"Tidbits From TNT" Saturday 6-24-2023

TNT:

Harambe:  Harambe:  Bank Indonesia Explains Why Rupiah Redenomination Yet to Be Realized - News En.tempo.co (6/23/23)

TEMPO.CO, Jakarta - Bank Indonesia stated that rupiah redenomination or simplifying the number of digits in the rupiah, such as from Rp1,000 to Rp1, has been prepared for a long time. The country’s central bank Governor Perry Warjiyo claimed that Bank Indonesia is ready to carry out the plan.

Perry explained that he had paid attention to the design, stages, and steps toward this transition. “But of course, this decision requires the right timing,” Perry said in a virtual press conference on Thursday, June 22, 2023.

Perry outlined three factors that prevent the policy from being implemented. It must be executed during good macroeconomic conditions and a stable monetary and financial system. In addition, the country’s socio-political conditions must also be supportive, positive, and strong.

Indonesia's economy is relatively good, he said, but there is still uncertainty in the global economy. The public is thus expected to be patient waiting for the right moment.

Perry was reluctant to explain the reason from a social and political perspective. “The government knows better,” he shortly responded.

Redenominating the national currency will remove the three zeros. Although the number will be smaller, this will not make the value of the rupiah. The redenomination plan was first voiced by Darmin Nasution when serving as BI Governor from 2009 to 2013.

The issue of rupiah redenomination emerges almost every year, generally during Money Day. However, this plan is not yet realized since it was first initiated during the era of President Susilo Bambang Yudhoyono and the era of President Joko Widodo or Jokowi.

The Finance Ministry also released the bill on rupiah redenomination as one of the focuses of the 2020-2024 National Medium-Term Development Plan (RPJMN). The ministerial regulation (PMK) No. 77/PMK.01/2020 contains the details of the ministry’s strategic program.

Previously, Bank Indonesia stated that a special team is studying the rupiah redenomination while monitoring developments in the economic situation. In the 2014-2019 period, the plan was included in the Finance Ministry's strategic program but was not executed.

https://en.tempo.co/read/1740671/bank-indonesia-explains-why-rupiah-redenomination-yet-to-be-realized

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Harambe:  Jokowi declares 5-day weekend for Indonesians - Mothership.SG News (6/22/23)

 The Indonesian government announced on Jun. 20 that they will designate Jun. 28 and 30 as collective leave days for Eid al-Adha, or Hari Raya Haji.

The additional leave days were announced via a joint ministerial decree signed between the Ministry of Religious Affairs, Ministry of Manpower and Ministry of State Apparatus Utilisation and Bureaucratic Reform, CNBC Indonesia reported.

“The Joint Decree will take effect on the date set (Jun. 16),” it read.

It was previously said that Indonesia would only observe one day of national holiday for Eid al-Adha, which falls on Jun. 29.

This means that Indonesians will be getting a longer Eid al-Adha holiday from Jun. 28 to Jul. 2, including the weekend.

Eid al-Adha

Eid al-Adha is one of the two main holidays celebrated by Muslims.

It is known as the Feast of Sacrifice and honours the Prophet Abraham (or Ibrahim), who was willing to sacrifice his son Ishmael (or Ismail) as a test of faith.

It also commemorates the hajj or pilgrimage to Mecca in Saudi Arabia, which all Muslims are expected to perform at least once in their lifetimes.

The decision to add more leave days was also raised as Indonesian authorities acknowledged that the holiday may be observed on different days, CNN Indonesiareported.

https://mothership.sg/2023/06/indonesia-5-day-weekend/

NewGirl:  Hmmmm, first Iraq has their holiday extended to July 2nd, now we hear about Indonesia. Might there be some reason to shut down banking over the last weekend at the start of the 3rd quarter of the year? Timing is kinda interesting. Lol.

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CandyKisses:  Kurdistan Region cities wait for tourists for Eid al-Adha holiday

Baghdad - NAS  

The Kurdistan region has completed all procedures and preparations for receiving tourists during Eid al-Adha through land and air ports with the rest of the country's governorates. The current and coming days will witness the influx of thousands of families coming from various governorates of the country to the regions of the region in order to spend the Eid holiday in their resorts.     

The official spokesman for the Saudi Tourism Authority in the region, Ibrahim Abdul Majeed, said in a statement, followed by "NAS" on Saturday (June 24, 2023), that the authority has completed all its procedures in cooperation with the competent authorities, to receive tourists from air and land ports, especially those coming with their own wheels or through tourism companies, the most important of which is the work of facilities at checkpoints and security controls through border crossings, to ensure that there is no delay for citizens in them.  

He added that "the mobile teams of the authority will be present in the mentioned places to facilitate procedures for citizens, pointing to the continuation of its work to monitor hotels, restaurants, cafes, tourist and entertainment places to provide the best services to tourists coming to spend the Eid al-Adha holiday, recalling that the number of those who arrived in Erbil during Eid al-Fitr exceeded 63,<> tourists."   

In the same context, the Director General of Sulaymaniyah Tourism, Ali Raouf, attributed the doubling of the number of tourist arrivals to two reasons, "the first is the reluctance of many Iraqis to travel to Turkey and Iran and head to the region, and the second is the start of the summer vacation," pointing to "the cooperation of his department with the Directorate of Antiquities so that the Sulaymaniyah Museum is able to receive all numbers during the days of Eid, as well as providing its virtual service to its visitors via the Internet, which it adopted a few days ago.  

  For his part, Sulaymaniyah Mayor Awat Mohammed said that "the special committee for receiving tourists has tightened its precautionary measures to prevent the occurrence of hemorrhagic fever because the province has so far been free of any infection, in addition to being a season for sacrificial animals, noting that all service and security preparations have been completed in cooperation with the Sulaymaniyah Police Directorate to facilitate the entry of families during the Eid holiday."  

Mot:  Don't try'n cheat irs..

Mot:  .. Clever ………

Saturday Morning Iraq Economic News Highlights 6-24-23

Saturday Morning Iraq Economic News Highlights 6-24-23

Urgent | The Budget Reaches The Ministry Of Justice And Will Be Published In The Official Gazette On Monday

https://www.youtube.com/watch?v=q0ntxms3qwA

Iraq Market Stops Its Activity For Six Days

2023-06-24 Shafaq News/ The Iraqi Stock Exchange announced, on Saturday, that it has stopped its activity for a period of six days. The market said in a statement received by Shafaq News agency, "Based on the Cabinet's decision to declare a five-day official holiday on the occasion of Eid Al-Adha, its last trading session will be on Monday, April 26."

He added, "The first trading session after the Eid holiday will be on Monday, July 3, according to its official timing."   It is noteworthy that the Iraq Stock Exchange organizes five trading sessions per week, from Sunday to Thursday, and includes 103 Iraqi joint stock companies representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism, hotels and services.   LINK

A Former Member Of Parliamentary Finance Identifies The Reasons For The Rise In The “Dollar” .. There Is An Illusion

Former member of the Parliamentary Finance Committee, Ahmed Hama Rashid, identified the reasons behind the rise in the dollar in the parallel markets.

Rashid said in a press interview seen by Taqaddam that “there is a misconception that has been circulated recently related to the fact that the price of the dollar in the parallel markets will decrease with the approval of the 2023 budget. .”

And he added, “The exchange rate of the dollar in the parallel markets depends on the principle of supply and demand, and the start of implementing the 2023 budget will mean the release of large sums of money that will lead to a greater increase in the purchase of the dollar.”

He pointed out that "the government's treatments to contain the rise in the exchange rate of the dollar were not sufficient until now," stressing that "Iraq sells nearly 7 billion dollars a month of oil, two billion goes to its multiple financial obligations, and it sells in 5 weekly sessions 200 million dollars each time, but it remains less." From the increasing demand for hard currency, and thus pushes up prices.

The exchange rate of the dollar in the parallel markets in Iraq witnessed a remarkable rise in the past weeks, reaching 147 thousand dinars per 100 $, while the Central Bank set the exchange rate at 132 thousand dinars per 100 $.    https://takadum-news.com/archives/170429

The Ministry Of Planning Reveals The Launch Of 7 Thousand Projects Within The Budget Law

Policy   06/24/2023, the number of readings: 129   Baghdad-Iraq today:  A spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, confirmed that the investment budget allocations amounting to 48 trillion dinars will represent an “important opportunity” to resume work on more than a thousand lagging projects, and to We continue to work on implementing projects that are more than 7, thousands of projects.

Abdul Zahra Al-Hindawi stated, in a press interview, that "The Ministry of Planning is preparing to launch the five-year plan for the next 5 years, and we launched a month ago from now the National Document for Population Policy.

This document It included 11 axes that covered all aspects of life, starting with children, then health, then the education sector as well The women's empowerment sector and climate change and its impact on vulnerable groups, and we talked about the axis of internal and external migration and the mechanisms to address this problem.

He pointed out that there are axes related to "vulnerable groups in society, children, the elderly and the disabled, social cohesion, definition and education of these policies, and other axes related to housing and the policies required to address the housing crisis in Iraq .”

A spokesman for the Ministry of Planning saw that "all of these axes are policies and objectives that are translated into projects and strategies, which are implemented by various state institutions, whether governmental or non-governmental."

He pointed out that the government aims through these policies to "achieve partnership between the public and private sectors, in light of the need for more job opportunities that can only be provided by the existence of a real, effective and empowered private sector," noting that "the economic and developmental policy towards supporting and empowering the private sector, in order to be able to achieve partnership and thus create the required job opportunities in Iraq.

He also saw that the budget allocations on the investment side, amounting to 48 trillion dinars, “will represent an important opportunity to resume work on more than 1,000 lagging projects, and continue work on implementing projects that number more than 7 thousand projects,” noting. that it is “an opportunity to include important projects.” Strategically, such as the great Al-Faw project, the ring road project in Baghdad, water projects in a number of governorates, road projects and other important projects during the next three years.  LINK

The Success Of The Tripartite Budget Depends On Curbing Corruption And Mismanagement

Iraq  2023/06/24  Haider Al-Jaber   The tripartite federal budget is about to be in a new issue of Al-Waqi’ newspaper, which means the start of the timeline for implementing its provisions, even if it came in the middle of the fiscal year, pending a rapid implementation of the ministries’ program, according to what Prime Minister Muhammad Al-Sudani announced to provide services and raise the standard of living. to the citizen.

The budget for the years (2023, 2024, 2025) is the largest in the country's history, and spending levels reached records close to 200 trillion dinars, but the drop in oil prices may affect the implementation of its provisions.

The Parliamentary Services and Reconstruction Committee stated that it held shuttle meetings to put the service plan in the budget, where the focus will be on raising the level of the poor segments.

The representative of the committee, Mahdia Al-Lami, said, in an interview with "Al-Sabah", that "the committee conducted extensive meetings with the relevant ministries to find out the required, dependent and necessary projects, and it also hosted all the governors except for the governors of the Kurdistan region," adding that "the committee conducted field visits and the governorates were classified according to Service and living reality.”

And she added, “Focus has been placed on services in the general budget, in addition to supporting the Reconstruction Fund and establishing the Development Fund,” noting that “the government encourages the private sector with sovereign guarantees for the first time,” noting that “the committee focuses on monitoring service departments in health.” education, and housing. In previous years, budgets described as explosive were approved, including the 2013 budget estimated at $130 billion.

However, they did not lead to an increase in the level of services, which raises doubts about the possibility of implementing the tripartite budget. In this regard, a member of the Parliamentary Transportation and Communications Committee, Karwan Ali, identified two obstacles facing the implementation of the budget, indicating that it "needs time for implementation because it consists of several stages."

Noting that "the most important obstacle is the financial deficit in the event of a drop in the price of a barrel of oil, in addition to the permanent problem with the Kurdistan region."

He continued, "The rights of the Kurdistan region exist in theory, and it is difficult to implement them in practice, especially after the decisions of the Paris Court and the Federal Court and the agreement between Baghdad and Erbil," pointing out that "the most important obstacles to implementing the budget is mismanagement and corruption, which hindered the implementation of most projects in previous budgets."   Edited by: Ali Abdel-Khalek   https://alsabaah.iq/79620-.html

After Erdogan's Request.. The Head Of The Kurdistan Government Agrees To Hand Over The Region's Oil File To Baghdad

Baghdad today – Baghdad    An informed source revealed that the President of the Kurdistan Regional Government, Masrour Barzani, agreed to hand over the region's oil to the federal government, specifically the National Oil Company (SOMO).

The source told (Baghdad Today) that Barzani: "He agreed to hand over the region's oil file to the federal government because Turkish President Recep Tayyip Erdogan told him in Barzani's recent visit to Ankara that he would only deal with Baghdad, and that would be among the agendas of Erdogan's visit to Iraq on the day 25th of June.”

He pointed out that Erdogan "will also visit Erbil."

Media of the Kurdistan Democratic Party described Erdogan's visit to the Kurdistan region as a "valuable gain" for the Barzani government.

A member of the Kurdistan Democratic Party, Wafaa Muhammad Karim, revealed yesterday, Thursday, an expected visit by Turkish President Recep Tayyip Erdogan to Baghdad next week to discuss the issue of resuming oil exports.

Karim told (Baghdad Today) that "Turkey has set 3 main points for re-exporting oil through the port of Ceyhan, but the Iraqi government did not agree to them during the last meeting held in Ankara."

He added, "The oil problem is no longer in the hands of the Kurdistan government, and the file has been completely transferred to the hands of the federal government, specifically the SOMO company," noting that "Turkish President Recep Tayyip Erdogan will visit the Iraqi capital, Baghdad, and the capital of the Kurdistan region, Erbil, during the next week to resolve the issue of exporting the region's oil again."

This week witnessed Iraqi-Kurdish talks with the Turkish side regarding the re-pumping of Kurdistan's oil to the port of Ceyhan, which had been suspended since March 25 without resulting in solutions.

A few days ago, the head of the Kurdistan Regional Government, Masrour Barzani, visited the Turkish capital, Ankara, at the head of a high-ranking delegation that included officials in energy, security and trade.  LINK

https://almasalah.com/wp-content/uploads/2023/01/%D8%B3%D8%B1%D9%82%D8%A9-%D8%A7%D9%84%D9%82%D8%B1%D9%86-1024x576.webp

Frame: The theft of the century has not been closed.. and a judicial committee is continuing the investigation into the file

June 24, 2023   Baghdad / Obelisk Al-Hadath: The leader in the coordination framework, Jabbar Odeh, stated, on Saturday, that 12 people had been brought in for interrogation on charges of stealing tax funds amounting to two and a half billion dollars, known as the theft of the century.

Odeh said in an interview, “The investigations into the theft of the century are continuing to reveal its chapters, and the talk of closing it is inaccurate,” stressing “the presence of a high judicial committee that is directly following the course of the file.”

He added, "12 people were brought in in recent weeks as part of the investigations of the theft of the century, which show the extent of corruption and its penetration into state institutions," noting that "the coming months will be decisive regarding the completion of the investigation stages and the disclosure of its results to public opinion."

And he pointed out that "the news that talks about giving freedom to some of the defendants in the case is inaccurate, and that there are important decisions that will be revealed by the investigation committee to the public opinion."   https://almasalah.com/archives/57258

Iraqi News Highlights Friday Evening 6-23-23

Iraqi News Highlights Friday Evening  6-23-23 

Tlm724 Administrator Bondlady’s Corner

Petroleum products: Karbala refinery will start producing high-octane gasoline in early July

 Economy     06-22-2023, Baghdad - Conscious - Hassan Al-Fawwaz  Today, Thursday, the Petroleum Products Distribution Company affiliated with the Ministry of Oil confirmed that the Karbala refinery will start producing high-octane gasoline early next July and will contribute to reducing two-thirds of the country's imports, while it indicated the government's plan to reduce the need for imports by completing refinery projects in the center and south and providing sufficient storage.

The general manager of the company, Hussein Talib, told the Iraqi News Agency (INA): "The existing storage is reassuring, and the country does not witness any fuel scarcity, and the national refineries have increased their production capacities, and the Karbala refinery has entered work to provide oil derivatives within the national refineries plan, and we have a plan in the ministry to complete what Our refineries remain, whether in the south, center or north, and other units will enter service.  

Talib added, "All of this is reassuring about the path of depleting hard currency to import oil derivatives, and the state now subsidizes oil derivatives to a large extent.

Gasoline, which is sold at a price of 450 dinars, costs around (960-1000) dinars per liter, and we were able to fill the local need for oil." gas, and we only import five million liters per day during the summer, to fill the deficit in the electric power plants.” 

And he continued, "White oil is available, and we are securing stocks for the coming winter, and we also import high-octane gasoline (95); for the purpose of mixing with the production of refineries to improve quality and equip citizens with it,"

 noting that "the Karbala refinery will start producing high-octane gasoline early next July, To reduce two-thirds of the country's imports, to gradually decrease by entering the units prepared within the Ministry's plans in refineries, as shown in the south, center and north.  https://www.ina.iq/188039--.html

Advisor To The Prime Minister Determines The Tasks Of The Center For Finance And Business In Iraq

Economy     Baghdad - Conscious - Nassar Al-Hajj  Today, Friday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the most important tasks of the Finance and Business Center in Iraq, while confirming that  it will be a place for the activities of selling and trading governmental and private securities, similar to what exists in the world.

Saleh said, to the Iraqi News Agency (INA), that  "the importance of establishing the financial center in Iraq announced by the Central Bank of Iraq lies within the scope of the country's financial and banking development strategy and

a new start in the importance of establishing and building a spatial or geographical location in which the financial operations in which a spectrum contributes are concentrated.

A wide range of institutions participating in financial activity in our country, in which their business is integrated and interconnected in their inputs and outputs, specifically banking business and management of various assets and financial assets, and non-banking financial sector business such as insurance and reinsurance companies, financial investment funds, hedges and various logistical businesses that support the activity of the financial market, i.e. its two parts (banking and non-banking), supported at the same time by various financial intermediation businesses that will use ultra-modern financial technologies. 

He added, "The aforementioned center will be a place for the activities of selling and trading governmental and private securities, whether stocks as property instruments or bonds as debt instruments, whether those are listed in the Iraq Stock Exchange and not, in addition to various clearing operations and the general activities of the primary and secondary financial markets as issuing and trading bodies." Securities. 

And Saleh continued, "The financial center includes consulting offices such as the offices of accounting and auditing companies, related legal offices, and credit rating agencies," noting that

"in this way, the financial center is an integrated complex of services and a geographical spot that enables dealers to have direct access to large capital pools."

At the forefront of which are local and international banks, insurance companies, investment funds and the capital market. 

And he indicated that "the financial center is an important site in conducting transactions related to modern financial engineering, such as (financial securitization) operations and other management of financial derivatives and their modern tools, in addition to tax regulation work for them." 

He stressed, "The financial instruments approved in the world's financial markets will find their correct and legal birth in the financial center of Iraq,

similar to the financial centers in the world such as Dubai, Singapore, Shanghai, and many of them in international cities in London, Frankfurt, New York, and others."

https://www.ina.iq/188096--.html

The Dollar Escapes From The Grip Of The Government... And The Citizen Is A Victim Of "Failure"

economy |Baghdad Today – Reports  The exchange rate of the dollar in the black parallel markets in Iraq has risen again, as the markets record 1470 dinars for one dollar, although the Central Bank of Iraq sells it for 1320 dinars, a difference of more than 15 thousand dinars per cent of dollars.

It seems that the measures taken by the government and the Central Bank of Iraq to control the exchange rate have failed in front of "brokers" selling the currency and their arbitration over prices, which puts citizens and traders at their mercy.

Economists rule out that the exchange rate will be affected by the approval of the financial budget law, which set the exchange rate at the official rate due to the increased demand for it locally with the fluctuation of the Central Bank's daily sales of foreign currency.

With the government's efforts to control prices in the parallel markets, the commercial markets witnessed a decline in the exchange rate in the past weeks, but it has recently risen again, which indicates an economic problem that is still present in the country.

And Iraq had witnessed during the last three years a great fluctuation in the exchange rate of the dollar after the previous government raised the exchange rate from 1180 dinars to the dollar to 1450 in December 2020,

while the parallel markets witnessed a record high exchange rate after the central bank began using the electronic platform. and compliance with SWIFT standards last November.

As a result, the government resorted to a plan to impose dealings in Iraqi dinars in markets and retail stores in various governorates, as the concerned

security services began to take written undertakings from merchants and owners of car showrooms to deal in Iraqi dinars instead of dollars.

The security services have warned that failure to comply with this will expose merchants to legal accountability, which can be considered a precedent in Iraq since 2003, which may cause security and economic problems, given that the

majority of merchants refuse to deal in dinars due to the large difference between the official and parallel exchange rates, according to observers..

Commenting on the procedures of the Ministry of Interior and the prevention of dealing in dollars, the spokesman for the Ministry of Interior, Major General Khaled Al-Muhanna, indicates that

there are directives from the government to stop dealing in dollars in government and private outlets due to the lack of justification for dealing in other than the national currency.

He pointed out that the Ministry of Interior undertook to follow up on the implementation of these measures through two phases.

The first is to educate and educate the public about the need to deal in dinars only to limit speculation and the rise in prices of consumer goods, provided that

the next phase includes security campaigns to control violators.

This rise in the exchange rate was reflected in many economic sectors in Iraq, including

construction materials whose markets and building materials suffer from a great stagnation, with a

sharp decline in purchasing power and a

lack of investment projects, in addition to a significant

increase in prices due to the dollar crisis and

speculation operations that take place in the local market and the

inability to Obtaining US currency at the official rate, which forces them to resort to the black market at a price ranging between 1460 and 1490 dinars per dollar, while the official price is 1302.

Iron traders also complained about the great recession in the Iraqi markets and the complete halt of the selling movement for many days, due to political differences that led to the delay of many investment projects in the Iraqi governorates, in addition to the government's inability to control the exchange rates of the dollar.

Some of them said that:

"Obtaining the dollar is very difficult in light of the influencers' control over the currency market and the outlets for buying it from the currency sale window at the Central Bank of Iraq,

which forces them to buy dollars from the parallel market at prices that finally reached 148 thousand dinars per 100 dollars, while The official price set by the state is 132,000 dinars.

Others criticized the government's performance in dealing with local economic files and commercial movement in the markets, indicating that more than 75 percent of construction material sales are related to investment projects, which are still suspended due to the delay in starting work on the budget and its entry into force.

They stressed that the biggest damage from this recession is directly reflected on the citizen, because there are large numbers of workers and small traders who depend on working in this field, and the continuation of the recession causes great economic damage.

And the governor of the Central Bank of Iraq, Ali Al-Alaq, contradicts all “hearsay” about the exchange of the dollar and expects it to decline soon, saying in a press statement on June 10 to the official agency that

“commitment to firm instructions for financing foreign currencies will contribute to a significant decrease in the exchange rate of the dollar in the coming days,” denying “the existence of what necessitates launching Urgent new packages at present.  And he believed that

"the situation is moving towards stability and there is no need to take additional measures," warning that the insistence of some merchants to buy dollars from the parallel market will expose them to legal accountability," noting that

"there is coordination to monitor the decision to deal in Iraqi dinars instead of dollars by investment companies and sell Housing units".

For his part, Mazhar Muhammad Salih, economic advisor to the Prime Minister, said that the monetary policy of the Central Bank under Law No. 56 of 2004 is to preserve the purchasing power of the Iraqi dinar, and that dealing locally in any currency other than the Iraqi dinar leads to striking centers of economic stability.

The Central Bank's procedures require limiting dealings in dinars, according to Saleh, who confirms that the aim of this campaign is to reduce the turmoil in the local market, pointing out that the dual currency is one of the most dangerous aspects facing countries.

From a legal point of view, legal expert Ali Al-Tamimi indicates that the penalty for speculation that leads to influencing the exchange rate of the local currency was stipulated in Article 44 of the Money Laundering Law No. 39 of 2015, where the article punished speculators with imprisonment for a period of one year and a fine of one million dinars (about 760 dollars).

As for the penalty for those accused of smuggling money to other countries and laundering it, it reaches 15 years in prison, according to Articles 36, 37 and 38 of the same law.

Al-Tamimi pointed out that the Iraqi government's tendency to prevent dealings locally in dollars aims to control the currency rate and consumer prices and prevent inflation through the application of consumer protection laws and preventing monopoly.

The economic researcher, Hamza Al-Hardan, attributed the significant rise in all imported goods and materials in price levels, due to the exchange rate difference and currency speculation, which created a state of price imbalance.

Al-Hardan confirmed in a press statement that there is a real economic stagnation in the local markets, and a state of despair afflicted most of the merchants with the existence of manipulation in the price situation, which generated a state of great fears among consumers.

Al-Hardan concluded his speech by saying that limiting the rise in prices is linked to preserving the value of the Iraqi dinar against foreign currencies, the stability of the exchange rate, the elimination of currency speculation, and the reduction of crises that drain the Iraqi economy and cause a lot of money to leave the country.

Citizens and merchants alike are anticipating the impact of approving the financial budget on moving the commercial and economic market and its reflection on the exchange of the dollar and the decline in prices to get out of the current state of recession the country is going through.

https://baghdadtoday-news.translate.goog/224660-الدولار-يفلت-من-قبضة-الحكومة.-والمواطن-ضحية-الفشل.html

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

https://www.bondladyscorner.com/

Awake-In-3D: China and Russia are Leading BRICS Alliance to Introduce a Gold-Backed Currency: Can it Challenge the US Dollar?

Awake-In-3D:

China and Russia are Leading BRICS Alliance to Introduce a Gold-Backed Currency: Can it Challenge the US Dollar?

On June 22, 2023 By Awake-In-3D

What You Need to Know

As a precursor to Our GCR, the global financial landscape is witnessing a tectonic shift as nations increasingly turn away from the US dollar and seek alternatives that offer stability and trust. China and Russia, recognizing the erosion of faith in the US currency, are strategically positioning themselves within the BRICS Alliance to introduce a new gold-backed currency.

Below, I break this complex situation down into an easy-to-understand format. I discuss the rising trend away from the US dollar, the growing role of China’s yuan, the significance of gold in international trade, and how the BRICS Alliance could potentially challenge the dominance of the G7 Alliance and the US dollar.

Key Points:

1. The erosion of trust in the US dollar and the search for alternatives

2. China’s expanding influence and the role of the yuan in global trade

3. The significance of gold as a trusted asset and settlement currency

4. The strategic positioning of China and Russia within the BRICS Alliance

5. Potential implications for the G7 Alliance and the future of the US dollar

Key Statistics and Figures:

• Argentina has doubled its currency swap access to $10 billion, with the swap being in Chinese yuan (CNY) instead of US dollars.

• Pakistan has signed a deal with Russia to buy crude oil, settling the bill in CNY rather than USD.

• Global central banks have engaged in record-breaking levels of CNY currency stacking via FX swap lines, with 109 billion yuan stacked by the end of March.

• Gold discoveries have been shrinking, with no major discoveries since 2019.

• The US has been increasing interest rates amidst a massive debt bubble, raising concerns about solvency risk and potential dollar debasement.

In today’s global financial landscape, the US dollar’s role as the dominant reserve currency is being increasingly challenged. Nations around the world are seeking alternatives that offer stability, trust, and protection against geopolitical uncertainties. China and Russia, recognizing this paradigm shift, are strategically positioning themselves within the BRICS Alliance to introduce a new gold-backed currency that could challenge the G7 Alliance and the US dollar’s supremacy. This article delves into the underlying factors driving this trend and the potential consequences it may have on the global financial order.

The Erosion of Trust in the US Dollar

The history of bankrupt empires and regimes serves as a cautionary tale, highlighting the dangers of unsustainable fiscal policies and short-sighted political decisions. The Federal Reserve and the United States find themselves at a crossroads, where the choice between saving the system or sacrificing the currency becomes increasingly apparent. As nations witness the consequences of the US weaponizing the world reserve currency through politically motivated sanctions, they are turning away from the US dollar.

China’s Expanding Influence and the Rise of the Yuan

China’s emergence as a global economic powerhouse has been accompanied by a steady increase in its influence and stature. The Chinese yuan (CNY) is gaining prominence as a settlement currency, particularly in energy and real asset deals. Unlike the US dollar, the yuan is not seeking to become the world reserve currency but instead plays a significant role in trade settlement. China’s growing liquidity, established swap lines, and increasing gold reserves demonstrate its determination to shape the future financial order.

The Significance of Gold as a Trusted Asset

In times of financial uncertainty, gold has historically served as a safe haven for nations seeking stability. Unlike fiat currencies, gold has an intrinsic value and limited supply, making it a trusted asset. The abandonment of the gold standard by the US in 1971 marked a turning point, leading to the gradual erosion of trust in the US dollar as a reliable store of value. As demand for gold continues to rise while discoveries shrink, the price of gold is poised to increase, highlighting the importance of this precious metal in the evolving global financial landscape.

China and Russia’s Strategic Positioning within the BRICS Alliance

China and Russia, cognizant of the changing dynamics, are leveraging their positions within the BRICS Alliance to challenge the dominance of the G7 Alliance and the US dollar. The BRICS nations, comprising Brazil, Russia, India, China, and South Africa, have been steadily enhancing their economic cooperation and diversifying away from the US dollar. China and Russia’s increasing gold reserves and their focus on strengthening relationships with other nations based on mutual interests and trust provide a solid foundation for the introduction of a new gold-backed currency.

Implications for the G7 Alliance and the Future of the US Dollar

The introduction of a gold-backed currency by the BRICS Alliance, led by China and Russia, poses significant implications for the G7 Alliance and the future of the US dollar as the dominant reserve currency. As nations gradually shift their focus away from the USD and seek alternatives, the US’s solvency risk and dollar debasement become increasingly apparent. The evolving global financial landscape may witness a redistribution of power, where China and Russia’s strategic maneuvering within the BRICS Alliance plays a pivotal role.

Conclusion

The gradual decline in trust and confidence in the US dollar has paved the way for a potential challenge from the BRICS Alliance, led by China and Russia, in the form of a new gold-backed currency. As nations seek stability, trust, and an alternative to the US dollar, the role of the yuan as a settlement currency and the significance of gold as a trusted asset cannot be overlooked. The strategic positioning of China and Russia within the BRICS Alliance indicates a shift in the global financial order and raises questions about the future of the G7 Alliance and the US dollar’s supremacy.

Awake-In-3D | GCR RealTimeNews

https://ai3d.blog/china-and-russia-are-leading-brics-alliance-to-introduce-a-gold-backed-currency-can-it-challenge-the-us-dollar/

Iraqi News Highlights Friday Afternoon 6-23-23

Iraqi News Highlights Friday Afternoon 6-23-23

Tlm724 Administrator Bondlady’s Corner

The Minister Of Electricity Stresses The Importance Of Achieving Global Partnerships With French Companies

Thursday 22, June 2023 23:09 | Economical Number of readings: 1062  Baghdad / NINA /- The Minister of Electricity, Eng. Ziyad Ali Fadel, received the French ambassador to Iraq, and a delegation from the French government, to discuss prospects for joint cooperation and to discuss achieving partnerships between the Ministry of Electricity and international companies specialized in the energy sector.

The minister expressed his hope to strengthen the bonds of cooperation and friendship between the two countries, and appreciated the ambassador's interest in renewable energy projects and climate challenges.

The minister indicated that the ministry has strategic projects in its plans, in which we believe that your participation is necessary and important, especially since we have successful and new experiences, such as our contracts from Total to install solar power stations, and we believe that there is a possibility to benefit from your experience and the competence of your companies to develop the transport and distribution sector and smart meters.

He stressed that the doors of the ministry are open to competition, and that economic openness and security stability are an opportunity and a good time to work on signing memorandums of understanding and agreements.

For his part, the French ambassador expressed his country's direction to support the Iraqi people, and to develop the electricity sector.

The ambassador also asked the minister to have an active participation in the conference that we intend to work on in Baghdad soon, and we are carefully following your serious steps to develop electricity and your renaissance in the direction to diversify energy sources. .

And the representative of the French Ministry of Foreign Affairs stated that we have already begun to see the active role and strong engine of Iraq in the region, and the electricity sector is a main axis with this strength, and your high-level directions to support it, and we will strive to compete strongly to work with you, and our companies are ready to proceed with your projects./ End

https://ninanews.com/Website/News/Details?key=1061100

Stability Of Oil Prices In The Global Market

Economy | 08:48 - 06/23/2023  Follow-up - Mawazine News  There was no significant change in oil prices in early trading, on Friday, but it is heading towards recording a weekly decline of 3% due to concerns about fuel demand after increasing interest rates more than expected in Britain and warnings of a looming hike in US interest.

By 00:26 GMT, Brent crude futures fell seven cents, or 0.1%, to $74.07 a barrel, while US West Texas Intermediate crude futures fell 11 cents, or 0.2%, to $69.40.

Both benchmarks fell nearly $3 in the previous session after the British central bank raised interest rates by half a percentage point, raising fears of a slowing economy affecting fuel demand.

The impact of the rate hike outweighed the support that oil received from a sudden drop in US crude inventories.    https://www.mawazin.net/Details.aspx?jimare=229891

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

https://www.bondladyscorner.com/

Goldilocks: "CHAPS , Stablecoins and more....Friday 6-23-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

Good morning Dinar Recaps,

Goldilocks posted news links and comments this morning:

"CHAPS is a sterling same-day system that is used to settle high-value wholesale payments as well as time-critical, lower-value payments like buying or paying a deposit on a property."

☝️CHAPS was the second part of the Bank of England's Migration.

The first one was RTGS or real-time gross settlements.

They are all done now.

© Goldilocks
https://twitter.com/payment_infrast/status/1671769687611277312?t=nDYcx3ILg3ZEtYpXUNBGuA&s=35

"Stablecoins are a form of money that needs to be regulated" per Jerome Powell.

This is why we're seeing a two-week delay in the implementation of our stablecoins and new monetary system.

Congress will be debating digital asset rules and the new stablecoin framework.

This is a new monetary policy that will guide our financial system going forward.

Central banks use monetary policy to manage economic fluctuations and achieve price stability.

In order to move forward, this aspect of our currency reforms will need to come to completion.

Jerome Powell did give us a date as to when he believed we would move forward with this new monetary policy on July 15th, 2023 in his report last Wednesday to Congress.

© Goldilocks

https://www.theblock.co/post/235852/u-s-house-committee-to-vote-on-crypto-stablecoin-legislation-in-july

https://www.crypto-news-flash.com/u-s-house-committee-prepares-for-crypto-legislation-showdown-in-july-debating-digital-asset-rules-and-stablecoin-framework-will-it-be-a-curse-or-blessing-for-bitcoin/

https://www.blockworks.co/news/fed-needs-to-regulate-stablecoins via @Blockworks_

~~~~~~~~~~

"Nium and Stellar Development Foundation Partner to Enable Payouts in 190 Countries."

This recent partnership will enable currencies to be transferred between companies around the world instantly.

It comes at a time when stablecoins are being liquidated and prepared for implementation around the world inside cross-border International payments between countries utilizing their own National Currencies.

This will increase demand for countries individual currencies, and this demand will increase their value.

© Goldilocks

https://stellar.org/press-releases/nium-and-stellar-development-foundation-partner-to-enable-payouts-in-190-countries

~~~~~~~~~~

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

"Tidbits From TNT" Friday 6-23-2023

TNT:

Harambe:  Vietnam considered rising star to become emerging market | Vietnam+ (6/22/23)

A recent article posted on , a news website based in the UK, has pointed out the frequent hope that Vietnam will be upgraded from its frontier-market status to the  status.

Many years of consistently high  have been due to a highly attractive combination of political stability with sound pro-market execution from the government which has managed to slash poverty from 17% to less than 5% in a decade, the article wrote.

“Perhaps the best-known growth driver for Vietnam is its step-change in  (FDI), benefiting from an increase in exports due to what is widely known as China Plus One,” it said.

The country continued to sign more than a dozen key trade agreements during the pandemic-triggered lockdown. These partnerships will make it easier for companies to do business in Vietnam, positioning itself ever more as a manufacturing expert with ease of access to broad, international markets and benefitting from 3,000 kilometres of coastline and the close connections to China.

According to the writing, Vietnam is now moving more towards manufacturing higher-value products, more in electronics rather than textiles.

One of Vietnam’s most critical FDI sources is Samsung Electronics. The technology giant employs tens of thousands of people in Vietnam and is the largest investor in the country, with 50% of its handsets being produced there.

There is frequent hope that Vietnam will be upgraded from its current, off-benchmark,  status to emerging market status by MSCI. The Vietnam stock market overall now meets the size and liquidity requirements to be included, with a four-fold surge in retail participation during the past 2 - 3 years, driven by digital account technology, the article added.

https://en.vietnamplus.vn/vietnam-considered-rising-star-to-become-emerging-market/255115.vnp

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

CandyKisses:  Parliamentary Finance reveals the date of financing ministries with the amounts of the budget due for the past months

Today, Thursday, the Parliamentary Finance Committee set the date for the start of funding ministries budget amounts due for the past months, while indicating the trend to adopt an electronic system to complete the procedures of the final accounts.

Committee member Mustafa al-Karawi told the official agency that "the instructions for implementing the budget will be issued after Eid al-Adha, as the Prime Ministry and the Ministry of Finance prepared the draft of the instructions that may need amendments after adding articles to the budget by the House of Representatives," pointing out that "the issuance of instructions for financing and implementing the budget will be ready after Eid and circulated to all government departments and ministries."

He added, "After issuing the instructions, the Ministry of Finance will start financing the amounts due for the past months, especially operational, and other ministries will start implementing the investment budget for projects and others."

Regarding the final accounts, al-Karawi stressed that "the National Audit Office is working on this issue, and there is a trend to adopt an electronic system to complete the final accounts procedures."

He continued, "The latest data of the final accounts that was updated was the 2015 budget, which was sent to the House of Representatives with the budgets of 2013 and 2014," stressing "the need to be a careful follow-up of the final accounts, review and final approval so that there are real accounts and to uncover corruption files."

"The three-year budget will be conditional and the data and the tables will be updated by the Council of Ministers and approved within the House of Representatives," he said.

"The application of most of the items will continue year after year, but the digital data will be variable according to the Iraqi and global economic situation, as they are directly related," he said.

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

CandyKisses:  From space to telephone. Iraq is looking with the global {space x} to provide it with the Internet

Minister of Communications Hiam Al-Yasiri discussed Thursday evening with representatives of the global company Space X, the project of providing Internet service via space during a meeting that took place remotely (video conference) in the presence of the advanced technical staff in the ministry and its formations.

According to a statement by the ministry, a copy of which was received by Al-Furat News, "during the meeting, an explanation was listened to from the company about the project."

Al-Yasiri discussed with the company a number of important issues, especially the security aspect, and stressed that project management, control and control are all in the hands of the ministry exclusively.

It was also reached with the aforementioned company the possibility of reducing the prices of the system purchased by the user and the subscription price to a large extent compared to its prices in other countries that launched the service, as well as the ease of its acquisition and the speed of its access to the citizen after a short period of demand.

Al Yasiri stressed the exact standards of internet service quality and speed that have been detailed with the service provider.

She pointed out that the ministry prefers direct sales to citizens and stay away from the intermediary system.

It is noteworthy that the system does not need technical procedures to install it, but the citizen can obtain the service directly from the moon as soon as it is acquired.

On the other hand, the company's representatives expressed their desire to cooperate with the ministry and contract with it in this field, and it was agreed to hold a physical meeting with officials in the ministry to discuss the exact details of the project.

Mot:  ... Hummmpt!! - Finding me a New Doctor I Am!!! ...

Mot:  .. NOT Me - Nopppers!! huh Uh things you say after 50

Awake-In-3D: Declassified: DNA Molecule Quantum Computing – QFS Technology Finally Revealed?

Declassified: DNA Molecule Quantum Computing – QFS Technology Finally Revealed?

On June 22, 2023 By Awake-In-3D

Finally! I have been able to review 13-year old, DECLASSIFIED documentation on advanced, developments in quantum computing technology which provides what the QFS is potentially built upon. Unlocking the secrets of DNA-based quantum computing which details disruptive advancements that reshapes data management, computational power, and complex decision-making.

Below I have summarized the details and unparalleled advantages of this groundbreaking technology, where the future of financial systems meet the cutting edge of science.

As we step into the future of the global financial system, specifically Our GCR, one technology has loomed large – The QFS. Or, more accurately, Quantum Financial Data Management Computing.

While the development for this groundbreaking technology was being revealed as far back as 2010, it is now increasingly clear that significant breakthroughs in quantum computing for financial system data management are likely here today.

I have reviewed a declassified document that appears to be serious information. While I obviously cannot absolutely vouch for the validity of the declassified information, as an Electrical Engineer, the details are both compelling and technically competent. Here is my plain language assessment of a highly technical document in the context of Quantum Financial System Data Management applications.

An Introduction to DNA Molecular Quantum Computing

Unleashing the Potential of DNA Quantum Computing Technology: Advantages, Significance, and Capabilities

In the realm of quantum computing, an intriguing and highly promising technology stands out: DNA quantum computing. Building upon the principles of molecular computing and leveraging the unique properties of DNA molecules, this revolutionary approach offers a host of advantages and capabilities that make it a significant contender in the field. In this article, we will explore the significance of DNA quantum computing technology, delving into its advantages, capabilities, and the immense potential it holds for transforming the landscape of quantum computing.

Advantages of DNA Quantum Computing:

Massive Parallelism: Unlocking Computational Power

One of the primary advantages of DNA quantum computing lies in its ability to leverage the massive parallelism inherent in DNA molecules. DNA-based systems can perform a vast number of computations simultaneously, vastly exceeding the capabilities of traditional computing methods. This inherent parallelism allows for accelerated processing and enables complex calculations at an unprecedented scale.

Compact Data Storage: Efficient and Dense Information Encoding

DNA molecules possess an extraordinary capacity for storing information. With their ability to encode vast amounts of data in a compact form, DNA-based quantum computing systems offer unparalleled efficiency in data storage. This advantage becomes particularly significant in financial data management, where the ability to process and store large volumes of data is crucial.

Fault Tolerance: Resilience in the Face of Errors

Errors are an inevitable part of computing systems, and quantum computers are no exception. However, DNA quantum computing technology exhibits inherent fault tolerance. Due to the redundancy and self-correcting nature of DNA-based systems, errors that occur during computations can be detected and rectified, ensuring the reliability and accuracy of results. This fault tolerance makes DNA quantum computing resilient to errors caused by factors such as cosmic radiation.

Capabilities of DNA Quantum Computing:

Complex Computational Power: Tackling Complex Financial Problems

DNA quantum computing technology opens up new horizons for solving complex financial problems. The immense computational power of DNA-based systems allows for the efficient execution of intricate algorithms and simulations, enabling financial institutions to analyze vast datasets, perform risk assessments, optimize portfolios, and model complex financial scenarios with exceptional accuracy and speed.

Nanoscale Repair Mechanisms: Enhancing System Longevity

DNA-based quantum computing systems offer a unique advantage in terms of nanoscale repair mechanisms. Unlike traditional solid-state devices that are prone to wear and damage, DNA circuits can repair themselves at the nanoscale. This capability ensures the longevity and durability of the computing system, mitigating the impact of cosmic radiation and normal wear and tear, thereby reducing maintenance costs and enhancing system reliability.

Versatility and Scalability: Tailoring Solutions to Financial Needs

DNA quantum computing technology is highly versatile and scalable, offering the potential for tailoring solutions to meet the specific needs of the financial industry. The ability to design and engineer DNA-based circuits and logic gates allows for customization and optimization of computational processes, ensuring compatibility with various financial algorithms and applications. Moreover, the scalability of DNA-based systems enables seamless integration with existing financial infrastructures, paving the way for smooth adoption and implementation.

Significance of DNA Quantum Computing:

Accelerating Financial Computations: Real-Time Decision-Making

The significance of DNA quantum computing technology lies in its ability to accelerate financial computations, thereby enabling real-time decision-making. Financial institutions can leverage the parallel processing capabilities of DNA-based systems to process vast amounts of data rapidly, leading to more informed and timely decision-making. This advantage becomes particularly critical in high-frequency trading, risk analysis, and algorithmic trading, where split-second decisions can make a significant impact.

Data-Intensive Financial Analysis: Unleashing Insights

With the increasing volume and complexity of financial data, the significance of DNA quantum computing technology becomes evident in its ability to unleash valuable insights. DNA-based systems can efficiently process and analyze large datasets, detecting patterns, trends, and correlations that may go unnoticed with traditional computing methods. By extracting actionable insights from vast amounts of data, DNA quantum computing empowers financial institutions to make data-driven decisions with enhanced precision and accuracy.

Secure Financial Operations – Advanced Encryption and Security

Data security is a paramount concern in the financial industry. DNA quantum computing technology offers advanced encryption and security mechanisms, bolstering the protection of sensitive financial information. With the ability to develop quantum-resistant encryption algorithms, DNA-based systems ensure that financial data remains secure even in the face of quantum computing advancements that may pose a threat to traditional cryptographic systems.

Quantum Computing: Unleashing Unprecedented Computational Power

Quantum computing harnesses the fundamental principles of superposition and entanglement to unlock exponential computational power. Over the past decade, substantial progress has been made in developing practical quantum computing systems, moving beyond theory to concrete implementations. This progress, combined with advancements in hardware, algorithms, and error correction techniques, has brought us closer than ever to realizing the full potential of quantum computing.

While the source material mentioned the challenges associated with ion trap technology and cryogenic systems, significant strides have been made in addressing these obstacles DNA molecule circuit design. These developments bring quantum computing closer to becoming a practical tool for data management in the financial industry.

Quantum Computing and Financial Data Management: Redefining Possibilities

The financial industry thrives on data, and quantum computing presents an unparalleled opportunity to transform data management. The massive computational power of quantum computers enables the analysis of vast datasets in real-time, empowering the new financial and currency system to extract valuable insights, detect patterns, and make data-driven decisions with unprecedented speed and accuracy. Quantum algorithms specifically designed for financial applications were being secretly studied and developed well over a decade ago, promising to revolutionize risk analysis, fraud detection, and algorithmic trading platform management.

Data Security and Encryption: Fortifying Financial Systems

With the growing threat of cyberattacks, data security is of paramount importance in the financial sector. Quantum computing not only poses a disruptive force in data analysis but also in data encryption. The ability of quantum computers to perform complex mathematical calculations threatens current cryptographic systems. However, this challenge also opens the door for developing quantum-resistant encryption algorithms, ensuring the long-term security of financial data in an era of quantum computing.

Quantum Computing and Risk Analysis: Enhanced Decision-Making

Risk analysis is a critical aspect of financial operations. Quantum computing has the potential to accelerate risk calculations, allowing for more comprehensive and accurate assessments. Complex financial models can be simulated in real-time, enabling institutions to make informed decisions and mitigate risks proactively. The speed and computational power of quantum computers offer a significant advantage in managing risk, resulting in more robust financial systems.

Conclusion

DNA quantum computing technology represents a significant breakthrough in the field of quantum computing, with far-reaching implications for financial data management and computational capabilities. Its advantages, such as massive parallelism, fault tolerance, and compact data storage, coupled with its capabilities in tackling complex financial problems, nanoscale repair mechanisms, and versatility, make it a technology of immense significance. By harnessing the power of DNA-based quantum computing, financial institutions can accelerate computations, gain valuable insights, enhance data security, and make informed decisions in real-time. As DNA quantum computing continues to evolve and mature, its potential to reshape the financial landscape becomes increasingly apparent, offering new horizons of efficiency, accuracy, and reliability in financial computations.

Over the past 13 years, quantum computing has evolved from a theoretical concept to a technology on the brink of revolutionizing financial data management. From data analysis and encryption to risk analysis and portfolio optimization, quantum computing offers unparalleled potential for enhancing the efficiency, security, and real-time management of financial systems globally.

Awake-In-3D | GCR RealTimeNews

https://ai3d.blog/declassified-dna-molecule-quantum-computing-qfs-technology-finally-revealed/

Friday Morning Iraq Economic News Highlights 6-23-23

Friday Morning Iraq Economic News Highlights 6-23-23

Source: The Budget Law Has Reached Justice And Will Be Published In The Official Gazette Next Week

Time: 06/22/2023 Read: 3,822 times  {Politics: Al Furat News} 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

Parliamentary Finance: The Instructions Of The Budget Law Will Be Issued After Eid Al-Adha

Baghdad – conscious  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, told the Iraqi News Agency (INA), 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."

https://www.ina.iq/188023--.html

A New Parliamentary Talk Related To The Budget

Money  and business  Economy News – Baghdad  The Parliamentary Finance Committee has set the start date for ministries financing the budget amounts due for the past months.

Committee member Mustafa Al-Karawi said, "Instructions for implementing the budget will be issued after Eid Al-Adha, as the Prime Minister and the Ministry of Finance prepared a draft of instructions that may need amendments after adding articles to the budget by the House of Representatives."

Al-Karawi added, in an interview with the official agency, that "the issuance of instructions for financing and implementing the budget will be ready after the Eid and circulated to all government departments and ministries."

And he continued, "After issuing the instructions, the Ministry of Finance will start financing the amounts due for the past months, especially the operational ones, and other ministries will start implementing the investment budget for projects and others."

Views 103   06/22/2023 - https://economy-news.net/content.php?id=34872

Parliamentary Finance Explains The Reasons For Reducing The Region’s Share In The Budget: Sulaymaniyah Is The Least Poor In Iraq

Baghdad today – Baghdad  Today, Thursday, a member of the Parliamentary Finance Committee, Nermin Maarouf, explained the reasons for reducing the share of the Kurdistan region from the allocations for the development of regions in the federal budget .

A member of the House of Representatives for the Sulaymaniyah Governorate, Nermin Maarouf, said during a press conference followed by (Baghdad Today), that "although the share of the region in the federal budget amounts to 12.67%, the share of the provinces of the region in the development of the regions is 11%," pointing out that " Because of that, the determinants that were set to determine the proportion of each governorate in terms of the development of the regions, represented by the number of residents and the percentage of poverty .

And she indicated that "according to the statistics of the Federal Ministry of Planning, the provinces of the region are the least poor at the level of Iraq, especially the province of Sulaymaniyah, so the proportion of the region has been reduced ."

Regarding the region's share of the budget, Maarouf confirmed that "the region's percentage of 12.67% is not counted from the total budget of 199 trillion dinars, but is calculated from the budget after deducting ruling and sovereign expenditures until it reaches about 117 trillion dinars," stressing that "this means that the region's share amounts to 14 trillion and 700 billion dinars,” in addition to that “the region’s share of the ruling budget amounts to nearly one trillion and 300 billion dinars, which reaches the region in kind, not materially.”   LINK

After Three Consecutive Weeks Of Losses, The Dollar Is Rising Against Six World Currencies

2023-06-23 Shafak News/ The euro fell after business growth in the bloc virtually halted this month, as the dollar received support from a bout of risk aversion on Friday and hawkish comments from global central banks, including the Federal Reserve.

The dollar index, which measures the currency against six others, rose 0.56% to 102.95, reversing three consecutive weeks of losses. The euro fell 0.85 percent to $1.0859, heading for the biggest one-day drop since March, according to Reuters.

The latest data showed that business growth in the eurozone virtually stalled in June. The slowdown in manufacturing deepened, while activity in the bloc's dominant services sector barely expanded, as overall demand fell for the first time since January.

Business activity in Germany slowed in June as growth in the service sector slowed and manufacturing deteriorated, while French business activity also contracted this month for the first time in five months.

Sterling struggled to sustain gains from a larger-than-expected 50 basis point interest rate hike from the Bank of England on Thursday in response to flat inflation, which raised concerns about an impending recession in the UK.

While higher rates are usually supportive of currencies, the risk that they will lead to an economic downturn has prompted some investors to seek safe haven assets including the US dollar.

The pound fell 0.31% to $1.2710, and was on track for a weekly loss of about 1%, snapping three consecutive weeks of gains.

The Australian and New Zealand dollars also suffered in Asian trade as risk appetite waned.

The Australian dollar fell 1% to $0.6688 and is on track for a weekly loss of more than 2.5%, its worst week since March. The kiwi fell 0.58% to $0.6141, down about 1.5% for the week.

Surprising interest rate hikes and hawkish comments from central banks globally have renewed market fears that policymakers have more to tighten policy to tame inflation, even at the risk of tipping their economies into recession.

Norges Bank on Thursday also stunned the markets with a 50 basis point interest rate hike and said it aims for another increase in August. The Swiss National Bank raised its policy rate by 25 basis points on the same day and signaled further tightening to come.

Earlier this month, the Reserve Bank of Australia and the Bank of Canada abruptly hiked interest rates when the markets were leaning towards pauses.

Money markets now see a 74% chance that the Fed will raise interest rates by 25 basis points at its policy meeting next month, after leaving it unchanged last week.

The yen was largely stable at 143.05, close to a seven-month low of 143.23 per dollar hit in the previous session.  The Japanese currency came under renewed pressure as the Bank of Japan (BOJ) maintains a very dovish stance.

Data released on Friday showed that Japanese consumer core inflation beat expectations in May and the index excluding fuel costs rose at the fastest annual pace in 42 years, putting pressure on the Bank of Japan to phase out massive stimulus.

Markets in China are closed for holidays on Friday.   LINK

A Parliamentary Committee Determines The Most Important Laws Before Parliament For The Coming Period

Today, Thursday, the Parliamentary Finance Committee identified the most important priority laws presented to Parliament, which is expected to be approved for the coming period, while clarifying its position on implementing the budget after its approval by the Presidency of the Republic.

A member of the Parliamentary Finance Committee, Mustafa Al-Karawi, told the Iraqi News Agency (INA): "With regard to the issue of approving the budget, the committee will follow up on the implementation of its provisions, problems and observations that have been fixed on the relevant ministries and departments."

He added, "It is assumed that there will be sub-committees to follow up the work of the ministries, so that we can cover the issue of monitoring, the most important of which are banks, border crossings, customs, and the Ministry of Finance in general."

Regarding the oil and gas law and other laws under discussion in Parliament, he explained, "There is a great desire in the House of Representatives to pass the oil and gas law, and there is an amnesty law whose subject is political and is supposed to be well studied before proceeding with its procedures."

He pointed out, "Parliament will discuss a number of important laws, including the law for people with disabilities by the Labor Committee, laws related to foreign agreements and other responsibility of the Foreign Relations Committee, in addition to the presence of many laws that were returned to the government during the first and second legislative seasons, and it is hoped that they will be sent again." Others to parliament to read and vote on,” stressing that “the most important laws that are now under discussion are oil and gas and people with disabilities.”    https://www.ina.iq/188033--.htm

Parliamentary Finance Sets The Date For Starting Funding The Ministries With The Budget Amounts

 Political  |  06/22/2023  Baghdad - Mawazine News  Today, Thursday, the Parliamentary Finance Committee set the start date for ministries financing the budget amounts due for the past months, while indicating the trend to adopt an electronic system to complete the final accounts procedures.

Committee member Mustafa Al-Karawi told the official agency, followed by Mawazine News, that “the instructions for implementing the budget will be issued after Eid Al-Adha, as the Prime Ministry and the Ministry of Finance prepared a draft of instructions that may need amendments after adding articles to the budget by the House of Representatives.” Pointing out, "The issuance of instructions for financing and implementing the budget will be ready after the feast and circulated to all government departments and ministries."

He added, "After issuing the instructions, the Ministry of Finance will start financing the amounts due for the past months, especially the operational ones, and other ministries will start implementing the investment budget for projects and others."

Regarding the final accounts, Al-Karawi confirmed that "the Bureau of Financial Supervision is working on this issue, and there is a tendency to adopt an electronic system to complete the procedures of the final accounts."

He added that "the last data of the final accounts that were updated was the 2015 budget, which was sent to the House of Representatives along with the budgets of 2013 and 2014," stressing "the need for careful follow-up of the final accounts, reviewing and finally approving them in order for there to be real accounts and to uncover corruption files."

And he continued, "The three-year budget will be conditional, and data will be presented and tables updated by the Council of Ministers and approved by the House of Representatives."

And he stated, "The application of most of the items will continue year after year, except that the digital data will be variable according to the Iraqi and global economic situation, as they are directly linked."  https://www.mawazin.net/Details.aspx?jimare=229871

MilitiaMan: "Iraq Ratifies the Budget-Next Step-Gazette 6-22-2023

IRAQ Ratifies their BUDGET - NEXT step - Gazette

MilitiaMan and Crew:  6-22-2023

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

The President of Iraq ratified the budget on June 21st. The 2023, 24 and 25 budget.  This is basically a turning point for Iraq.

The current rate of the dinar does not work with this budget. Things are going to start changing.

Please listen to full video for all the news.

https://www.youtube.com/watch?v=_UeQO5n59iE

Iraqi News Highlights Thursday Afternoon 6-22-23

Iraqi News Highlights Thursday Afternoon 6-22-23 

Tlm724 Administrator Bondlady’s Corner

A Former Member Of Parliamentary Finance Identifies The Reasons For The Rise In The "Dollar".. There Is An Illusion   

Information / Baghdad..  Former member of the Parliamentary Finance Committee, Ahmed Hama Rashid, identified, on Thursday, the reasons behind the rise in the dollar in the parallel markets.

Rashid said in an interview with Al-Maalouma, that "there is a misconception that has been promoted recently related to the fact that the price of the dollar in the parallel markets will decrease with the approval of the 2023 budget.. 

He added, "The exchange rate of the dollar in the parallel markets depends on the principle of supply and demand, and the start of implementing the 2023 budget will mean the release of large sums of money that will lead to a greater increase in the purchase of the dollar."

He pointed out that "the government's treatments to contain the rise in the exchange rate of the dollar were not sufficient until now," stressing that "Iraq sells nearly 7 billion dollars a month of oil, two billion goes to its multiple financial obligations, and  it sells in 5 weekly sessions 200 million dollars each time, but it remains less." From the increasing demand for hard currency, and thus pushes up prices.

The exchange rate of the dollar in the parallel markets in Iraq witnessed a remarkable rise in the past weeks, reaching 147 thousand dinars per 100 $, while the Central Bank set the exchange rate at 132 thousand dinars per 100 $.25 p.m.

https://almaalomah.me/news/politics/عضو-سابق-في-المالية-النيابية-يحدد-اسباب-ارتفاع-الدولار-هناك

The High Exchange Rate Of The Dollar Against The Dinar In Sales Centers And Local Markets

Economy | 11:18 - 06/22/2023  Baghdad - Mawazine News  Today, Thursday, the exchange rates of the dollar against the dinar recorded a slight increase in the exchange rates of Baghdad and the provinces.

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

https://www.mawazin.net/Details.aspx?jimare=229839

The Iraqi Stock Exchange Announces The Trading Of Shares Worth 9 Billion

Economy | 02:16 - 06/22/2023   Baghdad - Mawazine News  Today, Thursday, the Iraq Stock Exchange announced the trading of shares with a financial value of more than 9 billion during several sessions organized this week.

According to the market’s weekly trading indicators, during the third week of June 2023, there will be five trading sessions, from Sunday 06/18/2023 to Thursday 06/22/2023.

The market indicated that the following indicators were achieved during this week:

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

2. The value of shares traded this week amounted to more than (9) billion dinars.

3. The trading index in the market closed for the first session of the week at (677.69) points, while the index closed at the end of the week at (666.52) points, achieving a decrease of (1.68%) from its closing at the beginning of the session.

4. During the week, more than (3100) buying and selling contracts were executed on the shares of companies listed in the market.   https://www.mawazin.net/Details.aspx?jimare=229851

Central Bank Sales Are Stable And Close To $300 Million

Economy | 01:21 - 06/22/2023  Baghdad - Mawazine News  The Central Bank of Iraq's sales of dollars stabilized in an auction today, Thursday, to approach $ 300 million.

And Mawazine News stated, “The bank sold today, during its auction, 274 million and 436 thousand and 167 dollars, which are almost the same sales as yesterday, Wednesday.

The bank covered them at a basic exchange rate of 1305 dinars per dollar for documentary credits and international settlements for electronic cards, and at a price of 1310 dinars per dollar. For foreign transfers, at a price of 1310 dinars per dollar in cash.

He added, "Most of the dollar sales went to enhance balances abroad in the form of remittances and credits, at a rate of 234 million and 836 thousand and 167 dollars, while the rest of 39 million and 600 thousand dollars went in the form of cash sales."

He pointed out that "the banks that bought cash dollars amounted to 10 banks, while the number of banks that met requests to strengthen balances abroad reached 22 banks, as the total number of exchange and mediation companies participating in the auction was 75 companies." Ended 29 /

https://www.mawazin.net/Details.aspx?jimare=229847

The Stability Of Oil Prices In Early Trading

Economy | 08:56 - 06/22/2023   Baghdad - Mawazine News  Oil prices maintained most of the gains they made yesterday in early trading today, Thursday, as markets evaluated a sudden drop in US crude stocks against the possibility of weak demand after the Federal Reserve Chairman hinted at the possibility of further interest rate hikes.

And by 0015 GMT, Brent crude futures fell eight cents, or 0.1 percent, to $ 77.04 a barrel, while US West Texas Intermediate crude futures fell five cents, or 0.1 percent, to $ 72.48.

The two benchmarks rose a dollar a barrel in the previous session, while corn and soybean prices rose in the United States to their highest levels in several months, which led to expectations that their shortage around the world would lead to a reduction in blending with biofuels and an increase in demand for oil.

https://www.mawazin.net/Details.aspx?jimare=229832

The Central Bank Of Iraq Organizes A Workshop To Upgrade Its Employees

June 22, 2023      Yesterday, Wednesday, the Central Bank of Iraq organized a dialogue educational workshop for the employees of the Central Bank of Iraq and managers of administrative departments, in which the Director of Human Resources Affairs, Dr. Falah Salim, and the Director of the Development and Training Department, Mr. Nizar Al-Khalidi.

    The lecturers emphasized the interest in human resources and their repercussions on the performance of the Central Bank of Iraq.

    The workshop dealt with ways to raise the employee to the highest levels through development, training and participation in conferences inside and outside the country, and it was emphasized that the employee represents the true image and facade of this ancient institution.

 Central Bank of Iraq      information Office      22 - June – 2023  https://cbi.iq/news/view/2365

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