Awake -in-3D: Iraq’s Economic Ability to RV their Currency is Impossible Today

Iraq’s Economic Ability to RV their Currency is Impossible Today

On July 3, 2023 By Awake-In-3D

We are told that Iraq is ready to RV, almost daily, out there in Dinar Land. Yet, when we examine Iraq’s current economic situation, it becomes clear that there is no logical or mathematical process that supports these frequent claims. Let’s take a look at the facts and see where they lead us.

Iraq’s Current Economy (May/June 2023 Reporting)

• GDP:  US$264 Billion

• Oil Exports:  100 million barrels/month

• Oil Revenues:  US$7 Billion/month

• Current Oil Price:  US$70 per barrel

• M2 Money Supply:  173 Trillion IQD

• FX Reserves:  143 Trillion IQD

• Current Exchange Rate:  1310 IQD per 1.00 US dollar

M2 Money Supply is the measure of IQD held inside the country of Iraq including cash on hand and in Iraqi bank account deposits. It is not a measure of IQD held outside of Iraq (the notes we all have).

What if Iraq RV’s their Currency Tomorrow?

Let’s assume that we are all holding 5 Trillion IQD collectively in Dinar Land. If Iraq were to RV the IQD at $1.00 per IQD tomorrow, and we all decided to exchange at that rate, the Central Bank of Iraq (CBI) would need 5 Trillion US dollars (or Euros, GBP, etc.) to cover those exchanges.

5 Trillion IQD x $1.00 = $5 Trillion to cover our exchanges.

Iraq’s entire GDP is only US$264 billion per year and they cannot just print or create other global currencies out of thin air to pay for our exchanges in our local currencies. Even if Iraq came out and declared that one IQD is now worth one US dollar, no Central Bank or Forex Platform in the world would recognize that new rate, much less cover IQD exchanges at that rate for any of us. The economic math doesn’t come close to justifying this newly “declared” exchange rate.

The simple fact is, Iraq’s economy would have to be 20 times larger than it is just to pay for our exchanges, much less cover their national operating expenses. By comparison, the United State’s GDP is over 76 times larger than Iraq’s GDP while the European Union’s GDP is over 64 times larger than Iraq’s.

What if Iraq Re-denominates (drops 3 zeros) the IQD Tomorrow?

If Iraq RD’s tomorrow, it would not be good for us international IQD holders under any scenario. Let’s assume that Iraq implements a new series of IQD notes without the 3 zeros. This means that the current 25,000 IQD note would be replaced by a new 25 IQD note.

As foreign holders of the old IQD notes, we would all have to trade in our 25,000 IQD notes for the new 25 IQD notes. This assumes that the Iraqi government would even allow foreigners outside of Iraq to trade in their old IQD notes – they most likely would not allow this to happen. But for this example, let’s assume that we are allowed to trade in our old notes at our local banks.

Now that we have the new 25 IQD notes, let’s also assume that the CBI revalues the new IQD notes a one-to-one for the US dollar. This means that we will receive $25.00 for one 25 IQD note. Furthermore, following the same math as above, the CBI would now only need US$5 Billion to cover our exchanges. This scenario is plausible since Iraq’s economy can afford this exchange rate with the new, lower denomination IQD notes.

5 Trillion in old IQD notes = 5 Billion in new IQD notes (deleting 3 zeros)

5 Billion new IQD x $1.00 = $5 billion in the new exchange rate

Clearly, this is not the IQD RV exchange scenario any of us want.

Bottom Line

Without the off-ledger gold deployed to collateralize and back the IQD (Our GCR), there is no possible way that we will benefit from any non-GCR revaluation or redenomination of the IQD. Without Our GCR fully released globally, Iraq cannot support an RV at $1.00, much less $3.00 or higher.

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https://ai3d.blog/iraqs-economic-ability-to-rv-their-currency-is-impossible-today/

"Tidbits From TNT" Monday Morning 7-3-2023

TNT:

Tishwash:  Finance: Banks stop receiving customers for the purpose of the semi-annual inventory

An official source in the Ministry of Finance announced, on Monday, that all banks have stopped receiving customers for the purposes of the semi-annual inventory.

The source told Shafaq News Agency, "Bank credits and facilities will be stopped today for the purposes of applying semi-annual accounts and budgets, and therefore there will be no reception for customers today."

He added, "The banks will resume their work tomorrow, Tuesday," stressing that "the salaries of retirees will not be affected in the event that they are launched by this matter, because they are raised electronically."  link

Tishwash:  Former parliament decision: Passing the oil law is enough to end all the problems of Iraq

Former Parliamentary Rapporteur Muhammad al-Khalidi confirmed, on Sunday, that Iraq's most complex crises would end immediately after the adoption of the oil and gas law.

Al-Khalidi said in an interview with Al-Maalouma, "The oil and gas law is one of the pending legislations since 4 parliamentary sessions due to political differences, and if it is approved, most of the complex problems will end."

He added, "Five important points must be available to proceed with approving the law, the most prominent of which is political consensus, defining export and management mechanisms, the quantities produced from each field, and the powers and "as of the provinces."

Al-Khalidi pointed out that "approving the law according to a consensual formula will be in the interest of everyone without exception and end the dispute between the center and the Kurdistan region."

He continued, "Iraq's dependence on what is known as the rentier economy is a dangerous step in light of the rapid changes in the energy sector, indicating the emergence of solutions regarding the energy file that may push oil prices down at record rates, which constitutes a source of embarrassment for the country's budget, which relies 90% on revenues from the sale of oil   link

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Tishwash:  Northrop Grumman Wins $13m Iraq Contract

Northrop Grumman Systems Corp., Fort Worth, Texas, has been awarded $13,561,913 modification (P00014) to a previously awarded contract (FA8617-21-C-6237) for contractor logistics support of Iraq's C-172 and C-208 fleets.

The modification brings the total cumulative face value of the contract from $33,031,313 to $46,593,226.

Work will be performed at Balad Air Base, Iraq, and is expected to be completed by June 30, 2024.

This contract involves Foreign Military Sales (FMS) to Iraq. FMS funds in the amount of $13,561,913 are being obligated at time of award. The Air Force Life Cycle Management Center, Legacy Training Aircraft Division, Rapid Acquisition and Sustainment Management Branch, Wright Patterson Air Force Base, Ohio, is the contracting activity.  link

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Tishwash:  IBBC welcomes LARSA Security as New Member

From the Iraq Britain Business Council (IBBC):

LARSA Security Services is an Iraqi security company registered in Iraq as a private company under the Iraqi ministry of interior and has obtained license number (164).

LARSA is a pioneer in the field of private security and logistics. With a high level of skill, training, expertise, and infrastructure to assist in all physical security matters for the safety and protection of personnel, buildings, information, supplies and equipment. LARSA offers a wealth of experience providing a complete security solution to high profile clients operating within Iraq, Basra and beyond. LARSA has been awarded membership to the International Code of Conduct Association and adheres to the expected compliance of international private security companies and deploys the most up to date equipment and data in managing the security and safety of our clients.

Alastair Stone, Larsa Chief Operations Officer Says:

"We anticipate great engagement with IBBC's excellent range of members and look forward to getting to know them all and sharing our approach to security for international companies and individuals alike."

Christophe Michels, MD of IBBC says:

"IBBC welcomes Larsa security to our membership, and we look forward to engaging our members with their capabilities and expertise. While security in Iraq is significantly better than in the past, there is still demand for intelligent and well managed security among our international members to ensure they operate smoothly and efficiently throughout all Iraq." ink

Mot:  .. with the RV Taking as Long as It Has ...

Mot:  . OK! - Witch Do Ya Picks??? !!!! pick a vacation

Monday Morning Iraq Economic News Highlights 7-3-23

Monday Morning Iraq Economic News Highlights 7-3-23

A Government Source Denies The Prime Minister's Appeal Against The Articles Of The General Budget Law

Baghdad – conscious  Today, Monday, a government source denied that Prime Minister Mohamed Shiaa al-Sudani had challenged the articles of the General Budget Law. The source told the Iraqi News Agency (INA), that "there is no truth to Prime Minister Muhammad Shia' al-Sudani's appeal against the articles of the general budget law."  https://www.ina.iq/188640--.html

The Coordination Framework Announces Its Support For The Government In Implementing The Federal Budget Law

Iraq  2023-07-03  Today, Sunday, the coordination framework affirmed its support for the government in implementing the budget law, while stressing the necessity of dealing centrally in all decisions and international relations with Iraq.

The framework said in a statement, "Today, the coordination framework held its regular meeting in Hammam Hammoudi's office to discuss a number of issues, foremost of which is the painful attack on a copy of the Holy Book of God by an extremist."

He added, "The meeting opened with a speech by Prime Minister Muhammad Shia'a al-Sudani on the latest political and service developments in the country," noting that "the meeting affirmed its rejection and denunciation of the sinful assault on a copy of the Holy Book of God."

The framework appreciated "the efforts of the government and the Ministry of Electricity and its loyal cadres, which they exerted in improving the reality of electricity throughout the country," referring to "the government's support in implementing the federal budget law and accelerating that to serve citizens."

The framework called on "all cultural and social institutions to spread the correct and authentic Islamic and societal values," stressing "the independence of Iraq and its freedom to dispose of its money as the Iraqi interest requires."

The framework stressed "the need to deal centrally in all decisions and international relations with Iraq."

https://kirkuktv.net/AR/Details/16093

Parliamentarian: The Success Of Economic Plans Depends On Ending US Dictates

Information/Baghdad..  On Monday, the representative of the Sadiqun Parliamentary Bloc, Rafik al-Salihi, pledged the government's success in economic reforms by getting rid of American dictates, accusing the American side of working to sabotage the Iraqi economy by all means.

Al-Salihi said in an interview with Al-Maalouma agency, "The United States of America besieges the Iraqi economy and makes it surrounded by it and prevents its launch towards the major investment countries."

 He added, "Iraq needs to strengthen economic sovereignty and not follow the United States in commercial transactions and giant investment projects."

He continued, "The American ruler of Iraq, Paul Bremer, turned Iraq into a rentier, consumerist, and weak country, with no production, no industry, no agriculture, in order to continue following America."

The head of the Federation of Iraqi Industries, Adel Akab, had called on the government to cancel the decisions of the Civil Coalition Authority of the American occupation that are unfair to the national industry, accusing Paul Bremer of encouraging the killing of the industry. LINK

The Seriousness Of Article 61 In The Tripartite Budget

Economical  2023/07/03  Dr.. Ahmed Hamid Al-Hathal   After a difficult labor, the budget was approved by the parliament, and this parliament did not focus much on the economic aspects in the general budget allocations, which reflect the economic role and criterion of success for any government.

The tripartite budget did not change the reality of a different ambition because Article (77) stressed that the Council of Ministers sent the general budget (2024-2025) to the House of Representatives for approval. The financial, social and political aspects were given little attention to the economic aspects, and they also did not rely on financial sustainability analyzes and the principle of costs and returns.

This aspect requires extensive and in-depth studies that are difficult for the decision-maker to understand well.

This is evident from the outputs of the general budget and the executive and legislative authority’s vote on Article (61), which emphasized the perseverance of the deficit by excluding it from the amended Financial Management Law No. (6) of (2019). I do not know what is the benefit of approving laws if they are suspended by subsequent laws?

 This is not an exception for a specific case, but rather a methodology that continues in most of the previous years of the general budget.

The seriousness of this article comes from the increase in the financial burdens on society, and this is further illustrated by the term “financial illusion”, which allowed the budget deficit to increase by more than 20 percent.

The deficit ratios of the gross domestic product, when set at 3 percent or 5 percent, are intended to regulate the work of the budget and control the pace of public finances from the deterioration that will harm future generations that will pay dues today,

so the current value of future government debt will be high in view of the indicators of sustainability Financial sustainability and public debt, as it will rise, according to the scenarios of this budget, by more than 70 percent of the gross domestic product, after it had stabilized at about 45 percent, and this is what is called in the economy (the indebtedness trap).

We may witness a state of Ponzi financing, as the items of the general budget will be disrupted in a way that the financial authority cannot control, and then the central bank will intervene more broadly to finance a large part of the government deficit, either through open market operations by purchasing public financial bonds in larger quantities, or by lending public finances in large quantities. Direct, and this is prohibited by the Central Bank of Iraq Law No. 56 of 2004.

 Despite the prohibition of direct borrowing, the Central Bank continues to deduct these transfers until an article that consolidates the financial-oil dominance appeared by deducting 23.504 trillion dinars through the Central Bank. This is a dangerous development for monetary stability in light of the continued imbalance of the exchange rate and we are approaching the most dangerous type of inflation Prepares the process of currency collapse and fragile economy.

Most developed and emerging countries put ceilings on government debt so that there is no comfort for politicians to use this debt to finance public finances due to the political and social pressures caused by the mistakes of previous policies and the failure to use real economic methods to achieve economic growth by realizing the added value of the non-rentier sector,

so we see that The budget items for the year 2024-2025 are amended according to the requirements of financial sustainability as long as there is financial abundance for this year in order to ensure the continuity of public debt sustainability and fiscal continuity in financing public expenditures without forcing it into structural corrections that harm some economic sectors, and the entry point for such a procedure is to set a ceiling

The public debt in the budget ranges between 40-50 percent of the GDP in order to ensure that the public finances will search for other alternatives to enhance fiscal discipline through non-oil revenues, and borrowing according to its philosophy remains in its golden rule.Investment-oriented only to enhance non-oil revenues.  https://alsabaah.iq/79830-.html

Parliamentary Finance Fears That The Expected Budget Revenues Will Not Be Achieved

Posted On2023-07-03 By Sotaliraq  Baghdad / Firas Adnan  The Parliamentary Finance Committee expressed its fear of not achieving the planned revenues in the budget, stressing the possibility of high deficit rates, stressing that Iraq achieved non-oil revenues at best of 12.5 trillion dinars.

Committee member, Representative Mustafa Al-Karawi, stated that “the revenues carried by the budget are 134 trillion, 117 trillion of which come through oil.”

Al-Karawi added, "There is a fear we have of not achieving the non-oil revenues that were planned by the budget at 17 trillion, given that Iraq, at its best, did not achieve more than 12.5 trillion dinars."

He pointed out, “This is what makes us fear that the deficit rate will rise to more than the limit set by the budget, which amounts to 64 trillion dinars.”

Al-Karawi stressed that “the budget was built on an export basis of 3.5 million barrels per day,” noting that “Iraq lost for two months 400 thousand barrels per day that were supposed to be exported from the Kurdistan region after the court’s decision to stop exporting oil from the region.”

He explained, "The price of a barrel of oil is $70, according to the budget, and this makes us face a loss of up to 9 trillion dinars."

And Al-Karawi indicated that “OPEC has reduced Iraq’s share of oil by 211 thousand barrels, and the price of a barrel is very worrying and may be less than what is fixed in the budget.”

And he added, “The annual export does not reach 365 days a year, given that there are days when it is not possible to export due to weather problems or defects in tankers, and therefore oil revenues are likely not to be achieved according to what is in the budget.”

Al-Karawi went on to say that “the political blocs passed the budget in most of its paragraphs by the majority, despite the presence of objections, especially in terms of high deficit and spending rates.”

For his part, Majed Al-Suri, a specialist in economic affairs, stated that “the apparent deficit borne by the budget is 64 trillion dinars, but there are many, many factors that overlap in stimulating this deficit.”

Al-Suri continued, “The first of these factors is the quantities of oil exported,” stressing that “the quantities exported during the past month amounted to 3.3 million barrels per day.”

He explained that these quantities are less than what is estimated at 200 thousand barrels, and this will in turn lead to a decrease in imports by about 7 trillion dinars.

Al-Suri pointed out that “the price set by the law is 70 dollars, but what is actually sold from Basra ranges between 72 to 75 dollars, and if we say that the average is 73 dollars, this will lead to an increase in revenues and a reduction in the deficit resulting from the decrease in quantities by about 3 trillion.” Dinar"

And he believes that “the problem does not lie in the planned deficit, but it is in the management of budget funds. The law was delayed for more than six months, and today we are waiting for the instructions to be issued, and with this we entered the seventh month, and this leads to a significant reduction in investment expenditures, and then the deficit decreases and with it borrowing decreases.”

Al-Suri stressed that “operating expenses amounting to about 133 trillion dinars can be covered from revenues amounting to 134 trillion dinars.”

And he continues, “Part of the operating expenses will be paid through the surplus from last year, estimated at 23 trillion dinars.”

Al-Suri added, "A one-dollar decrease in oil sales within the export capabilities and the price specified in the budget will reduce revenues by about one trillion and 66 billion dinars."

And he finds, “The current conditions are capable of reducing the planned deficit set by the budget to a large extent.”

Al-Suri concluded, “There is an exaggeration of the operating expenses of the budget by a large amount compared to the actual expenditures of last year, which amount to 112 trillion dinars and include salaries, subsidies and aid. Since 2005, Iraq has used to implement 80 to 90% of these expenditures, and the remaining percentages, in turn, will also contribute. in reducing the deficit.

The Ministry of Justice had announced the publication of the budget law in the Iraqi Al-Waqa'i newspaper before the Eid holiday, while the Ministry of Finance is preparing to issue instructions for its implementation.

It is noteworthy that the House of Representatives had voted on the budget with amounts that are the highest in the history of Iraq, amounting to 200 trillion dinars, with a deficit of 64 trillion dinars, for three years. LINK

Former Parliament Decision: Passing The Oil Law Is Enough To End All The Problems Of Iraq

Information/Baghdad...  Former Parliamentary Rapporteur Muhammad al-Khalidi confirmed, on Sunday, that Iraq's most complex crises would end immediately after the adoption of the oil and gas law.

Follow the "information" channel on Telegram.. news that does not need to be documented..

Al-Khalidi said in an interview with Al-Maalouma, "The oil and gas law is one of the pending legislations since 4 parliamentary sessions due to political differences, and if it is approved, most of the complex problems will end."

He added, "Five important points must be available to proceed with approving the law, the most prominent of which is political consensus, defining export and management mechanisms, the quantities produced from each field, and the powers and "as of the provinces."

Al-Khalidi pointed out that "approving the law according to a consensual formula will be in the interest of everyone without exception and end the dispute between the center and the Kurdistan region."

He continued, "Iraq's dependence on what is known as the rentier economy remains a dangerous step in light of the rapid changes in the energy sector, indicating the emergence of solutions regarding the energy file that may push oil prices down at record rates, which constitutes a source of embarrassment for the country's budget, which relies 90% on revenues from the sale of oil. 25. Done  LINK

Iraqi News Highlights Sunday Afternoon 7-2-23

Iraqi News Highlights Sunday Afternoon 7-2-23

Tlm724 Administrator Bondlady’s Corner

An American Report: The Oil Market Sends A Warning To Those Betting On Its Price Recovery

Energy   Economy News _ Baghdad  The American newspaper "The Wall Street Journal" said that the oil market issued a warning to Saudi Arabia and all those who bet that oil prices are poised for a recovery, saying, "Do not count on that."

The newspaper said, in a report followed by "Al-Iqtisad News", that the oil-rich kingdom cut production starting this weekend, as part of a high-risk gamble that was revealed last month to curb supplies to raise prices, and Saudi officials believe that demand will exceed production later this year. year, which increases prices, which will restore the flow of profits to oil producers.

She mentioned that analysts at the International Energy Agency and Wall Street banks agree that the demand for oil may rise in the second half of 2023, but the problem is that the oil market appears to be at odds with all these expectations.

A major market indicator indicates that traders believe supplies will not shrink for the next several months.

The measure is based on the gap between the price of oil on different dates.

In recent days, spot Brent oil contracts have declined relative to futures crude and this dynamic, known as contango, is an indication that supplies are more than sufficient to meet demand.

“It's a really bearish signal,” said Greg Newman, CEO of London-based brokerage Onyx Capital Group. Newman added that the surprise is that the price of Brent itself did not fall, and he expects the price of Brent crude to fall to between $58 and $62 a barrel.

China's recovery has been slower than economists expected and Beijing has rolled out a plan to spur growth, but investors say it is not enough so far to spark a significant increase in demand for commodities.

Brent crude prices fell 13% in the first half of the year to around $75 a barrel on Friday, despite earlier cuts by the Riyadh-led OPEC+ cartel, meaning cheaper prices at gas stations for US drivers heading into the summer travel season.

Regular fuel prices averaged about $3.54 a gallon as Independence Day approached, about $1.30 less than last year.

Fuel consumption is declining in China and Europe, according to Marwan Younes, chief investment officer at hedge fund Masar Capital Management.

It also appears that a portion of China's near-record crude imports are going towards strategic reserves.

"The larger and broader macro forces will indeed dampen global growth," Yunus added.

By cutting production, Riyadh has boosted prices for the sour crude it produces but has failed to stimulate the broader market, says Adi Imcerovic, director of consultancy Sari Clean Energy and a former trader in the oil market.

As a result, the benchmark oil price in Dubai rose last week above Brent crude, the global benchmark, for the first time since the fall of 2020, which is rare because the oil traded in Dubai is thicker and contains more sulfur.

Dubai prices are heavily influenced by Saudi production while Brent crude measures the price of oil produced in Europe and Texas.

An additional risk for the oil bulls is that contango in Brent crude prevents money managers from investing in oil derivatives. When futures contracts become more expensive the further away from their expiry date, optimistic investors lose money as they adjust positions to avoid oil shipments.

There are some forces driving prices higher. American drivers, who consume nearly a tenth of the world's oil, are burning 3.8% more gasoline than they did a year ago.

Changing the way Brent prices are calculated - adding US crude into the mix - could confuse the signal the index sends about the state of the global market.

However, Younis said of Masar, any rush to buy crude oil may be short-lived, as the big obstacle is the decline in petrochemical production, due to the slowdown in the pace of manufacturing in general.

Refining companies lose money for every barrel of plastic naphtha they produce, so they have cut back on their purchases of the crude needed to make the oil product.

High interest rates have also encouraged refiners to sell oil stocks by increasing storage costs, which is affecting prices. In addition, there has been an increase in Iranian oil exports amid talks with Washington, and an increase in pessimism by some analysts.

“The problem is with cutting production in an environment that is already weak, so the impact is limited,” says Ole Hansen, head of commodity strategy at Saxo Bank. “It looks like we may be in this situation for some time.” 

Views 10  Added 07/02/2023 - 5:03 PM  https://economy-news.net/content.php?id=34966

Iraq: The Average Oil Exports For The Month Of June Exceeded 3,335,000 Barrels Per Day

Posted On2023-07-02 By Sotaliraq   02/07/2023   Iraq announced, yesterday, Saturday, that the average crude oil exports for the month of June amounted to more than 3,335,000 barrels per day.

A statement by the Iraqi Ministry of Oil stated that crude oil sales for the past month achieved financial revenues that exceeded 7 billion and 115 million dollars, while the selling price of a barrel of oil exceeded 71 dollars per barrel.The ministry said in its statement that all quantities were exported from the fields of central and southern Iraq and the Qayyarah field in Nineveh Governorate.

It is noteworthy that Iraqi exports from the fields of the Kurdistan region and Kirkuk have been suspended for about four months through the Iraqi-Turkish pipeline to the Turkish port of Ceyhan, at a rate of 500,000 barrels, due to financial and technical problems that the two sides were unable to settle due to the decision of the International Arbitration Court in Paris regarding inventorying Iraq's oil exports, Iraqi Oil Marketing Company / SOMO.    LINK

Chambers Of Commerce: Saudi Arabia And The UAE Have Allocated $6 Billion To Support Their Operations In Iraq

Money  and business  Economy News _ Baghdad   Today, Sunday, the Federation of Iraqi Chambers of Commerce announced that it had reached an agreement with the UAE and Saudi Arabia to form business councils, while noting that Saudi Arabia and the UAE have allocated $6 billion to support its operations in Iraq.

The head of the union, Abd al-Razzaq al-Zuhairi, said in an interview with the Iraqi News Agency, followed by "Al-Iqtisad News", that "Iraq must keep pace with the world and form the global trade process, taking into account the standards of the World Bank, and have complete automation in the process of entry and exit of goods," stressing " There should be a complete program in customs and ports.

He added, "The first step began with registering data for merchants and registering companies, and this is a great support that we got from the Council of Ministers and the United Nations, and we have reached a good stage."

And he continued, "Now we have entered the (Swift) stage, meaning that the transfer of money in the world of trade, the importer and the exporter, is known, which will make Iraq one of the developed countries."

He pointed out that "the federation is among its tasks to establish business councils and conclude agreements, as we have reached with Saudi Arabia and the UAE to form business councils, to improve trade with the two countries," noting that "the desire is not only in trade, but in the establishment of investment projects."

He pointed out, "The location of Iraq is important, and it is the greatest (transit) region in the world, as the world is reduced to only 9 days from Asia to Europe through the development project, so we are in a positive stage."  Views 9   07/02/2023 https://economy-news.net/content.php?id=34964

Al-Hakim And The Former Prime Minister Confirm: Iraq Is The First Beneficiary Of Zeroing Out The Region's Crises

Iraq   Sunday, July 2, 2023 Baghdad / National News Center 

The leader of the Wisdom Movement, Ammar al-Hakim, and the former Prime Minister, Adel Abdul-Mahdi, confirmed today, Sunday, that Iraq is the first beneficiary of zeroing out the region's crises.

Al-Hakim said in a statement received by the National News Center: “We met this morning, His Excellency the former Prime Minister, Adel Abdul-Mahdi, and we exchanged congratulations on the occasion of Eid Al-Adha.

He added, “We renewed our praise for the approval of the budget for three years, and we held officials and governors responsible for providing services and improving the municipal reality.”

He called for "perpetuating stability and turning it into a permanent one," adding, "stressing that" Iraq is the first beneficiary of zeroing out the region's crises.

Al-Hakim praised "the role of the successive Iraqi governments that paved the way for the rapprochement of the parties in the region, and the current government has strengthened it with practical steps."    https://nnciraq.com/214058/

Environment Sends An Urgent Appeal To The Ministry Of Resources Regarding The Marshes

Iraq   Sunday, July 2, 2023 Baghdad / National News Center  Today, Sunday, the Ministry of Environment sent an appeal to the Ministry of Water Resources to increase releases to the marshes.


In a statement received by the National News Center, the ministry stated, "We address our appeal to the Ministry of Water Resources to increase water releases from the marshes, especially the Hawizeh marshes in Maysan."
She added, "This marsh is suffering from an environmental disaster due to drought."    https://nnciraq.com/214088/

Dollar Prices In Baghdad Stabilize With The Closure

Market  Economy News _ Baghdad  Dollar prices stabilized today, Sunday, in the Baghdad markets, with the closure.

The price of the dollar recorded stability with the closure of the Al-Kifah and Al-Harithiya stock exchanges, to record 147,300 dollars against 100 dollars, which are the same prices that were recorded this morning.

The buying and selling prices in exchange shops in the local markets in Baghdad have stabilized, as the selling price reached 148,500 Iraqi dinars, while the buying price reached 146,500 dinars for every 100 dollars.  Views 13  Added 07/02/2023     https://economy-news.net/content.php?id=34962

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Sunday 7-2-2023

TNT:

CandyKissses:  What is the estimated market value of Iraq's wealth?

Information / Baghdad.The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, on Saturday estimated the market value of Iraq's resources and their sequence at the level of the countries of the world.

Saleh said, in a statement to the official agency and seen by the information that "Iraq is one of the most important countries in the world, if not at the forefront of nations rich in natural resources or raw materials within the scope of the International Classification of Resources on Earth."

He added, "Iraq is in the (ninth) sequence among the priority of the countries of the world who possess natural diversity and economic quantities in the capacity of raw material reservoirs that can be manufactured, exported or national industrial use."

Saleh continued: "The circles estimate that the market value of these raw resources in our country may exceed $15 trillion in current value, compared to about $45 trillion for the United States of America, which is (second) globally, and $75." trillion for the Russian Federation, which is (first) globally. 

CandyKisses:  Iraq achieves $7 billion from oil sales in June

Information / Baghdad.The Ministry of Oil announced, on Saturday, the total exports and revenues achieved for the month of June.

According to a statement of the ministry received by the agency / information / that "according to the preliminary statistics issued by the Iraqi Oil Marketing Company SOMO) the total amount of exports of crude oil (100) million (59) thousand and (52) barrels, revenues amounted to (7.115) billion dollars.

"The statistics indicated that "the total quantities exported of crude oil for the month of June from the oil fields in central and southern Iraq amounted to (98) million and (725) thousand and (620) barrels."

She pointed out that "the quantities exported to Jordan amounted to (299) thousand and (445) barrels, while the exports of Qayyarah were (1) million and (33) thousand and (987) barrels, while the average daily quantities exported reached (3) million and (335) thousand barrels per day.She indicated that "the average price per barrel amounted to (71.11) dollars." 

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Tishwash:  After the oil agreement, an expert details a "conditional" mechanism to unify the fuel price between the center and the Region

Gasoline in Kurdistan is 3 times that in Baghdad

An expert in the oil field, Bahjat Ahmed, stressed the need for fuel prices in the Kurdistan region to be identical to their counterparts in other Iraqi provinces. A proposal to send a Kurdish delegation to the capital after the tripartite annual budget was approved.

In his interview with (Baghdad Today), the oil expert confirms that Baghdad is obligated to send oil derivatives to the region after the recent agreement on Kurdistan's share and the commitment of the regional government to hand over its oil. 

According to Ahmed, after "reaching an agreement between the two parties, fuel prices in the region should be similar to what they are in Baghdad and other provinces, with the price of one liter of gasoline being 450 dinars."

He notes that "the federal government has stopped sending oil products to Kurdistan since 2015, after budget disputes between the two parties." 

More than a year ago, the region witnessed a qualitative boom, with fuel prices doubling, which led to an increase in internal transportation fares, as the price of one liter of regular gasoline reached 850 dinars, and the improved one to 1,000 Iraqi dinars.

As a result, waves of anger formed, calling on the Kurdistan government to reduce prices, but the latter has not responded yet.  link

Mot:  .. Have a Happy!!!! 4th weekend

Mot:  . Sharing Yet Another Awesome ""Tip"" from Mot of Course!!! 

Sunday Afternoon Iraq Economic News Highlights 7-2-23

Sunday Afternoon Iraq Economic News Highlights 7-2-23

Al-Aqili: The Oil And Gas Law Is The Country's Safety Valve

Information/exclusive..   Sabah al-Ugaili, a political analyst, considered, on Sunday, that approving the oil and gas law will be Iraq's safety valve in the next stage, while stressing that passing the law will work to end all crises that occur regarding the export of Kurdistan's oil.

Al-Aqili said in an interview with the information agency, "The approval of the law will redraw the road map for the distribution of wealth among all components," noting that "there is a preliminary agreement between the political blocs on the need to pass the oil and gas law in conjunction with the approval of the general budget law.”

And he went on: "Parliament will work to create an atmosphere that precedes the agreement of the political forces to approve the oil and gas law," noting that "passing the law will work to end all crises that occur regarding the export of oil. "

Regarding the importance of passing the law under the dome of parliament, Al-Aqili explains: "Voting on the oil and gas law will be the country's safety valve during the next stage," pointing out that "it will lead to work on removing many Obstacles facing the work of governments or the movement of their formation.

A member of the Parliamentary Oil and Gas Committee, Intisar Al-Jazaery, confirmed in an interview with Al-Maalouma Agency, that "the Parliamentary Oil and Gas Committee is determined to approve the region's oil law immediately after the legislative recess of Parliament, adding that the Kurdish parties, after passing many paragraphs, have surrendered to the fait accompli.” On the extraction and export of oil.    LINK

Oil And Gas Committee Of The Iraqi Parliament: We Are Waiting For The Government's Draft

A meeting of the Iraqi Parliament's Oil, Gas and Natural Resources Committee in May

Rudaw Digital   A member of the Iraqi parliament's oil and gas committee says the government has not yet completed the draft law on oil and gas, is expected to complete the draft soon and send it to parliament for approval; "We expect this to be done within the next two months. The law will have an impact on the regulation of the sector, the national wealth and increased revenue.

"The Iraqi government is currently preparing the draft oil and gas law through several committees," Ali Jorani, a member of the Iraqi parliament's oil and gas committee, told Rudaw on Sunday In coordination with the Kurdistan Regional Government, they want to have a law that defines the powers and duties of the provinces and regions and protect the national wealth in a way that will increase revenue.”

"The Iraqi government has not yet set a date for sending the draft, but after sending it will be one of the drafts that must be voted on as soon as possible, because it concerns the entire Iraqi people "Gas should be managed, especially now that investors are coming into Iraq.  

The oil and gas bill has been sent to parliament three times since 2007, but disagreements between political parties have prevented its passage. In addition to the 2007 draft, two oil and gas bills were prepared by the Iraqi Council of Ministers in 2008 and and the Kurdistan Regional Government on them, were not approved by the parliament.  

"The work of the committees of the Iraqi government and the Kurdistan Region continues to find a common structure; the important thing is to protect this wealth and make it a source of happiness for all Iraqi people," Zainab Mousavi, a member of the committee, told Rudaw.

"According to our information, some of the draft has been completed, but those that have been completed are the main points; there is more left and we are waiting for it to be completed," Mousavi said.  

The Kurdistan Region has problems with Iraq over the oil and gas issue, but through negotiations, the establishment of subcommittees and several meetings between the two sides, there is now a more favorable environment between the Iraqi federal government and the Kurdistan Regional Government to draft the draft.

On February 15, 2022, the Iraqi Federal Supreme Court ruled that the Kurdistan Region's oil and gas law, passed in 2007 by the Kurdistan Regional Government (KRG) parliament, was "unconstitutional", in addition to forcing the Kurdistan Region to hand over oil production.

https://www.rudaw.net/sorani/business/020720231

The Kurdistan Democratic Party Clarifies Its Position Approving The Oil And Gas Law

Information/Baghdad..   The leader of the Kurdistan Democratic Party, Representative Mahma Khalil, confirmed, on Saturday, that there is a political will to pass the oil and gas law during the current parliamentary session.

Follow the information channel on Telegram.. news that does not need documentation..

Khalil said in a statement to Al-Maalouma, that "the multiple meetings between the federal government and the leaders of the Kurdish parties at the highest levels, in addition to the technical delegations that were held dozens of times, led to the existence of a political will to solve the issue of legislation of the oil and gas law.”

He added, "All the forces of the state coalition are unanimous in approving the oil and gas law and speeding up its legislation during the current parliamentary session, with the aim of ending the problems between the central government and the regional government."

He pointed out that "the issue of oil and gas will be in the next stage on the agenda of the House of Representatives, and everyone is excited to end this file in the next stage."

Despite the economic importance of the Iraqi Oil and Gas Law, which has been awaiting legislation in Parliament since 2005, which stipulates that the responsibility for managing the country's oil fields should be entrusted to a national oil company, supervised by Baghdad, the dispute over the issue of managing the fields of the Kurdistan region Iraq's oil industry prevented voting on it for many years. LINK

Oil And Gas Parliament Confirms Its Support For Increasing Iraqi Crude Production

On Sunday, the Parliamentary Oil and Gas Committee affirmed its support for the government's efforts to increase oil production to more than 5 million barrels per day.

Member of the committee, Representative Zainab Jumaa Al-Moussawi, said in a statement to the official agency, “The committee supports the government’s directions to increase oil and gas reserves and increase national production of crude oil and gas, as well as treating gas associated with oil operations and converting it into useful productive wealth and energy that covers local needs, especially electric power stations and industry.”

Petrochemicals, fertilizers and others by inviting discreet foreign companies in addition to exporting the surplus to global markets to achieve financial revenues that provide the state treasury in support of the national economy, sustainable development and the provision of new job opportunities.

She added, "The Parliamentary Oil, Gas and Natural Resources Committee stresses the need to provide a suitable environment for investment by providing protection and facilities for investment companies and providing geographical areas for investment," stressing the necessity of "not neglecting the fields managed by national companies to create competition with international companies, and increase the net profits achieved from national companies.

She pointed out that "Iraqi oil is one of the most important oils imported by foreign countries, headed by India, China and South Korea, where the total of these countries have acquired about 54% of Iraqi oil since the beginning of this year, in addition to the countries of Singapore, the Netherlands, Turkey, Greece, Egypt, the United States, Italy and France." ", Indicating that "Iraq achieves billions of dollars from the sale of oil, which contributes to building the country's general budget, in both its investment and operational parts."

And she stressed, "Parliament supports government efforts to increase oil production rates to more than 5 million barrels per day."    https://www.dijlah.tv/index.php?page=article&id=330953

Disclosure Of The Date Of Approval Of The Oil And Gas Law

Information/Exclusive..  Member of the Parliamentary Oil and Gas Committee, Intisar Al-Jazaery revealed, on Sunday, the date for approving the oil and gas law that regulates the export of natural resources, while confirming that the Kurdish parties, after passing many paragraphs, have surrendered to the fait accompli regarding the extraction and export of oil.

Al-Jazaery said in an interview with Al-Maalouma agency, "The Parliamentary Oil and Gas Committee is determined to approve the region's oil law immediately after the parliament's legislative recess," noting that "Iraq is exposed to great losses as a result of the continued disruption of Kurdistan's oil exports."

And she continued, "The adoption of the law will regulate the mechanism for exporting Kurdistan's oil through the National Oil Company (SOMO)," pointing out that "the Kurdish parties, after passing many paragraphs, have surrendered to the fait accompli regarding the extraction and export of oil.”

And she added, "The government and the relevant authorities have not yet determined the port through which oil exports will resume, is it the Ceyhan port, or the change to one of the other outlets."

Member of the House of Representatives, Zahra Al-Bajari, had revealed, in an interview with Al-Maaloumah Agency, that the Kurdistan region continued to smuggle oil abroad in several alternative ways than it was in previous years, while confirming that wherever the money is was found, there were files of corruption in the departments that supported oil smuggling. LINK

After The Oil Agreement, An Expert Details A "Conditional" Mechanism To Unify The Fuel Price Between The Center And The Region

Economy  |Baghdad today - Baghdad   An expert in the oil field, Bahjat Ahmed, stressed the need for fuel prices in the Kurdistan region to be identical to their counterparts in other Iraqi provinces. A proposal to send a Kurdish delegation to the capital after the tripartite annual budget was approved.

In his interview with (Baghdad Today), the oil expert confirms that Baghdad is obligated to send oil derivatives to the region after the recent agreement on Kurdistan's share and the commitment of the regional government to hand over its oil.

According to Ahmed, after "reaching an agreement between the two parties, fuel prices in the region should be similar to what they are in Baghdad and other provinces, with the price of one liter of gasoline being 450 dinars."

He notes that "the federal government has stopped sending oil products to Kurdistan since 2015, after budget disputes between the two parties."

More than a year ago, the region witnessed a qualitative boom, with fuel prices doubling, which led to a rise in internal transportation fares, as the price of one liter of regular gasoline reached 850 dinars, and the improved one to 1,000 Iraqi dinars.

As a result, waves of anger formed, calling on the Kurdistan government to reduce prices, but the latter has not responded yet. LINK

Parliamentary Committee: Government Plans To Increase Oil Production To More Than 5 Million Barrels Per Day

Baghdad - Conscious - Nassar Al-Hajj   Today, Sunday, the Parliamentary Oil and Gas Committee identified the countries that import the most Iraqi oil, while indicating that the government has drawn up plans to increase oil production to more than 5 million barrels per day.

Member of the committee, Representative Zainab Juma Al-Moussawi, told the Iraqi News Agency (INA): "The committee supports the government's directions to increase oil and gas reserves and increase national production of crude oil and gas, as well as treating gas associated with oil operations and converting it into useful productive wealth and energy that covers the local need, especially power stations."

Electricity, petrochemical industry, fertilizers and others by inviting discreet foreign companies in addition to exporting the surplus to global markets to achieve financial revenues that provide the state treasury in support of the national economy, sustainable development and the provision of new job opportunities.

She added, "The Parliamentary Oil, Gas and Natural Resources Committee stresses the need to provide a suitable environment for investment by providing protection and facilities for investment companies and providing geographical areas for investment," stressing the necessity of "not neglecting the fields managed by national companies to create competition with international companies, and increase the net profits generated from national companies.

She pointed out, "Iraqi oil is one of the most important oils imported by foreign countries, headed by India, China and South Korea, where the total of these countries have acquired about 54% of Iraqi oil since the beginning of this year, in addition to the countries of Singapore, the Netherlands, Turkey, Greece, Egypt, the United States, Italy and France."

Indicating that "Iraq achieves billions of dollars from the sale of oil, which contributes to building the country's general budget, in both its investment and operational parts."

And she stressed, "Parliament supports government efforts to increase oil production rates to more than 5 million barrels per day."   https://www.ina.iq/188582--5-.html

Goldilocks Sunday Afternoon Post - 7/02/2023

Good morning Dinar Recaps,

Goldilocks posted comments and links to global financial news:

China is the country with the largest population on Earth.

It is also the fastest growing aging population.

The Chinese digital Yuan settlement mechanisms are currently being placed on to their social security payment functions.

This will not only save them a lot of money, but it is going to enhance the spread of the Yuan even further.

This adoption of digital currency will no doubt increase the acceptance of digital money around the world. It will serve as an opportunity for other countries to do the same with their own digital money.

© Goldilocks

https://www.kitco.com/news/2023-06-30/China-to-add-digital-yuan-payment-functions-to-social-security-cards.html

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SEC SOURCES CONFIRM GARY GENSLER RESIGNATION

https://www.thecryptoalert.com/post/sec-sources-confirm-gary-gensler-resignation

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We have moved from not being able to revalue in the old financial system to being able to revalue in the new one. 

Let's follow the steps that will take us there. Old terminology no longer applies. 

We live in a digital world going forward inside the markets and banking system. 

© Goldilocks

~~~~~~~~~~

The Stellar Network has been out shining Ripple as of late. The continued struggle of Ripple with the SEC has made the growth of Ripple difficult, but it will not always be this way.

In the meantime, people are turning to Stellar Lumens for growth potential especially with the Protocol 20 Upgrade coming into play.

This upgrade will affect the fee structure of transactions and make this system more efficient. One of Stellar's goals is to lead in the area of financial inclusion and smart contract development across all sectors of the market.

Upon its completion, we will have a fully tokenized monetary system instead of just parts of the system being integrated into the markets individually.

This upgrade is so important to the overall enhancement of the new digital markets that one cannot overlook the impact it will have on every sector of the market. This includes the foreign currency exchange markets.

© Goldilocks

https://u.today/stellar-xlm-outshines-xrp-here-is-likely-reason

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The future monetary system is already here | Kuensel Online
https://kuenselonline.com/the-future-monetary-system-is-already-here/

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De-dollarization Trend Accelerates as Argentina Makes IMF Payment Using Yuan
https://sputnikglobe.com/20230701/dedollarization-accelerates-as-argentina-makes-imf-payment-using-yuan-1111605999.html

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

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https://t.me/+YU9UrHLxFbszOTJh

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Thank you Dinar Recaps

Iraqi News Highlights Saturday Evening 7-1-23

Iraqi News Highlights Saturday Evening 7-1-23

Tlm724 Administrator Bondlady’s Corner

Across Two Directions.. Al-Baldawi Outlines Ways To Achieve Economic Sovereignty For Iraq

Saturday 01 July 2023 08:35 | Economical Number of readings: 642  Baghdad / NINA / - Today, Friday, the spokesman for the Sadiqoon Bloc, Deputy Chairman of the Parliamentary Planning Committee, Muhammad Al-Baldawi, identified two directions to achieve economic sovereignty.

Al-Baldawi stated, according to the bloc’s website, that “Iraq is one of the richest countries, with its economic potential and natural resources, which the foreign occupation has exploited and seized.”

He added, "Everyone knows that America uses economic and financial means, starting with the dollar and ending with oil sales, in the process of pressure and blackmailing countries and putting them under the control of the American will."

Al-Baldawi explained that: "If we come to Iraq and how to have economic sovereignty and control, this goes in two directions. The first is to invest the capabilities and capabilities available through national companies capable of managing these wealth and establishing gas and oil factories and projects, manufacturing industries and minerals from phosphate and sulfur." And other minerals and agriculture as well, and invest them properly.”

And he indicated that “the other direction is to open the doors of relations with other countries, and everyone aspires to be a partner for Iraq, but the American malicious hands are blocking all these projects, including the Chinese agreement, which all the Arabs went towards, while Iraq is He was the only one during the time of Adel Abdul Mahdi's government.

And he continued, “We are also talking about energy sources, and we have the possibility to invest in solar energy, and this can be opened with Europe, which has capabilities in this field,” adding, “We also have human wealth and mental capabilities that can be used properly, which will make Iraq at the forefront of the world’s countries in managing the economy and resources and managing the region.” Also.”/ End 9  https://ninanews.com/Website/News/Details?key=1062412

Advisor To The Prime Minister: The Market Value Of Iraq's Raw Wealth Exceeds $15 Trillion

Political  | 02:55 - 01/07/2023   Baghdad - Mawazine News  Today, Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified a theory to maximize Iraq's revenues through its natural resources, and while he confirmed that Iraq ranks ninth in the world with its resources, he indicated that the market value of Iraq's raw wealth exceeds 15 trillion dollars.

Saleh said, in an interview with the official agency: “Iraq is one of the most important countries in the world, if not at the forefront of nations rich in natural resources or raw materials within the scope of the international classification of resources on the globe, as Iraq takes the (ninth) sequence among the priority of countries in the world that possess Natural diversity and economic quantities in the capacity of raw materials reservoirs capable of manufacturing and export or national industrial use.

He added: "As the circles estimate that the market value of those raw wealth in our country may exceed 15 trillion dollars at the current value, compared to about 45 trillion dollars for the United States of America, which is (the second) globally, and 75 trillion dollars for the Russian Federation, which is (the first) globally."

And he continued: “And when taking into account the historical experience in development, which is represented today by the development of an important international group of economies called (raw or basic material countries), which relied in their economic development and development on the manufacture and export of natural resources, Canada, Australia and New Zealand come at the forefront today, The thesis (raw or basic materials) comes in economic development, and it is one of the theories of export-led growth.

He pointed out that "the theory of export-led growth has its origins in research in social, political and economic history that was conducted specifically in Canadian universities by researchers of what were known as political economy departments, and among these groups of researchers was the economist Harold Ennis, Mackintosh and others, among the most prominent." researchers who took this approach.

And he added, "Therefore, we find that our country carries a unique model of economic development that puts it in the ranks of developed nations, and development can proceed strongly from the theory of manufacturing raw or natural materials in our country and exporting it to lead development," pointing out that "the natural resources that the economic model may work on Al-Iraqi for Development is represented by manufacturing raw exports with dozens of exploitable natural resources, provided that manufacturing chains with high technologies are capable of generating internal manufacturing linkages, which is called (value-added chains generated from links or backlinks of inputs and outputs) within the national factory. Iraq, through which the process of manufacturing and manufacturing is maximized, and the added value flourishes before being exported as products, which serve as production inputs to world markets.

He stressed "the importance of Derayah's reflection on the prosperity of economic development and the growth rates required to be achieved, in light of the degree of development of material capital accumulation and its high value, or in terms of the growth of the gross domestic product of our country."   https://www.mawazin.net/Details.aspx?jimare=230423

Iraq's Oil Imports To America Rose To Double During The Past Week

Energy  Economy News _ Baghdad  The US Energy Information Administration announced today, Saturday, that Iraq's oil imports have doubled over the past week.

The administration said in a table seen by "Al-Iqtisad News", that "the average US imports of crude oil during the past week from nine major countries amounted to 5.709 million barrels per day, up by 137 thousand barrels per day from the previous week, which amounted to 5.572 million barrels per day."

She added, "Iraq's oil exports to America amounted to an average of 216 thousand barrels per day last week, up by 114 thousand barrels as a daily rate from the previous week, in which oil exports to America reached an average of 102 thousand barrels per day."

She pointed out that "most of America's oil revenues during the past week came from Canada at a rate of 3.776 million barrels per day, followed by Mexico at an average of 758 thousand barrels per day, and oil revenues from Saudi Arabia amounted to an average of 460 thousand barrels per day, and then Colombia at a rate of 222 thousand barrels per day."

According to the administration, "the amount of US imports of crude oil from Nigeria amounted to an average of 96,000 barrels per day, from Brazil at a rate of 71,000 barrels per day, from Ecuador at a rate of 67,000 barrels per day, and from Libya at a rate of 43,000 barrels per day, while it did not import any amount of oil." Russia".   Views 35  07/01/2023 https://economy-news.net/content.php?id=34958

The Secretary-General Of The United Nations Condemns The Burning Of The Holy Quran And Prepares To Respond To Mr. Sistani's Message

political | 01/07/2023  Baghdad - Mawazine News  Today, Saturday, the Secretary-General of the United Nations, Antonio Guterres, announced that he had received the message of the supreme religious authority, Sayyid Ali Al-Husseini Al-Sistani, regarding the burning of the Noble Qur’an in Sweden.

The Foreign Ministry spokesman, Ahmed Al-Sahhaf, said in a statement, a copy of which Mawazine News received, that “Deputy Prime Minister and Foreign Minister Fuad Hussein received, on Friday evening, 6/30/2023, a phone call from the Secretary-General of the United Nations, Antonio Guterres, During the call, they discussed the abuse that the Holy Qur’an was subjected to by an Iraqi person residing in the Kingdom of Sweden, on Wednesday corresponding to 6/28/2023.

Al-Sahhaf added, "Fouad Hussein gave an explanation in which he stated that these actions raise and develop multiple problems between the countries of the Islamic world and European societies, in which these events and situations take place, and these actions in turn feed the phenomenon of Islamophobia and extremist and terrorist ideas and sow hatred and violence in all countries of the world." .

The Minister of Foreign Affairs stressed "the need to work internationally to combat these ideas that lead to insulting the sanctities and their symbols and burning the heavenly books, including the Holy Qur'an."

For his part, the Secretary-General of the United Nations, Antonio Guterres, confirmed that he "followed this event, as well as the reactions in Iraq and the Islamic world," expressing his "condemnation and condemnation of this heinous act."

Guterres stressed, "the need to work to confront the phenomenon of Islamophobia," adding: "I received the message of the supreme authority, Sayyid Ali al-Sistani, and I highly appreciate his efforts, and I will prepare a response message in this regard."

And the statement continued: "In conclusion, Fuad Hussein thanked the Secretary-General of the United Nations for his position, which was expressed by the Assistant Secretary-General for the Affairs of Ancient Civilizations in the statement he issued, and his great interest in the message of Sayyid Ali al-Sistani, stressing that everyone is working and striving to achieve security and peace." Peaceful coexistence and combating extremist ideas.  https://www.mawazin.net/Details.aspx?jimare=230407

Ministry Of Oil: Last Month's Revenues Amounted To More Than $7 Billion

Economy | 01/07/2023  Baghdad - Mawazine News  The Ministry of Oil announced, today, Saturday, the total exports and revenues achieved for the month of June.

The ministry stated in a statement, received by Mawazine News, that "according to preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO), the total amount of exports of crude oil reached (100) million (59) thousand and (52) barrels, with revenues amounting to 7 billion. And $115 million.

The statistics indicated that "the total quantities exported of crude oil for the month of June from the oil fields in central and southern Iraq amounted to (98) million (725) thousand and (620) barrels, while the quantities exported to Jordan amounted to (299) thousand and (445). ) barrels, while exports from Qayyarah were (1) million and (33) thousand and (987) barrels, while the average daily quantities exported amounted to (3) million and (335) thousand barrels per day.

It showed that "the average price of one barrel amounted to (71.11) dollars."

It is noteworthy that the ministry, through its belief in informing the people of export operations and the revenues generated from them, has taken this monthly procedure.

https://www.mawazin.net/Details.aspx?jimare=230425

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

https://www.bondladyscorner.com/

Billions of US dollars from RoK expected to head to Vietnam

TNT:

Harambe:  Billions of US dollars from RoK expected to head to Vietnam | Vietnam+ (7/1/23)

Investment from the Republic of Korea (RoK) in Vietnam is expected to accelerate in the near future, including many large-scale projects worth up to billions of US dollars as a series of memorandums of understanding (MoUs) on cooperation between the two countries' ministries, sectors, and businesses was signed at the Vietnam - RoK Business Forum that took place last weekend within the framerwork of the state visit to Vietnam by the RoK’s President Yoon Suk Yeo.

Up to 205 Korean businesses including major corporations like Samsung, LG, SK, Hyundai Motor, and Lotte, accompanied President Yoon during the Vietnam visit.

Speaking at the forum, Director of the Foreign Investment Department under the Ministry of Planning and Investment Do Nhat Hoang highlighted that the RoK's investment in Vietnam has seen breakthroughs in the past six or seven years. RoK is now the largest foreign investor in Vietnam, with a total registered capital of 82 billion USD.

Although in the first five months of this year, RoK’s investment in Vietnam slowed down due to the general trend of global investment flows, a bright future is ahead, Hoang said, adding that the agency has received dozens of investment project proposals with some worth hundreds of millions of US dollars or even billions of US dollars.

Large corporations are still looking to Vietnam and consider the country the number one investment destination, said Hoang.

Chairman of the Hyosung Group Cho Hyun Joo said his firm considered Vietnam a strategic market. Hyosung has developed production facilities in many localities throughout the country, such as Ho Chi Minh City, Dong Nai, and Ba Ria-Vung Tau provinces.

He told baodautu.vn that Hyosung would not only want to expand the scale but also to turn the country into a sustainable investment destination for the group.

Another Korean firm, Doosan Group, said it was looking to expand eco-friendly energy investment in Vietnam as one of the future strategies that it is aiming at the potential clean energy market in the Southeast Asian country.

The Doosan Enerbility company had signed agreements with three companies operating thermal power plants in Vietnam to promote an environmentally friendly fuel conversion project.

The RoK’s firm and the Nghi Son 2 Power Limited Liability Company have signed a memorandum of understanding (MoU) on energy collaboration to research the application of carbon reduction solutions in electricity production, coal consumption, and greenhouse gas emissions.

LG Group Chairman Koo Kwang Mo affirmed that LG chooses Vietnam as its production base. LG currently invests 7.5 billion USD in the country and is planning to invest another 5 billion USD shortly.

Similarly, the SK Group is planning to add 1.3 billion USD for investment in the renewable energy sector.

Meanwhile, at a recent meeting with Minister of Planning and Investment Nguyen Chi Dung, Chairman of the CJ Group Kyung Shik Sohn said that CJ has invested about 1 billion USD in a series of companies in Vietnam and it plans to build a logistics centre, expand to other areas such as veterinary medicine, biotechnology, and join renewable energy-using projects.

In his speech at the Vietnam-RoK Business Forum, Prime Minister Pham Minh Chinh said Vietnam is giving priority to three strategic breakthroughs regarding institutional reforms, infrastructure, and human resources.

The country is also stepping up economic restructuring, industrialisation, and modernisation based on sci-tech and innovation, including sustainable growth drivers such as the digital economy, digital transformation, green growth, and circular economy in line with the country’s green growth strategy.

In such a process, Vietnam welcomes foreign investors, especially those from the RoK, particularly in innovation, digital transformation, biotechnology, electronics, semiconductors, clean energy, green economy, smart city development, and hi-tech agriculture, he stressed.

He wished for their further investment in the cultural and entertainment industries.

For his part, RoK’s President Yoon Suk Yeo urged Korean businesses to invest in Vietnam. He called Vietnam "the centre of the restructuring of the global supply chain".

The investment market in Vietnam has therefore been upgraded.

A new opportunity is opening up for RoK, more than any other country, which has a close connection with Vietnam, President Yoon said, adding that the solution for the current crisis can be found in Vietnam.

https://en.vietnamplus.vn/billions-of-us-dollars-from-rok-expected-to-head-to-vietnam/255571.vnp

Awake-In-3D FedNow Unleashed: A Sinister Creation in the Shadows of Our Financial Freedom

Awake-In-3D

FedNow Unleashed: A Sinister Creation in the Shadows of Our Financial Freedom

On  July 1, 2023  By  Awake-In-3D

The more I research FedNow the deeper my concerns become regarding the Federal Reserve’s latest creation. FedNow, the real-time payment system to be released later this month, may appear to be a technological marvel, but beneath its shiny exterior lies a sinister truth. We should question everything we think we know about financial privacy, individual liberties, and the potential dangers of a programmable financial system. Allow me to expose the alarming truth behind FedNow’s looming presence.

Key Topics in this Article

• FedNow: A revolution in constant real-time financial transactions

• Concerns about financial privacy and oversight

• QR codes as allies for rapid payment systems and CBDCs

• FedNow as a programmable financial system

• Safeguarding personal financial freedom in the face of FedNow

FedNow: A Pandora’s Box of Control

In a world where personal financial freedom is already under threat, a new player is emerging on the scene, ready to take control of our monetary exchanges. It goes by the name of FedNow, a real-time payment system developed by the U.S Federal Reserve. While some may see it as a revolutionary approach to banking, others are sounding the alarm bells, warning of its potential dangers. In this article, I delve into the depths of FedNow and uncover the truth behind its true intentions. It may leave you questioning the very foundations of your future financial privacy and individual liberties.

FedNow is not just another payment mechanism; it is a game-changer. The vision painted by its creators is one of constant real-time transfers, where money moves seamlessly between accounts in a matter of seconds. The implications of such a system are staggering, but what lies beneath the surface? It is no secret that the Federal Reserve has been working on FedNow since 2013, and the more I dig, the more I uncover a web of control and surveillance.

Transaction-level reporting, a feature made possible by FedNow, raises serious concerns about financial privacy. As the system tracks every transaction with meticulous precision, one can’t help but wonder: are we sacrificing our privacy for the sake of convenience? The absence of clear guidelines regarding privacy protection in FedNow only adds to the growing unease. Could it be that the Federal Reserve has a hidden agenda, one that involves complete oversight of our banking transactions? The line between conspiracy theory and chilling reality becomes increasingly blurred.

QR Codes: A Trojan Horse for Control

Enter the world of QR codes, the seemingly innocent symbols that have permeated our daily lives. Little do we know that these codes are the key to unlocking a future of swift transactions and, more importantly, the gateway to Central Bank Digital Currencies (CBDCs).

QR codes have become the perfect allies for financial moguls, offering a seamless solution for rapid payment systems. But their compatibility with CBDCs is what truly sets them apart. As we move towards a digital currency era, QR codes emerge as the Trojan Horse, facilitating the transition and making control easier than ever before.

The Rise of a Programmable Financial System

FedNow is not just about payments; it is about redefining the very nature of our monetary exchanges. With the power to program and control transactions, the Federal Reserve holds the keys to our financial future. The intricate details of this system must be understood to safeguard our financial transactions and protect ourselves from becoming pawns in a larger game.

Conclusion: Safeguarding Our Liberties

In a world where personal freedom is already under siege, the emergence of FedNow raises significant concerns. The potential loss of financial privacy and the consolidation of power in the hands of the Federal Reserve are dangers that cannot be ignored. As individuals, it is our responsibility to stay informed and aware of the forces that seek to control us. The road ahead may be paved with uncertainty, but by understanding the implications of FedNow, we can navigate the treacherous waters and preserve our personal financial freedom.

• Awake-In-3D Website: Ai3D GCR RealTimeNews

• I’m on Telegram: GCR_RealTimeNews

• I’m on Twitter: @Real_AwakeIn3D

https://ai3d.blog/fednow-unleashed-a-sinister-creation-in-the-shadows-of-our-financial-freedom/

MilitiaMan and Crew: "Iraq Dinar-Iraq Valuation $13 Trillion" 7-1-2023

Iraq Dinar - Iraq Valuation $13 Trillion

MilitiaMan and Crew:  7-1-2023

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

Today is the first day of July and  there are changes in our financial systems around the world.

SOFR (Secure overnight financing rate)  is taking over as early as today. 

Please listen to the entire video for all his news and information.

https://www.youtube.com/watch?v=eCTptGRnmY8

What Is the Secured Overnight Financing Rate (SOFR)?

The Secured Overnight Financing Rate (SOFR) is a benchmark interest rate for dollar-denominated derivatives and loans that replaced the London Interbank Offered Rate (LIBOR).

SOFR took the place of LIBOR in June 2023, offering fewer opportunities for market manipulation and current rates rather than forward-looking rates and terms.

https://www.investopedia.com/secured-overnight-financing-rate-sofr-4683954