committee, told Al-Sabah: “The Finance Committee, when it approved the budget, set a condition on the government, which is to send it the next year’s budget schedules before the end of this year, because these schedules contain estimates for everything, and In light of the tables, the price of a new barrel of oil will be estimated.

He added, "The next year's budget will change in the event of a change in oil prices," explaining that "if oil prices rise and the government does not spend the entire budget during the remainder of the current year, then what will be returned from the sums as a rounder for the government will contribute to reducing the deficit."

Meanwhile, statements and statements by members of the Kurdistan Democratic Party were frequent, calling on the President of the Republic not to ratify the budget law, on the pretext that the changes in the budget were unfair to the region, and the political analyst, Subhi al-Mandalawi, commented in an interview with "Al-Sabah" on the statements of some members The Democratic Party, and said:

"This is a personal vision," and added, "In all cases, constitutionally, even if the President of the Republic does not ratify, the budget will pass within a period of 15 days."

 Edited by: Muhammad Al-Ansari  https://alsabaah.iq/79472-.html

The Tripartite Budget Provides A Network Of Projects To Address Unemployment

Economical  2023/06/21  the mainstay of the emirate

The Ministry of Planning and Development Cooperation pointed out the role of the tripartite budget in absorbing unemployment through a network of projects that amount to 7 projects implemented in various regions of the country, while economists recommended the necessity of structuring the economic sectors to be more active and able to absorb the largest number of labor force, considering stimulating the labor market The most important portals for providing job opportunities for all those of working age, including skilled workers and others.

The media spokesman for the Ministry of Planning and Development Cooperation, Abd al-Zahra al-Hindawi, said in an interview with “Al-Sabah”: “The budget for the current year and the next two years will have a positive impact in reducing unemployment, as it ensures that projects will not stop, through the financing it will provide for many projects.”

 The movement of all joints of the labor market in Iraq and through the public and private sectors,” pointing out that “hundreds of government projects that are stalled and lagging behind will be completed.”

Rework it.”

He added, “There will be an abundance of job opportunities through 7,000 projects implemented and providing suitable job opportunities, and we are also talking about new projects mentioned in the budget, conditional on the approval of the Ministry of Planning to include such projects of great developmental and service importance, such as the Baghdad ring road and other projects that provide opportunities.” Great job.

On the private sector side, Al-Hindawi indicated that new investment horizons will be opened for it, in several sectors, especially in the housing sector, as the government program includes the implementation of new residential cities and residential neighborhoods, and this drives new work joints that, in turn, provide new job opportunities.

Economic expert d. Thaer Al-Ani saw that “serious solutions to reduce unemployment are to provide an appropriate climate for foreign and local investment, which increases real job opportunities that serve the process of employment and employment and is able to absorb a large part of the workforce and thus reduce unemployment rates and is accompanied by an increase in the volume of government spending, which is an important factor.” in stimulating the national economy.

He added, in an interview with "Al-Sabah", that "the increase in government expenditures works to increase investment and consumption and save money, and at the same time it works to absorb the unemployed in state projects or private projects."

And he indicated that “this approach is sufficient to create new job opportunities that contribute to withdrawing and employing the unemployed, especially young people, and among other measures is the restructuring of the labor market to accommodate the increase in the workforce, by training the workforce and adopting various programs concerned with training workers while providing the necessary services to enable them to work.” Get job opportunities under   new environment,

Al-Ani hinted that “one of the most important reasons for the high population growth rates and the increasing migration from rural areas to cities is the failure of the Iraqi economy to find job opportunities that are compatible with the supply represented by the increasing numbers of entrants to the labor market due to the limited production base and weak investments.”

In turn, the specialist in economic affairs, Dr. Ahmed Al-Rawi, that “tackling unemployment is represented in the necessity of structuring the economic sectors through a program that adopts, in its implementation, more flexible financial policies that help in revitalizing the productive sectors, achieving balance in the allocation of resources, and encouraging the agricultural sector, which is a vital sector for Iraqi society due to the wide job opportunities it provides.” ».

He added, "Work to activate the private sector so that it takes its role in the development process so that it can reinvest its migrant funds to create job opportunities capable of absorbing the labor force, given the ability of this sector to quickly achieve large and widespread investments in all governorates." 

Dr. continued. Al-Rawi, “Giving priority in employment and work for the Iraqi workforce in foreign investments.”     https://alsabaah.iq/79445-.html

"Tidbits From TNT" Wednesday Morning 6-21-2023

TNT:

Tishwash:  Iraq and India sign a memorandum of understanding in all fields

urgent 

▪ Deputy Prime Minister for Energy Affairs and Minister of Oil stresses the importance of expanding the horizons of cooperation between the two countries and considers India an important trade partner for Iraq

▪Indian Minister of Energy Oil and Natural Gas  We want to develop trade relations with Iraq 

The Deputy Prime Minister for Energy Affairs and Minister of Oil stressed the importance of developing and expanding the horizons of bilateral cooperation with the Republic of India in all fields, including economic, trade, financial, technical, health, agricultural, cultural and others.

This came during the signing of the Memorandum of Understanding with his Indian counterpart, Minister of Oil, Natural Gas, Housing and Urban Affairs, Mr. Hardeep Pureh, in the Indian capital, New Delhi.

The Deputy Prime Minister for Energy Affairs and Minister of Oil, Mr. Hayan Abdul Ghani, said that Iraq considers India an important trading partner and one of the most important importers of Iraqi crude oil.

Abdul-Ghani indicated the keenness of the two friendly countries to activate and expand the horizons of bilateral cooperation through the activation of the memorandum of understanding, which includes several axes, including trade, financial, energy, economic, industrial, scientific, health, technical, agricultural, cultural and consular cooperation, training and exchange of experiences and other axes that serve common interests, welcoming Indian companies. investment to work in Iraq and in all fields.

For his part, the Minister of Oil, Natural Gas, Housing and Urban Affairs of the Republic of India, Mr. Hardeep Pureh, said,"The Iraqi-Indian relations are witnessing a great development, stressing the depth of historical relations between the two countries and India's keenness to be an important trading partner for Iraq, and is keen to strengthen these relations in all areas, stressing the desire of Indian investment companies to implement important projects in Iraq.

 It is noteworthy that the Iraqi side in the committee included the ministries of Oil, Foreign Affairs, Finance, Industry, Agriculture, Transport, Water Resources, Housing and Construction, Electricity, Ministry of Communications, Education, Culture, Higher Education, Labor and Social Affairs, Civil Aviation Authority , The Central Bank of Iraq, in addition to the private sector.  link

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CandyKisses:  A meeting of the Central Bank of Iraq on changes in the dollar rate in the informal markets

Baghdad - Iraq Today:

The Anti-Money Laundering and Terrorism Financing Council discussed  changes in the dollar rate in informal markets.

A statement by the Central Bank of Iraq said that "the governor of the bank, Chairman of the Anti-Money Laundering and Terrorism Financing Council, Ali Mohsen Al-Alaq, chaired today, the regular session of the Anti-Money Laundering and Terrorism Financing Council."

The statement added that "the Council hosted the Director General of the Legal Department and the Director General of the Real Estate Registration Department at the Ministry of Justice to discuss the mechanism for applying due diligence controls to combat money laundering and terrorist financing in the real estate registration departments."

He continued: "The Council reviewed the steps and preparations for the mutual assessment of the Republic of Iraq to be held next August."

He pointed out that "the Council has taken a number of decisions in this regard with the aim of maintaining Iraq's advanced position in the control measures that resulted in its exit from the gray zone in the international classification for 2018."

He pointed out that, "Discussing the developments in the exchange rate of the currency "dollar" in the informal markets and the measures taken by the Central Bank of Iraq in this regard."

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Tishwash:  IBBC hosts well attended Conference at The Mansion House

On June 16th IBBC hosted it's best attended London Conference at The Mansion House yet, with over 280 delegates from Iraq, UK, and International European and Middle East countries.

With an overarching theme of 'Iraq open to the world' a wide range of panels discussed Iraq's rapidly improving international position across economic indicators, political relationships, and security. Baroness Nicholson, IBBC President, welcomed delegates, The Lord Mayor spoke of London's importance as a financial centre and Lord Ahmed (Minister of State for the Middle East, North Africa, South Asia, and United Nations) presented an upbeat outline of UK's trading and political relationship with Iraq including significant increase in bilateral trade in the last year. 

Professor Hamid Khalaf Ahmed, Executive Director for the Higher Committee for Education Development in Iraq & Advisor to the Prime Minister, spoke on behalf of the Iraqi Prime Minster, to reiterate the determination of the GOI to see through its five priorities, including setting a budget and delivering on targets for corruption and infrastructure development, increase in public sector jobs and investment in education at all levels of Iraqi society. 

Dr Mohammed Shukri, Chairman, Kurdistan Board of Investment outlined a focus on diverse investment opportunities including agriculture, tech, and infrastructure in the KRG. Two prominent sponsors Mr Sardar Al Bebany, IBBC Executive Committee Member, CEO & Chairman, Sardar Group and Mr Amet Selman, CEO, AAA Holding Group offered their thanks to IBBC audience and outlined their commitment and importance to investing in their people and businesses in Iraq.

Three strong focus areas emerged from the conference, and were reflected in the panels along with other important topics:

Finance, chaired by Mr John Curtin, Ernst & Young Iraq, Included panellists Mr Haider F. Al-Shamaa, International Islamic Bank; Mr Tim Palmer, UK Export Finance; Mr Salahuddin Al-Hadeethi, Ministry of Finance; Dr Yasser Hassan, National Bank of Egypt; Mr Raed Hanna, Mutual Finance Ltd

Energy; Chaired by Mr Luay Al Khateeb, Centre on Global Energy Policy - Columbia U. With a keynote Address from: Mr Laith Al Shaher, Deputy Minister of Oil. Panellists included: Dr Abdulhamzah Hadi Abood, the Advisor from the Ministry of Electricity; Mr Laith Al Shaher, Ministry of Oil; Mr Andrew Wiper, Basrah Gas Company; Mr Mushhood Haider, Scotland Trade, and Investment; Mr Ali Al Janabi, Shell Iraq and UAE; Ms Sara Akbar,

And keynote discussion on Iraq Open to the World.

Professor Frank Gunter opened the discussion with a keynote presentation of the key findings of his report ''Seaports and Airports of Iraq: Rules Versus Infrastructure' (see separate briefing here)

Chairman Mrs Hadeel Hasan Al Hadeel Al Hasan LLC led the discussion including, panellists: Professor Frank Gunter, Lehigh University; Mr Steve Alexander; Sardar Group; Mr Richard Cotton, AAA Holdings; Mr Hassan Heshmat, Hydro-C; H.E. Bader Mohammad Alawadi, Ambassador of the State of Kuwait.

Significant panels also included.

Education and skills roundtable; of acute importance due to the technical demands on Iraq's expanding economy and the need to upgrade university courses and overseas scholarship support for 5,000 Iraqi students from the GOI, Chaired by Professor Mohammed Al Uzri (IBBC Health and Education Advisor) with Professor Hamid Khalaf Ahmed responding to questions and outlining the GOI plans for education with IBBCs University and skills members.

An emergent theme of growing importance is 'Heritage', as a business and culturally important sector, chaired by: Professor Mohammed Al Uzri, with Dr John McGinnis, The British Museum; with Prof Gamal Abdelmonem, Nottingham Trent University, Mr Ali Al Makhzomy, Bilweekend; Dr Rosalind Wade Haddon, British Institute for the Study of Iraq; Professor Chris Whitehead, Newcastle University.

During the day there were also a KRG roundtable discussions with Dr Mohammed Shukri and a full complement of KRG businesses and chambers of commerce, A Tech forum on 'The digitisation of Iraq. Chaired by Ashley Goodall of IBBC, including Mr Saquib Ahmed, MD SAP Iraq; Mr Padraig O'Hannelly, Iraq Business News; Mr Mohsen Garcia, CEO 1001 Media; Mr Peter Chamberlin, Scott Logic, Ms Cynthia El Khoury, Mastercard Iraq; Mr Ali Al-Khairalla, Embassy of the Republic of Iraq (available to view here)

 A special ceremony awarded The Rasmi Al Jabri Award (for Iraqi companies dedicated to best international practices and significant growth of Investment and turnover). This year the winners are AAA Holding and Mr Amet Selman for their work for successfully providing fertilizers to the Iraqi market in conjunction with the GOI and third-party agricultural groups. (Video link here).

The conference was preceded by an ebullient reception for over 150 delegates the previous evening at the Institute of engineers, where Prof. Dr Sabih G. Khisaf (of Hyperloop Dubai) gave a talk on the importance of engineering and his work on the hyperloop and hosted by John Scott of IBBC.

Christophe Michels, MD of IBBC who chaired the conference commented 'This is our 11th Iraq Day at The Mansion House and probably the most successful we have had yet. Iraq is rapidly developing, building on a stable budget, good security, political stability, and increasingly good relations with her neighbours.

Now is the time for Iraq to truly embrace business and to cut down on outdated bureaucracy, regulations and the corruption going hand in hand with these.

If this does not happen, the country risks missing out on all the new opportunities arising from finally opening to the world.

As IBBC we are optimistic and will continue to lend our support to our Members and the wider Iraqi community'.

IBBC Spring Conference 2023 Sponsors:

Principal Sponsor: AAA Holding Group

Gold Sponsors: Sardar Group & Trade Bank of Iraq

Bronze Sponsors: Standard Chartered Bank & Hydro - C

To attend future events, including the Iraq SME conference, July 6th, and IBBC Autumn conference in Dubai, Dec 8th, please follow our website.  link

Mot:  .... Airports! They're stressful! 

Mot:  .. Truly Amazing What Sum Peoples Worry About!! ~~~

Iraqi News Highlights Tuesday Early Evening 6-20-23

Iraqi News Highlights Tuesday Early Evening 6-20-23

Tlm724 Administrator Bondlady’s Corner

The Exchange Rate Of The Dollar On The Meeting Table Of The Anti-Money Laundering Council

Money  and business  Economy News – Baghdad  The Governor of the Central Bank of Iraq, Chairman of the Council for Combating Money Laundering and Financing of Terrorism, Ali Mohsen Al-Alaq, chaired today, Tuesday, the regular session of the Council for Combating Money Laundering and Financing of Terrorism.  The bank's media stated in a statement, "The council hosted the Director General of the Legal Department and the Director General of the Real Estate Registration Department at the Ministry of Justice to discuss the mechanism for applying due diligence controls to combat money laundering and terrorist financing in the real estate registration departments."

The Council reviewed, according to the statement, "the steps and preparations for the mutual evaluation of the Republic of Iraq to be conducted next August, taking a number of decisions in this regard with the aim of preserving Iraq's advanced position in the control measures that resulted in its exit from the gray area in the international classification for the year 2018."

During the session, the council discussed "developments in changes in the exchange rate of the dollar currency in informal markets, and the measures taken by the Central Bank of Iraq in this regard."

Views 120    06/20/2023 - https://economy-news.net/content.php?id=34842

The Central Bank Of Iraq Confirms Its Legal Powers In Inspection And Examination

June 20, 2023   The Central Bank of Iraq reaffirms what was stated in its amended Law No. 56 of 2004, indicating that the authority to examine and inspect banks and non-bank financial institutions is one of its duties exclusively.   

 Central Bank of Iraq   information Office   20 - June  2023  https://cbi.iq/news/view/2362

Payments Department Activities

June 20, 2023   Payments department activities

    The most important activities carried out in the Iraqi payment system during the years 2015/2016/2017

       :diamonds: Modernizing the Iraqi Payments System:

    The Iraqi payment system with all its components RTGS, ACH, CSD was updated in 2015 in order to comply with international standards and regulations in the field of payments for the purpose of accommodating the increasing volume of transactions that take place through this system to easily comply with various banking systems.

    :diamonds: IBAN (International Bank Account Number) on the payment system (RTGS- ACH): It was established for the purpose of unifying bank account numbers in all banks operating in Iraq, which contributes to improving the level of financial and banking services, clearing services and settlement of payments locally and internationally. This is done by unifying the composition and specifications of the account number within the banking sector, and the formula for the unified bank number for Iraq has been chosen, as the IBAN number consists of 23 ranks.

    :diamonds: Implementation of the IRPS retail payment system infrastructure project, consisting of:

        The national exchange: which supports the clearing between banks for transfers made by customers and transactions that take place through the use of automatic teller machines and points of sale through credit cards that are linked to the bank account.

        Mutual payment system via mobile phone, where funds are transferred through electronic wallets without the need for a bank account, as well as transfers for bill payment and shopping can be made.

    :diamonds: Automating the work of internal control and adding the level of a supervisory system to activate the supervisory role of the RTGS system in the Central Bank of Iraq:

    For the purpose of activating the oversight role in the RTGS system, a new function was added by adding special fields, where the participant was able to check the types of payment orders through the system without the need for paper checks.

The auditing authority has special powers that cannot be viewed or acted upon by another authorized person, such as the entry authority Or authorized to authenticate, and the audit process is later after the completion of the transfer, and the audit process can be performed for previous dates in the system.

The main purpose of this feature is to indicate the audited entries from the unaudited entries of the senior management of the participants in the system and to reduce the effort and speed in implementing the internal audit process.

    :diamonds: IBCS (Inter Bank Clearing System)

    It is a system for internal clearing exchange for government banks (branches inside and outside Baghdad), which do not have a comprehensive banking system. This system enables the participating bank branches to send and receive files of payment orders and instruments among themselves in an automatic way. Transfers made through this system.

     :diamonds: Standardization of security specifications for sukuk:

    In order to provide greater protection for checks drawn on banks, reduce counterfeiting and ensure the validity of the issuance of checks, standardization of security specifications for checks drawn on all banks was adopted by choosing six types of security specifications without formality and colors, taking into account the selection of light colors when printing checks to avoid blurring the image of the check when printing Send it through the electronic check clearing system.

       :diamonds: Work with the World Bank to assess and prepare the Iraqi payments system in line with international standards PFMIs (Principles for Financial Market Infrastructures)

    Based on the principle of compliance of the Iraqi payment system with international standards, work has been done with the World Bank for the purpose of assessing the readiness of the payment system in line with the principles of the infrastructure of financial markets PFMIS, which consists of (24) standards and among the most important principles (credit risk management, operational risks, liquidity risks, legal foundations governance, final settlement, etc.).

    Salaries Localization Project:-

    Based on Cabinet Resolutions No. (313 of 2016, 281 of 2017) and based on the promotion of financial inclusion in Iraq, which includes the generalization of banking services to all segments of society, the Central Bank of Iraq is keen to meet all requirements for implementing the process of settling salaries in banks and applying the collection system In implementation of government directives in this regard, the project includes opening bank accounts for employees of ministries and government institutions.

A specific number of banks have been selected within specific criteria, which issue cards according to international standards linked to the bank account, in addition to evaluating them financially and technically according to the modern banking services that will be provided to the employee in a manner Safe and secure, which contributes to creating a strong competitive environment to provide the best services to the public. A number of uncles have been issued that regulate the process of paying salaries.

The salaries of the employees of the Central Bank in its two branches (Baghdad-Basra) have been localized to be an exemplary experience. So.

 :diamonds: Connecting comprehensive banking systems:

For the purpose of facilitating the flow of work and updating data electronically and without human intervention, a project to link banking systems has been implemented, where a number of banks have been linked to the Iraqi payment system, and work is underway to link all banks operating in Iraq, according to the time plan set by this bank with the rest of the banks, and a deadline has been set for the banks Which started work to complete the linking requirements for the first stage at the end of 2017, provided that the rest of the banks complete the linking requirements at the end of 2018.

:diamonds: Developing the CSD system by adding the following:

» Issuing Islamic Certificates of Deposit (ICD)

It is a type of transfer that will be traded and auctioned on the CSD system between Islamic banks and the Central Bank in exchange for achieving implicit profits under the Murabaha contract, and that the use of Islamic Certificates of Deposit (ICD) requires the existence of a contract between the Central Bank and Islamic banks on the one hand and with stock exchanges on the other hand.

      :diamonds: Investment Module:

    Where the investment restrictions for time deposits (7,14,30) on the CSD system are implemented directly by the banks.

       :diamonds: Developing financial markets by activating the secondary market through the Trading System

    For the purpose of activating the secondary market by providing a market or several markets for the exchange of various trading operations related to buying and selling orders for government bonds, the trading unit has been added to the CSD system as a separate unit linked to it to settle trading operations.

    The importance of the trading system is represented in activating the secondary market and facilitating the circulation of primary issues and converting them into cash when needed.

     :diamonds: The regional system for clearing and settlement of inter-Arab payments:

    A regional system has been established to settle inter-Arab payments related to economic and investment transactions across borders between Arab countries by linking Arab central banks. Consultant (BOOZ Company), and the design was approved and presented to the governors of Arab central banks.

    :diamonds: Formation of the Iraqi National Payments Council:

    In view of the expansion of the work of the Iraqi payment systems and the association of their business with external parties on the one hand and internal parties of institutions, ministries and agencies on the other hand, and for the purpose of developing strategies for developing payment and settlement systems and following up on their implementation, upgrading international best practices and ensuring the safety and efficiency of these systems in the financial markets and the development of infrastructure.

The Board of Directors of this bank approved the establishment of the Iraqi National Payments Council headed by the Central Bank and the membership of a number of ministries and departments from the public and private sectors, which works as an advisory circle to support the Central Bank of Iraq in defining its objectives and clarifying its strategic direction.

  :diamonds: Strengthening regional and international cooperation with the Central Bank of Iran:

    In light of the joint cooperation of both countries (the Republic of Iraq and the Islamic Republic of Iran), a document was concluded between the Central Bank of Iraq and the Central Bank of Iran in order to unify efforts in joint cooperation in the banking and financial fields, organizing financial transfers electronically, exchanging experiences and all kinds of knowledge in issues related to the exchange of information and regulatory legislation In accordance with international requirements, agreements and covenants with which both countries have entered into

     :diamonds: Financial Inclusion:

    Financial inclusion is the enhancement of the access and use of all segments of society, including the marginalized and the poor, of financial services and products that suit their needs so that they are provided to them in a fair and transparent manner and at reasonable costs.

The concept of financial inclusion includes protecting the rights of consumers of financial services and encouraging them to manage their money and savings properly, with the aim of Some people avoid resorting to informal channels and means that are not subject to oversight and supervision, and often adopt high prices.

Financial inclusion indicators have been identified in terms of measuring the availability of financial services that represent supply on the one hand, and measuring the extent of their use and exploitation on the other hand, represented by the demand side.

Therefore, financial inclusion aims to expand access to financial services, by working on developing both sides of supply and demand, and indicators have been sent to the concerned authorities for the purpose of measuring financial inclusion in Iraq, and Iraq has participated in the regional working group to enhance financial inclusion in the Arab countries in 2016 .

       :diamonds: Automating the work of ministries and government institutions:

    In order to keep abreast of developments in payment systems in the world, the Central Bank seeks to automate all financial transfers between state departments and institutions and to collect receivables through the Iraqi payment system by using payment orders instead of checks to reduce the risks resulting from transferring funds and counterfeiting checks and shifting from manual work to electronic work.

       :diamonds: Technical evaluation of banks:

    A questionnaire was prepared covering the technical aspects, electronic services and basic banking systems, through which the level of banking efficiency in providing electronic services to customers is inferred. This information is fielded and integrated with the results of the financial evaluation of banks for the purpose of standardizing the results and presenting them to the public.

       :diamonds: IRPSI retail payment system: The actual launch of the (Iraqi Islamic) bank with the national exchange (retail payment system) took place after the completion of all administrative, technical and organizational procedures and the completion of the linking operations.

    :diamonds: Payment through payment orders: for the purpose of transferring all financial transactions from paper transactions (check and cash) between the Central Bank and external parties to electronic payment, where work has been started using electronic payment orders (CT) through the electronic clearing system C-ACH to organize the work of committees Purchases in the process of paying dues to all third parties instead of using cash and checks.

   :diamonds: Automating the work of ministries and government institutions (activating electronic payment tools): holding workshops (the General Authority for Customs, the General Authority for Taxes) regarding the activation of electronic payment and collection tools to familiarize them with the system and mechanisms used for electronic collection, and it was agreed to start at one of the ports of the General Authority for Customs using payment orders Electronically (CT) to evaluate the experience and find out the problems and obstacles to avoid them when circulating to the rest of the customs outlets.

         :diamonds: The Nationalization of State Employees’ Salaries Project: In implementation of the directives of the General Secretariat of the Council of Ministers under Resolution (313) of 2016, and after the success of the process of nationalizing the salaries of the employees of the Central Bank of Iraq, the project was circulated to the rest of the ministries and government institutions and all their formations, and the salaries of employees of the Oil Pipelines Company and the Audit Bureau were localized Finance and work is underway to localize the rest of the ministries and state institutions.

    :diamonds: Completion of linking with universal banking systems: Abu Dhabi Bank has been linked to both systems (RTGS, C-ACH).   https://cbi.iq/news/view/2361  

Foreign Transfer Regulations For The Year 2023

Republic of Iraq  Central Bank of Iraq   Department of Foreign Investment and Transfers

Foreign Currency Sale  Unit  No. 5/11/1083  Date: 19/2/2023 

To: All licensed banks,  Greetings,

Based on the Central Bank of Iraq Law No. (56) of 2004 (as amended), and for the purpose of fulfilling the CBI objectives through reinforcement of the role of the banking system and non- banking institutions in securing the foreign currency to the beneficiaries in a way that would lead to maintaining the stability of the exchange rate of that currency on the one hand, and meeting the requirements requirements of applying the Anti-Money Laundering and Counter-Terrorist Financing Law No. (39) of 2015 on the other, and based on prerequisites of the best interest of business in line with the reform orientations for the banking sector in Iraq, something which would lead to improvement of the banking business according to the international best practices, the CBI has decided to adopt the attached "Foreign Transfer Regulations".

 (signed)  Ali Mohsen Ismail  CBI Acting Governor  Chairman of Board of Directors  19/2/2023

Based on the Central Bank of Iraq Law No. (56) of 2004 (as amended) , and in line with the provisions of Article (28) of that law, which allows the Central Bank of Iraq to carry out simple unconditional buy and sell of foreign currency, with the aim of facilitating the financing procedures of international trade and fulfilling the goals of the Central Bank by strengthening the role of the banking system and non-banking financial institutions in securing the foreign currency to the beneficiaries, in a way that would lead to maintaining the stability of the exchange rates of that currency on the one hand, and simplifying the procedures for selling it, including oversight mechanisms and verification of daily sales operations on the other, with the necessity to commit to the requirements of the Anti-Money Laundering and Counter-Terrorist Financing Law No. (39) of 2015, it has been decided to adopt the following regulations:

Foreign Transfer Regulations for the year 2023

First: Entities that are allowed to be legally funded through the electronic platform

1. All types of companies that are registered with the Companies Registration Department of the Federal Ministry of Trade.

2. Projects registered with the General Directorate of Industrial Development of the Federal Ministry of Industry and Minerals.

3. Partnership companies that are duly established by the chambers of commerce (by virtue of an incorporation contract certified by a notary public) with an amount not exceeding (200,000) dollars (two hundred thousand dollars per month).

4. Branches of foreign companies registered with the Companies Registration Department of the Federal Ministry of Trade.

5. All kinds of investment projects that are licensed by investment commissions.

6. Agricultural and animal projects licensed by the veterinary departments or the agricultural investment departments of the Federal Ministry of Agriculture.

7. Scientific offices that are duly licensed by the Syndicate of Iraqi Pharmacists.

8. International factories distributors who are confirmed to be have been appointed by those factories for the purpose of operating in Iraq, and the agents whom the distributor certifies that they are appointed to work in the Iraqi market and are duly licensed to work in Iraq.

9. Agents of international companies, who are registered in accordance with the applicable Commercial Agency Law.

10. All types of companies, factories, laboratories, and projects that are licensed in the Kurdistan Region of Iraq, after submitting a proof of incorporation or a license from the relevant sectoral authorities, with legal translation into Arabic, and this shall cover a periodthat expires on 31/12/2023, provided that these entities shall register with the counterpart sectoral authorities in the federal government, as they shall not be allowed to subscribe to the electronic platform after the date mentioned above. 

Second: Transactions that are permitted to be legally financed in foreign currency 

1. Import of goods and commodities that are legally permitted to be imported.

2. Purchase and supply of legally permitted services, including shipping services.

3. Requests received by the Central Bank from governmental and public institutions and self- financed entities concerning needs for which there is no allocation in dollars within the federal general budget of the state, and that shall be confirmed by official documents that support these requests.

4. Augmenting the balances of the sub-accounts opened with JP Morgan Bank for banks and electronic payment companies that have major membership with international card companies (Visa, Master, and others).

5. Augmenting the balances of financial institutions that have major membership with international money transfer companies (Western Union, Money Gram and others) to settle their commitments with those companies after submitting the required statements.

6. Transfers made for legal transactions concerning the purchase of real estate property abroad, as follows:

First -The transfer must be for the account of the same customer in the foreign country in which the property will be purchased , or the account of real estate brokerage companies or law firms operating in those countries after verifying the customer’s name in the contract signed with the operating brokerage firm/law firm in the country in which the property is going to be purchased.

Second -Submission of proof of permanent or temporary residence from the competent authorities in countries whose laws allow for that. This shall not be required in the countries whose laws do not allow residence before owning the property.

Third -The customer must submit to the bank a proof of the legitimacy of the sources of the funds that he or she wishes to transfer.

Fourth-That the customer must submit to the bank a proof that he or she has purchased the property in a foreign country within a maximum period of six months from the date of the transfer.

7. Medical treatment abroad. The transfer must be from the account of the customer or one of their relatives of the first or second degree to the account of the hospital abroad after presenting a medical report from that hospital.

8. Payment of tuition fees abroad, and the transfer must be from the account of the student or one of their relatives of the first or second degree to the account of the university in which he or she is studying or to the account of the student themselves in the country of study after submitting a proof of study registration certified by the Iraqi Cultural Attaché in the country of study.

9. Transfers related to foreign investments in Iraq, and that shall be as follows:

First -The capitals of investment projects that have been granted investment licenses under the Investment Law (13) of 2006 and its amendments (after proving earlier entry of those capitals from outside Iraq for this purpose), and the returns of investment projects after submitting audited financial statements proving the realization of profits and substantiating the settlement of the investor’s obligations with the Iraqi government and the rest of the relevant entities within Iraq.

Second -Transferring the proceeds of selling shares to an Iraqi citizen residing abroad or a foreigner (the original value plus its returns, if any) in the event of selling them, provided that certification of the fact is provided by the Iraq Stock Exchange.

10. Compensation decided or approved by Iraqi official bodies for foreigners, or for Iraqi citizens residing abroad.

11. Profits of shareholders of companies registered in Iraq after submitting duly audited financial statements in addition to submitting proof of the company’s tax clearance and the minutes of the meeting of the general assembly approving the distributions or the board of directors, and that the transfer shall be made after proving that the applicant resides abroad and the transfer is for an account opened abroad in their name exclusively.

12. Amounts of financial proceeds (sale of real estate or other assets or their returns) to an Iraqi citizen residing abroad, provided that the transfer is from their account or their agent’s account inside Iraq to their account or their company’s account abroad exclusively.

13. Due payments related to banking and credit facilitations through which the customer has been associated with banks outside Iraq (the original commitments or interest due on them).

This shall require that the bank keep a documented declaration from the customer that includes the following:

a) The loan contract signed between the customer and the bank that granted him or her credit banking facilitations outside Iraq, with details and the reasons for which the loan was granted.

b) Submission of evidence that the original banking and credit facilitations have entered Iraq through the banking system or by way of goods.

Third: Procedures for subscribing to the electronic platform

1. Applications by bank customers wishing to buy dollars for the purpose of financing their foreign imports shall be submitted through the platform, provided that they include the data concerning the transfer operation, including (data of the customer requesting the transfer, data of the final beneficiary, trade list data, data of the intermediary and correspondent bank), and the equivalent of that in Iraqi dinars shall be recorded on the bank’s current accounts opened with the Central Bank/the type of account designated for subscription operations in the platform, provided that the bank is committed not to change the final beneficiary of the transfer process after subscribing to the platform.

2. A bank shall support the purchase request via the platform with the following attachments:

First - The commercial list (invoice) provided that it has an expiration date that does not exceed six months from the date of making the application on the platform, and twelve months for the invoices covering the manufacture of machines and production lines, and that may be in the form of a preliminary, final, or deferred payment invoice, or a contract Purchase.

Second - An undertaking that is made in accordance with Form No. (1) shall be attached to each application and by which the bank undertakes to verify the integrity and legality of the sources of funds of its importing customers and compliance with the requirements of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015. Otherwise, the bank shall bear all the legal consequences resulting from that. The undertaking is to be signed by each of the (managing director, regional director or their representative, Compliance officer, Anti-Money Laundering Officer, and Risk Management Officer)

Third - An undertaking that is made in accordance with Form No. (2) shall be attached to each transfer request (a documentary credit or external transfer) and in which it is to be stated that all operations of searching, investigating and verifying all parties related to the transfer process , including the final beneficiary, have been done on the local and international sanctions lists, especially the (OFAC) lists and those concerning the freezing of terrorist funds, when submitting a transfer request through the platform.

Fourth - A deposit entry made by means of the Real-Time Gross Settlement System (RTGS) in Iraqi dinars that is deposited in the account designated for subscription operations on the platform, provided that it shall be within a period of two working days preceding the date of executing the sale transaction or as decided by the Central Bank, indicating the date and type of engagement.

Fourth: Obligations of banks subscribing to the electronic platform

Banks must be committed to the following:

1. Apply the principle of “know your customer” in accordance with the due diligence procedures stipulated in the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 and related compliance regulations.

2. Banks must keep statements about their accounts with correspondent banks, including details of the account movement, which disclose the uses of the amounts of money transferred by the Central Bank.

3. For the purposes of documentary credits and external transfers that are used to finance the import of legally permitted goods or services, banks must open a file that includes:

a) An item that confirms the purchase of the goods or the provision of the service (the commercial list that was presented on the platform), and this list shall be the only requirement when creating the transfer request on the platform.

b) A bill of lading (in the case of transfers for importing goods), provided that the name of the customer making the transfer is mentioned either in the box of (the party for which the goods are shipped) , (the party receiving the notification) or (under a contract between the customs broker and the buyer), provided that the bill of lading is issued by the same country to which the transfer is made.

If it is issued from a country other than the one to which the transfer is made, then it shall be a prerequisite to prove the relationship between the two parties (the recipient of the transfer and the policy issuer). The bill of lading is the only requirement for the post-audit of transfers.

c) Evidence of receipt or provision of the service to the customer (in the case of transfers for the purposes of services). The proof document of service provision is the only requirement for the post-transfer audit.

d) Documentary credit documents (in the case of credits for the import of goods) , and these documents are the only requirement for post-audit of transfers made by way of documentary credits.

e) SWIFT messages for executing the transfer operation.

f) Evidence that the bank has conducted the process of search, investigation, and verification on all parties related to the transfers, including the beneficiary, on local and international sanctions lists, especially (OFAC) lists and those of freezing terrorist funds, before executing the transfer operation, provided that the process of searching and investigating the names of the relevant parties be made in both English and Arabic languages.

Fifth: Final Provisions

1. The Central Bank guarantees that the data of customers subscribing to the electronic platform will not be shared with any party except by a final judicial decision, and it also guarantees that the data will not be shared retrospectively except under the same condition.

2. The Central Bank shall sell foreign currency according to the official rate declared by it, provided that the margin of dollar sale made by a bank to its customer does not exceed (10) Iraqi dinars (ten dinars) for each dollar.

3. Request for Foreign currency transfer shall be submitted on the electronic platform within a period of two working days preceding the date of execution of the transfer operation, or as decided by the Central Bank.

4. Any sale or purchase of foreign currency that does not comply with the regulations included in this document shall be excluded.

5. In the event that a bank is proven to have transferred to any person or entity that is subject to local or international sanctions, it will be permanently barred from taking part in the foreign currency sale window.

6. The submission by banks and non-banking financial institutions of data and documents related to the process of subscribing to the electronic platform to the Central Bank and the receipt by the Central Bank of those data and documents does not constitute an automatic acceptance of these documents and data or any certification of their validity, as these they shall be subject to scrutiny in the manner, mechanism and time specified by the Central Bank.

7. The cases that are not included in the transactions that are considered legally permitted to be financed according to these regulations shall be studied by the relevant departments, and each case shall be presented to the management of the Central Bank to issue its decision on that regard.

8. These regulations shall enter into force as of the date of initiating the operation of the electronic platform for external transfers.

9. The instructions for buying and selling foreign currency of the year 2021 shall be revoked.

(signed)  Ali Mohsen Ismail  CBI Acting Governor  Chairman of Board of Directors  19/2/2023 

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