Iraqi News Highlights Tuesday Afternoon 7-4-23

Iraqi News Highlights Tuesday Afternoon 7-4-23

Tlm724 Administrator Bondlady’s Corner

Al-Nusairi: Iraq's Accession To The World Trade Organization Contributes To The Development Of The Financial And Banking System

Money  And Business  Economy News _ Baghdad  Samir Al-Nusairi, Advisor To The Association Of Iraqi Private Banks, Confirmed During His Participation In The Workshop On The Strategy Of Joining The World Trade Organization, Which Was Set Up By The Association In Partnership And Cooperation With The Ministry Of Trade And Trade Unions, Federations And Private Sector Organizations.

Al-Nusairi Said That One Of The Most Important Returns And Benefits Achieved By The Financial And Banking System In Iraq From Iraq's Accession As A Full Member Of The World Trade Organization Is Regularity In The Global Financial System In Accordance With The Criteria For Liberalizing Financial Services, Entering The Circle Of Financial Globalization And Exchanging Experiences With Member States In The Field Of Electronic Technologies. Modern Banking, Financing And Development Of Micro, Small And Medium Enterprises.

Al-Nusairi Referred To The New Transitional Phase For The Banking Sector, In Accordance With The Government's Approach. In Particular, Paragraph 7 Of Article 12, Which Emphasizes The Empowerment, Development And Reform Of Banks In Order To Contribute To Investment And Development In Accordance With The Plans And Adoptions Of The Central Bank, Which It Works To Include In Its Next Strategy,

 Which Adopts A National Strategy For Lending, The Establishment Of A Riyada Bank For Social Development, Support For Young Entrepreneurs And Low-Income Segments, The Establishment Of A Financial And Business Center And The Establishment Of Loan Guarantee Company, Control Of The Safety Of Foreign Trade, Access To Foreign Transfers In Foreign Currency To The Real Beneficiary, And Compliance With The Standards Of The Global Financial System.

Views 74   07/04/2023   Https://Economy-News.Net/Content.Php?Id=34994

Iraq Submits An Appeal To Security Council Resolution No. 833

Iraq Tuesday, July 4, 2023 2:16 Pm  Baghdad / National News Center  Today, Monday, The Head Of The Parliamentary Rights Bloc, Saud Al-Saadi, Revealed That Iraq Is Going To Challenge Un Security Council Resolution No. 833, Which Deprives Iraq Of Its Sea View And Its Right To Khor Abdullah.

Al-Saadi Said In A Statement Received By The National News Center: “After Continuous Efforts And Repeated Parliamentary Addresses By Us, The Ministry Of Transport Recognized Damage To The Iraqi Maritime Borders And Depriving Iraq Of Its Maritime View And Historical Right In Khawr Abdullah.”

He Added, "To Demand The Transfer, The Ministry Of Foreign Affairs To Challenge Security Council Resolution No. 833 Of 1993, And We Will Have Efforts With The Iraqi And International Courts For The Purpose Of Restoring The Usurped Iraqi Rights."   Https://Nnciraq.Com/214449/

The Stability Of Oil Prices Amid Anticipation Of The Impact Of New Production Cuts

Tuesday 04, July 2023 08:53 | Economical Number Of Readings: 369

Baghdad / Nina / - Oil Prices Stabilized, At The Beginning Of Trading Today, Tuesday, As The Markets Were Affected By Difficulties In Terms Of Supplies Due To Planned Cuts In Next August, By The Two Largest Oil Exporters, Saudi Arabia And Russia, In The Face Of Economic Data That Indicated Weak Demand For Crude.

Brent Crude Futures Rose 22 Cents, Or 0.3%, To $74.87 A Barrel By 0033 Gmt.

Us West Texas Intermediate Crude Recorded $70.06 A Barrel, Up 27 Cents, Or 0.3%. Both Benchmarks Settled Down By 1% In The Previous Session.

And The Saudi Ministry Of Energy Had Announced The Extension Of The Voluntary Cut Of One Million Barrels Per Day To Include The Month Of August.

Russian Deputy Prime Minister Alexander Novak Said That Russia Will Also Reduce Its Oil Exports By 500,000 Barrels Per Day In August./ Https://Ninanews.Com/Website/News/Details?Key=1062874

The Stock Index In Iraq Ends Its Dealings With A Rise

Tuesday 04, July 2023  Economical Number Of Readings: 175  Baghdad / Nina / - The Iraq Stock Exchange Index Closed At The End Of Its Dealings, With An Increase Of 53.0%, To Reach The Level Of 665 Points.

The Market Said In Today's Report, "The Number Of Companies Whose Shares Were Traded During The Past Week Amounted To 34 Joint-Stock Companies, While The Shares Of 63 Companies Did Not Trade Because The Prices Of Purchase Orders Did Not Meet With The Sales Orders, While The Number Of Suspended Companies Reached 3 Companies For Not Providing Disclosure Out Of 102 Companies." Listed On The Market.

And That "The Number Of Shares Traded Amounted To 116 Million And 628 Thousand Shares, With A Financial Value Of 384 Million And 847 Dinars, Through The Implementation Of 431 Transactions."

He Pointed Out That "The Isx60 Traded Prices Index Closed At 665 Points, Registering An Increase Of 0.53% Over Its Closing In The Previous Session."

The Market Showed The Companies That Were More Profitable Are The Metal And Bicycles Company, With A Change Rate Of 12.50%, Followed By The Mosul Bank, With A Change Rate Of 10.53%, While The Most Losing Companies Were The Dates Marketing Company, With A Change Rate Of -6.25%, Followed By Meat Marketing By -5.28%.

It Is Noteworthy That The Iraq Stock Exchange Organizes Five Trading Sessions Per Week, From Sunday To Thursday, And Includes 102 Iraqi Joint Stock Companies Representing The Sectors Of Banking, Communications, Industry, Agriculture, Insurance, Financial Investment, Tourism And Hotels./

Https://Ninanews.Com/Website/News/Details?Key=1062973

Parliamentary Finance For / Nina /: Four New Laws That Will Be Presented In The Sessions Of The New Legislative Term

Tuesday 04 July 2023 17:15 | Political Number Of Readings: 96  Baghdad / Nina / - The Parliamentary Finance Committee Revealed A Package Of Laws That Will Be Presented In The Sessions Of The New Legislative Term.  "We Have A Package Of Many Legislations That Will Be Presented On The Agenda Of The Sessions Of The New Legislative Term, Including The Laws Of Civil Service, Statistics, Oil And Gas, As Well As The Final Accounts Of Previous Years," Said The Deputy Head Of The Committee, Ikhlas Al-Dulaimi, In A Statement To The National Iraqi News Agency ( Nina ).

And She Added, "We Have A Legislative Plan To Work On Auditing, Discussing, And Then Voting On The Final Accounts Of The Iraqi State From 2012 To 2022," Indicating That "Since 2012 Until Now We Have Approved The Federal General Budget Law, According To Speculations And Objections Only."/ End 5

Https://Ninanews.Com/Website/News/Details?Key=1062996

The High Exchange Rate Of The Dollar In The Iraqi Market

Economy | 11:41 - 04/07/2023  Baghdad - Mawazine News  The Exchange Rate Of The Dollar Rose, On Tuesday, In The Iraqi Markets.  The Selling Price Of $100 In Baghdad Was Recorded For 149,000 Dinars.

And The Purchase Price Was Recorded At 100 Dollars, Compared To 147 Thousand.

Https://Www.Mawazin.Net/Details.Aspx?Jimare=230600

A European Bank Confirms Its Desire To Work In Iraq And Contribute To Supporting The Private Sector And Renewable Energy

Economy | 02:48 - 04/07/2023   Baghdad - Mawazine News,  Foreign Minister Fuad Hussein Stressed, On Tuesday, The Importance Of Partnership With The European Bank To Support The Government's Plan To Diversify The Sources Of The National Economy, While The Bank Indicated Its Desire To Work In Iraq.

The Ministry Of Foreign Affairs Said In A Statement, Which Mawazine News Received A Copy Of, That "Deputy Prime Minister And Foreign Minister Fuad Hussein Met With The President Of The European Bank For Reconstruction And Development (Ebrd) Odile Rono-Basso, In The Presence Of Iraq's Ambassador To London, Muhammad Jaafar Al-Sadr, And The Head Of The Europe Department.

Ambassador Haider Al-Athari, And The Director General Of The Public Debt Department At The Ministry Of Finance, Ghufran Kazem, While The European Bank Was Represented By Kazuhiko Koguchi, Secretary General Of The European Bank For Reconstruction And Development, And Heikki Harmgart, Executive Director Of The Bank.

She Added, "The Meeting Witnessed Ways To Strengthen Bilateral Relations Between Iraq And The Bank, In A Way That Guarantees The Possibility Of Strengthening The Private Sector In Iraq And Digitizing The Banking System."

The Minister Stressed "The Importance Of Partnership With The European Bank To Support The Iraqi Government's Plan To Diversify The Sources Of The National Economy," Noting That "The Iraqi Government's Priorities Are Investment In Energy And Digital Transformation In The Financial Infrastructure."

For Her Part, Odile Affirmed "The Bank's Desire To Work In Iraq And Contribute To Supporting The Private Sector And Renewable Energy."    Https://Www.Mawazin.Net/Details.Aspx?Jimare=230618

To Read More Current And Reliable Iraqi News Please Visit Bondlady’s Corner:

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Tuesday Afternoon Iraq Economic News Highlights 7-4-23

Tuesday Afternoon Iraq Economic News Highlights 7-4-23

Demonstrations Of Money Changers Calling For The Stability Of The Dollar Price

POSTED ON2023-07-04 BY SOTALIRAQ    Dozens of owners of banking companies demonstrated in Baghdad, yesterday, Monday, in protest against the Central Bank of Iraq's policy of selling dollars in the daily auction.

Al-Mada correspondent stated that the owners of exchange companies gathered in front of the Central Bank building in the center of the capital, Baghdad, demanding the stability of the exchange rate of the dollar, and not limiting its sale to travelers, as this contributes to the smuggling of hard currency outside Iraq.  The demonstrators also called for the implementation of Law No. 56 of 2004, which gives the Central Bank exclusive power to supervise and inspect its financial institutions.

And the sales of the Central Bank of Iraq from foreign remittances in the auction on Monday amounted to more than 200 million dollars.

And the auction statistics stated, “The Central Bank sold yesterday, during its auction for buying and selling US dollars, 226 million, 912 thousand, and 662 dollars, which the bank covered at a basic exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar.” dollars in cash.

She added that most of the dollar sales went to boost balances abroad in the form of (remittances, credits) at a rate of 205 million, 672 thousand and 662 dollars, while the rest of 21 million and 240 thousand dollars went in the form of cash sales.

She pointed out that the banks that bought cash dollars amounted to 9 banks, while the number of banks that met requests to strengthen balances abroad reached 17 banks, while the total number of exchange and mediation companies participating in the auction was 36 companies.

And economist Nabil Al-Marsoumi asserts that the only solution to reduce the gap between the official dollar price and the parallel price in the market is international understandings about paying countries’ dues for imports of goods and merchandise in dollars and the large withdrawal on it in the currency auction, indicating that this rise came to settle the amounts of trade and import from neighboring countries.

Al-Marsoumi said, "The sales of the Central Bank of Iraq increased, especially during the past months of April and May, and restored their previous levels before launching the electronic platform."

And he reported, "The increase in sales confirms the Iraqi banks' compliance with the rules for working with the electronic platform established by the US Federal Bank, and therefore a large number of bank transfers have been successfully implemented."

He pointed out, "The large gap between the official selling price of the dollar and the parallel market, despite the Central Bank's measures, is caused by the use of cash dollars to settle trade with neighboring countries, especially Iran, as it is subject to US sanctions that prevent it from obtaining dollars directly."

Al-Marsoumi added, "Iraq imports goods and products from Iran amounting to $10 billion annually, and this prompts the need to find certain mechanisms to finance trade with Iran."

He called, "to find understandings between the Central Bank and the US Treasury to implement a mechanism that would enable Iraq to pay the Iranian side's dues for goods, such as choosing an alternative currency for the dollar."

Al-Marsoumi concluded, “The failure to find a settlement for this matter keeps the dollar prices fluctuating, no matter how much the Iraqi Central Bank sells dollars.”

The bank's daily sales, especially foreign remittances, to feed Iraq's imports," says economist Mohammed al-Hassani.

And Al-Hassani added, "These transfers need to be checked by financial institutions that Iraq has contracted with to prevent smuggling and money laundering, and therefore they need a long time until they are completed, which pushes the merchant to the parallel market to obtain dollars as quickly as possible."

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

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

A Government Appeal Against The Budget..And Parliament: Our Amendments Are Positive To Increase Revenues

Posted On2023-07-04 By Sotaliraq   Baghdad / Hussein Hatem  The Federal Budget Law entered a new spiral a week after its publication in the Iraqi Al-Waqa’e’ newspaper, as the Prime Minister, Muhammad Shia’a Al-Sudani, submitted an appeal against a number of paragraphs of the law, with a request to issue a (state order) to stop the implementation of these articles after the law entered into force until the judiciary decided the constitutionality challenge. that material.

Yesterday, Monday, the Federal Supreme Court informed the House of Representatives of the appeal filed by the government against the general federal budget law.

A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, said in an interview with (Al-Mada), that “the House of Representatives has the authority to reduce numbers and transfer allocations to ministries in the draft financial budget law submitted by the government.”

Al-Kazemi added, "There is an aspect that the government can appeal in the event of an increase in the financial burden on it, such as an increase in job grades."

He pointed out, “The first and last decision remains for the Federal Court,” noting that “the House of Representatives and the Finance Committee did what they had to do in order to approve the budget as soon as possible.”

Al-Kazemi pointed out, “It is not possible for the government to reach the total budget amount, which is 199 trillion dinars; As a result of the budget deficit, but it can spend 150 trillion Iraqi dinars.

And he continued, “One of the powers of the House of Representatives is to reduce the exaggerated numbers in the financial budget, in addition to transfers,” noting that “nearly 8 trillion has been transferred from ministries to other ministries and to other governorates.”

And Al-Kadhimi indicated, “The Ministry of Finance is working on implementing the instructions of the Budget Law to the letter, for the purpose of informing them to the spending units early next week.”

He explained, "The government is serious about financing ministries and governorates to advance the service reality," adding, "The financial releases will not be delayed except in articles that have a legal and constitutional appeal, until a decision is made."

Al-Kazemi went on to say, "Most of the amendments that took place to the articles of the budget law sent by the government were positive amendments that would increase government revenues."

And he continued, saying, “One of the things that the government can challenge is the issue of fees on oil companies that were not approved by the House of Representatives,” noting that “their revenues for the state may reach one and a half trillion for the year 2023 and the coming years.”

Al-Kazemi stressed that "the public financial budget will be launched and reported to the governorates and ministries," pointing out that "the financial allocations will be deposited in the accounts of government departments for signing contracts and implementing projects, and not delaying the implementation of the government program."

For his part, the other member of the Finance Committee, Hussein Moanis, says, “The parliament’s relationship with the public budget budget law is not only a legislative relationship, but there is an important aspect related to monitoring performance and spending resources.”

Moanes added, “We will continue to monitor all spending units, as well as exchange resources and the spending mechanism, and measure the impact of legislation in parliament.”

He pointed out, "The committee's keenness to enhance centralization in the transfer of funds for projects, as it focused on the spending that the government paid in the budget law on ministries' projects."

And the House of Representatives voted, on June 11, on the financial budget for three years; 2023, 2024 and 2025, after four consecutive parliamentary sessions due to disagreements between the political forces regarding a number of articles, ended with a vote on all articles after some were removed and new articles were added to them. LINK

What Is The Impact Of The Appeal On The Implementation Of The Budget.. Will The Federation Accept The Government Action? (details)

policy |Baghdad today – Baghdad  The legal expert, Salem Hawass, commented today, Tuesday, on the federal government's submission of an appeal against a number of articles of the Financial Budget Law, before the Federal Supreme Court.

Hawass told "Baghdad Today" that "the government has the right and powers to appeal against any paragraph added by the House of Representatives in the budget law, especially if these paragraphs contain a financial aspect."

He explained, "Parliament has no authority to add any paragraph in which financial allocations are due to be paid by the government."

And the legal expert stated, "An appeal against a number of budget articles will not affect the implementation of the law, but only the contested articles will be deferred until the appeal is decided by the court."

And he continued, "It is also certain that any paragraph added by Parliament that includes a financial aspect will be canceled by the Federal Court. The Court has decisions and confirmations in this regard over the past years."

The Federal Supreme Court had informed the House of Representatives of the appeal filed by the government regarding the financial budget.

The Parliamentary Finance Committee described the government's appeal to the budget as "very expected."

Committee member Jamal Cougar said in a press statement: "It was expected that the Prime Minister, Muhammad Shia'a al-Sudani, would file an appeal with the Federal Supreme Court with a number of paragraphs of the budget law, especially since the Minister of Finance and al-Sudani informed Parliament before voting on the law that the government would appeal to any paragraph affecting the government program." And it has a financial side.”

And Cougar indicated that "the House of Representatives, by amending some paragraphs of the budget law, added some paragraphs that have a financial side, despite informing the Minister of Finance and the Sudanese, and this appeal was very expected."   LINK

Baghdad Today Publishes The Text Of Article 75 Of The Budget Challenged By The Sudanese

Policy  |Baghdad today – Baghdad  Today, Baghdad publishes the text of Article 75 of the Financial Budget Law, which was challenged by Prime Minister Muhammad Shia al-Sudani today.

The article concerns the contracts of the Ministry of Higher Education and Scientific Research and the rest of the ministries after the date of October 2, 2019.

The Federal Supreme Court had informed the House of Representatives of the appeal filed by the government regarding the financial budget.

The Parliamentary Finance Committee described the appeal as "very expected."

A legal expert also predicted that the court would accept the appeals, given that some articles were a "financial side," which is outside the parliament's jurisdiction.  LINK

A Government Source Denies The Validity Of Sudani's Appeal Against Articles Of The Budget Law

policy |Baghdad today – Baghdad  Today, Monday, an informed government source denied that Prime Minister Muhammad Shia'a al-Sudani had challenged the budget law in the Federal Court.

The source stated in an interview with "Baghdad Today", that "it is not valid for the Prime Minister to appeal 12 articles of the tripartite budget law at the Federal Court."

An informed source announced earlier today that the Prime Minister had submitted an appeal to the Federal Court with 12 articles of the Financial Budget Law.

It is noteworthy that the Iraqi parliament ended, on the twelfth of last June, voting on all articles of the financial budget for the three years: 2023, 2024 and 2025, after a debate and deep differences between the political parties.  LINK

Goldilocks' Comments and Global Economic News for July 4th

Good morning Dinar Recaps,

Indonesia is beginning to show some signs of Independence.

During their Article 4 consultation with the IMF, Indonesia was urged to lift their export ban on Ore. They rejected this suggestion.

Ore is a mineral that can be mined and sold as a metal commodity.

This move has given them the ability to expand the net worth of their country through this commodity increasing purchasing power on their currency.

Happy 4th of July Indonesia!

© Goldilocks

https://jakartaglobe.id/news/independence-first-indonesia-rejects-imfs-call-to-lift-ore-export-ban

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"Digital Asset Market Structure Bill Seeks to Fill US Regulatory Gaps"

The Stablecoin Regulation Bill is completed. Congress decided to expand on the gaps previously found in the existing structural framework of current digital assets.

The SEC and CFTC were given specific regulation lines of authority on particular aspects of these assets depending on what category they fell into in requiring guidance.

A vote is expected to complete this process in the early part of July.

© Goldilocks

https://www.fintechanddigitalassets.com/2023/06/digital-asset-market-structure-bill-seeks-to-fill-us-regulatory-gaps/

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Building a Strong, Capable Iraq Will Shape Its Foreign Policy

...the focus of Iraq’s diplomacy is shifting to economic cooperation...

https://search4dinar.wordpress.com/2023/07/04/building-a-strong-capable-iraq-will-shape-its-foreign-policy/

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Foreign Minister and European delegation discuss digitization of Iraq’s banking system

Search4Dinar LINK

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Thank you Dinar Recaps

"Tidbits From TNT" Tuesday 7-4-2023

TNT:

Tishwash:  Al-Nusairi: Iraq's accession to the World Trade Organization contributes to the development of the financial and banking system

Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, confirmed during his participation in the workshop on the strategy of joining the World Trade Organization, which was set up by the Association in partnership and cooperation with the Ministry of Trade and trade unions, federations and private sector organizations.

Al-Nusairi said that one of the most important returns and benefits achieved by the financial and banking system in Iraq from Iraq's accession as a full member of the World Trade Organization is regularity in the global financial system in accordance with the criteria for liberalizing financial services, entering the circle of financial globalization and exchanging experiences with member states in the field of electronic technologies. Modern banking, financing and development of micro, small and medium enterprises.

Al-Nusairi referred to the new transitional phase for the banking sector, in accordance with the government's approach. In particular, paragraph 7 of Article 12, which emphasizes the empowerment, development and reform of banks in order to contribute to investment and development in accordance with the plans and adoptions of the Central Bank, which it works to include in its next strategy,

Which adopts a national strategy for lending, the establishment of a Riyada Bank for social development, support for young entrepreneurs and low-income segments, the establishment of a financial and business center and the establishment of Loan guarantee company, control of the safety of foreign trade, access to foreign transfers in foreign currency to the real beneficiary, and compliance with the standards of the global financial system.   link

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Tishwash:   Iraq calls on Britain to help him in various economic and service sectors

Iraq calls on Britain to help him in various economic and service sectors

The Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, called on the British side to help Iraq by providing technical support in various economic and service sectors.

This came during Hussein's meeting yesterday, Monday, with a number of committee chairs in the British House of Commons on the sidelines of his visit to London, based on the invitation extended to him by British Foreign Secretary James Cleverly, according to what was announced by the Iraqi Foreign Ministry today, Tuesday, where Hussein affirmed the Iraqi government's determination to build a strong economy. .

The statement added that the sessions dealt with discussions about the regional role played by Iraq in the stability of the region and the convergence of views between the regional powers and its keenness to be a meeting point in the region by bringing together regional powers through the Baghdad Conference for Cooperation and Partnership.

The statement quoted the Iraqi Foreign Minister as saying that the priorities of the Iraqi government are to provide services and diversify sources of income through contracts with major international companies and the optimal use of the country's wealth.

For their part, the heads of the committees affirmed their readiness to provide all kinds of support in a way that contributes to supporting and stabilizing Iraq and advancing its economy in a way that achieves prosperity for the Iraqi people, as in the statement.    link

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CandyKisses:  Rafidain announces the temporary suspension of electronic advances

Baghdad - Mawazine News
Rafidain Bank announced on Monday the temporary suspension of electronic advances.

The bank said in a statement, received by Mawazine News, that "the promotion of advances transactions submitted through the application of K services from Rafidain Bank was temporarily suspended."

“All applicants will be paid within the coming days after completing the grant procedure,” the statement added.

He added, "temporarily suspending the receipt of electronic advances transactions and to another notice came as a result of the effectiveness of the allocation granted to advances and loans."

He pointed out that "the bank will announce the date of re-apply after completing the grants for all current sponsors and registered."

He continued, "The bank continues to collect monthly installments from the dovaries where the deduction is done electronically." 

Mot:  ..... Yea!!! --- Today is ~~~~~~

Mot:  .. Think befer Ya Drinksss!!!! ~~~

Tuesday Morning Iraq Economic News Highlights 7-4-23

Tuesday Morning Iraq Economic News Highlights 7-4-23

The Government Challenges Articles In The Budget And Demands A {State Order}

The first  07/04/2023: Muhammad al-Ansari,  Prime Minister Muhammad Shi'a al-Sudani submitted an appeal to the Federal Supreme Court against a number of articles of the General Budget Law, calling for the issuance of a "state order" to stop the implementation of these articles, while the court gave the Presidency of Parliament a period of 15 days in order to respond to the appeal petition. A government source said: "Prime Minister Muhammad Shia' al-Sudani submitted an appeal to the Federal Supreme Court with a number of articles of the budget law." constitutionality.”

According to an official document, the Federal Court informed the Presidency of Parliament of the appeal petition submitted by the Prime Minister regarding the budget, and the court demanded Parliament to respond to the lawsuit within a period not exceeding 15 days from the date of receiving the notification in accordance with the provisions of Article 21 / second of the Court’s internal system No. 1 of 2022.

Earlier, the House of Representatives approved the draft federal budget law for the fiscal years 2023-2024-2025, and the value of the current year budget is 197 trillion and 828 billion dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars).

And Al-Sudani had stated earlier that "the government will work to review the items that have been amended in the budget and study the extent of their conformity with the government's vision and objectives approved in the ministerial curriculum approved by Parliament."

Commenting on the Prime Minister's submission of an appeal to the Federal Supreme Court with a number of articles of the General Budget Law, a member of the Parliamentary Finance Committee, Representative Jamal Cougar, said:

"It was expected that the Prime Minister would submit an appeal to the Federal Supreme Court with a number of paragraphs of the Budget Law, especially since the Minister of Finance Al-Sudani told parliament, before voting on the law, that the government will challenge any paragraph affecting the government program that has a financial side.

And Cougar indicated that "the House of Representatives, by amending some paragraphs of the budget law, added some paragraphs that have a financial side, despite informing the Minister of Finance and the Sudanese, and for this reason the appeal was very expected."

And the Minister of Finance, Taif Sami, stated, in a statement in early June, that “what the government included in terms of texts and allocations (in the budget) was according to the study and needs of the ministries and governorates, and it meets all requirements according to the government’s vision in its government program,” stressing that “any change will hinder The spending operations drawn up by the government to meet all needs,” and warned that the ministry “will challenge the budget if it is approved and contains a change to the paragraphs that the government included in the budget.”

In addition, a delegation from the Ministry of Finance of the Kurdistan Region will visit Baghdad in the coming days, to complete the discussions on sending The Kurdistan region's share of the budget.

https://alsabaah.iq/79935-.html

The Text Of Article 75 Of The Budget Challenged By The Sudanese

11:09  2023-07-04  263  Al-Mutala Agency publishes the text of Article 75 of the Financial Budget Law, which Prime Minister Muhammad Shia'a al-Sudani challenged today. The article concerns the contracts of the Ministry of Higher Education and Scientific Research and the rest of the ministries after the date of October 2, 2019. The Federal Supreme Court had informed the House of Representatives of the appeal filed by the government regarding the financial budget.

The Parliamentary Finance Committee described the appeal as "very expected."

A legal expert also predicted that the court would accept the appeals, given that some articles were a "financial side," which is outside the parliament's jurisdiction. LINK

An Expert Talks About The Shortcomings Of The Economic System In Iraq And Planning Reduces The Risk Of Inflation

An economist criticized the lack of clarity in the economic system of Iraq, and while he indicated its stagnation in dealing with many issues, the Ministry of Planning considered that the risks of inflation in Iraq are “low” compared to other countries.

The economist, Basem Jamil Antoine, said in a press interview seen by “Takadam” that “monetary inflation in Iraq has weakened the purchasing power of citizens, and there is stagnation in dealing with many issues,” noting that “the economic system in Iraq is not clear, and it is not known if it is A socialist system or a market economy system. On the one hand, we apply the market economy, and on the other hand, we work according to socialist laws.

He added, "The economy needs flexibility as well as defining the nature of this economy, and it is not enough to issue a statement to determine your economic direction," pointing out that "many economic plans are drawn up and not implemented."

He continued, "It is necessary for a citizen to feel his rights in order to perform his duties under a state of law, similar to the rest of the world."

For his part, the official spokesman for the Ministry of Planning, Abdul-Zahra al-Hindawi, said in a press interview seen by Taqaddam that “inflation has negative effects on citizens in general in Iraq and in other countries,” noting that “its effects in Iraq may be less compared to other countries, because The state supports many activities that affect human life.”

He explained, "Among these supportive activities is the intervention of the ration card and the provision of food to the citizen, as the government was able to cope with the high prices of food in the markets, by providing basic materials for the food basket, and was able to reduce the side effects on citizens."

He added, "In the field of health, there is also support for the citizen, as well as in the field of education and in the field of services, electricity and water," noting that "without this support, we would have seen a great impact of inflation on people's lives."

He pointed out that "the government has taken measures to reduce the effects on stakeholders, companies and contractors, especially with the rise in inflation and the change in the exchange rate, causing negative damage to them, through the exchange of certain financial differences."

https://takadum-news.com/archives/171938

Sulaymaniyah.. One Billion And 225 Million Dinars, "Point-To-Point" Fines On One Street

2023-07-04 01:34  Shafaq News/ A member of Kurdistan Region Parliament, Ali Hama Salih, revealed today, Tuesday, the size of the fines and the number of cars that were fined after registering speeding violations within the "Point to Point" project in Sulaymaniyah Governorate.

In a statement received by Shafaq News agency, Saleh said, "Only on the road linking Sulaymaniyah Governorate and Dokan district, 31,000 cars were fined last June as a result of exceeding the speed limit set by traffic surveillance cameras."

He added that the total amounts of fines amounted to about one billion and 225 million dinars, and these funds go to the executing company that supervises these cameras.

Saleh indicated that the fines range from 70,000 to 250,000 dinars, and all of them are recorded in the area where the speed ranges between 80 km to 250 km, stressing that the money that is recorded goes to the company from the state treasury, indicating that the road linking Sulaymaniyah and Dokan district includes 24 cameras.  LINK

Iraq Is On The Cusp Of A Giant Project To Transport Gulf Gas To Europe

Energy  Economy News _ Baghdad  Iraq stands on the cusp of a giant project to transport gas from Qatar and the Gulf states to Turkey and the countries of Europe and the Middle East by linking Basra to Turkish territory through the "Development Road" project for land and sea shipping.  

Research conducted by experts and specialists confirmed that the "Development Road" project encourages Iraq to be the main land for laying giant gas pipelines, while those studies stressed the lack of time and the need to start the project from now. 

Dhurgham al-Maliki, a member of the Parliamentary Oil, Gas and Natural Resources Committee, said, "Iraq now occupies the forefront with its capabilities for construction, construction and connectivity, especially with its energies and financial abundance." 

And he indicated that "all countries that adopt such projects seek the help of international companies specialized in this field," noting that "most of the countries that enjoy economic prosperity now are built by countries and companies with experience, and Iraq can use companies to establish any project, whether gas transportation or other economic projects." . 

 Earlier, a report published by the International Center for Development Studies reviewed options for Qatar and the European Union to increase gas exports, whose supplies from Russia were affected by the recent war with Ukraine. 

An official source confirmed, "Iraq has all the capabilities to adopt the Gulf gas transfer project to Turkey, and there is no difficulty for it to implement it." 

The source pointed out to "the need to move away from bureaucracy and routine that impedes work," noting that "Iraq possesses great and enormous human potential, in addition to natural and technical resources, and with the help of large companies to complete projects." 

For her part, the head of the Parliamentary Transportation and Communications Committee, Zahra Al-Bajari, said, "The (development road) project is now being adopted by a specialized consulting company that is studying the economic feasibility and developmental issues that are built along with the road, and it is certain that the issue of gas transportation will be one of them." 

And she added, "Until now, the issue is under study, and we await its results, and that the capabilities and space exist because the road will include industrial and residential cities, among other things, and that the Ministry of Oil will have a share of this road." 

Al-Bajari drew attention to "a Qatari proposal to transport gas through gas tankers and not through pipelines, as there is an opportunity for gas to be transported via the (development road), but the method of transportation has not yet been confirmed and agreed upon." 

Experts and specialists expressed their hope for the implementation of the "Development Path" project soon, due to the benefits it will bring to Iraq and the region. Ali Samin, founder of the Middle East, Eurasia, Asia and Pacific Studies Platform, said: With the outbreak of the war in Ukraine, Russia "has lost its position as a reliable supplier." energy", while "European actors are reviewing their strategies to secure their energy needs". 

He pointed to the outbreak of a global controversy regarding ways to deliver Qatari LNG to Europe when the Russian-Ukrainian war began in February 2022, and said: "The great port of Faw presents itself as a better alternative for transporting Qatari gas to Europe through Iraqi territory, due to its economic feasibility with a shorter path." 

The large port of Faw also increases, according to Samin, "Turkey's energy export potential," saying: "Turkey can transfer Iraqi energy resources to global markets and play an active role in energy trade." 

For his part, Wathiq Al-Saadoun, an expert on Iraq affairs at the Middle East Studies Center "ORSAM", said: "Turkey, with its advanced transport lines, will be Iraq's gateway to Europe, and thus the two countries will form a bridge between Europe and Asia."  Views 21  07/04/2023 - https://economy-news.net/content.php?id=34987

Study: The Size Of The Oil Market Exceeds The Production Of 10 Major Commodities In Terms Of Production And Prices Annually

Energy   Economy News _ Baghdad  While the global economy is dependent on many commodities, none come close to the massive size of the crude oil market.

Besides being the primary energy source for transportation, oil is a major raw material for many other industries such as plastics, fertilizers, cosmetics, and pharmaceuticals.

As a result, according to a Canadian study seen by Al-Iqtisad News, the global physical oil market is of astronomical size and has a great economic and geopolitical impact, with a few countries controlling global oil production.

According to the Canadian website (Visual Capitalist), which focuses on topics including markets, technology, energy and the global economy, oil came first in terms of production and market size, as the world produced in 2022 about 80.75 million barrels per day of oil, including condensate, and therefore production The annual volume of crude oil amounted to 29.5 billion barrels, with a market size of $2.1 trillion.

He added that iron ore came second with 2.6 billion tons, with a market size of 183.4 billion dollars, and gold came third, with production reaching 3,100 tons and a market volume of 195.9 billion dollars, indicating that copper ranked fourth with 22 million tons and a market size of 183.3 billion dollars. Aluminum came fifth with 69 million tons, and the market size amounted to $152.6 billion.

He added that nickel ranked sixth with 3.3 million tons, with a market volume of $68.8 billion, while zinc ranked seventh with 13 million tons, with a market volume of $30.9 billion, and silver ranked eighth with 26,000 tons, with a market volume of $19.9 billion. The molybdenum commodity came with 250,000 tons, and the market volume reached 12.9 billion dollars. The palladium commodity came with 210 tons, and the market volume reached 9.2 billion dollars. The commodity came with 4.5 tons, and the market volume reached 9.2 billion dollars.

She noted that the market size of the top 10 mineral markets amounted to $967 billion, less than half of the oil market, and therefore this reflects the huge volume of global oil consumption annually.

Views 12   07/04/2023 - https://economy-news.net/content.php?id=34989

Parliament Comments On Sudani's Challenge To The General Budget Law: Expected!

Policy,  04/07/2023, the number of readings: 207   Baghdad - Iraq today:  The Parliamentary Finance Committee confirmed that Prime Minister Muhammad Shia'a al-Sudanese appeal against the budget law was expected.

Committee member Representative Jamal Cougar said, in a press interview, that “Prime Minister Muhammad Shia' al-Sudani submitted an appeal to the Federal Supreme Court with a number of paragraphs of the budget law. A paragraph that affects the government program and contains a financial aspect.

Cougar added, "The House of Representatives, by amending some paragraphs of the budget law, added some paragraphs that have a large financial side, despite informing the Minister of Finance and the Sudanese, and this appeal is very expected."

And the legal department in the House of Representatives announced earlier that it had received Prime Minister Muhammad Shia'a al-Sudani's appeal against the budget law.  LINK

Baghdad Today Publishes The Text Of Article 75 Of The Budget Challenged By The Sudanese

Policy  |Baghdad today – Baghdad  Today, Baghdad publishes the text of Article 75 of the Financial Budget Law, which was challenged by Prime Minister Muhammad Shia al-Sudani today.

The article concerns the contracts of the Ministry of Higher Education and Scientific Research and the rest of the ministries after the date of October 2, 2019.

The Federal Supreme Court had informed the House of Representatives of the appeal filed by the government regarding the financial budget.

The Parliamentary Finance Committee described the appeal as "very expected."

A legal expert also predicted that the court would accept the appeals, given that some articles were a "financial side," which is outside the parliament's jurisdiction.  LINK

MilitiaMan and Crew: "Expectations Are High" 7-3-2023

EXPECTATIONS ARE HIGH

MilitiaMan and Crew:  7-3-2023

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

MM: I hope everyone is ready for the holiday tomorrow. It could be an explosive day for everybody.

Please listen to full video for all the latest news…..

https://www.youtube.com/watch?v=udS3FuqWyjo

Vietnam Treasures Relations With US -Party Official

TNT:

Harambe:  Vietnam treasures relations with US: Party official | Vietnam+ (7/3/23) 

Washington D.C (VNA) - Vietnam attaches importance to relations with the US and wants to continue developing the ties for the benefit of their people, and for peace, friendship, cooperation, and development in the region and the world, Chairman of the Party Central Committee’s Commission for Foreign Affairs Le Hoai Trung has said. 

Trung made the statement at meetings with US officials during his working visit to the US from June 28  to July 2 at the invitation of the US Department of State.

In Washington D.C, the Vietnamese delegation had working sessions with US Secretary of State Antony Blinken, US National Security Advisor Jake Sullivan, Administrator of the United States Agency for International Development (USAID) Samantha Power, Assistant Secretary of State for East Asian and Pacific Affairs Daniel Kritenbrink, Deputy Under Secretary of Defence for Policy Sasha Baker, President & Chief Executive Officer (CEO) of the US-ASEAN Business Council (US-ABC). They also met with former US officials and senators who support the development of Vietnam - US relations.

In New York, the delegation worked with UN Under-Secretary-General for Policy Guy Ryder, and had an online discussion with US Special Presidential Envoy for Climate John Kerry. They also had meetings with long-standing friends of Vietnam in the US, and representatives of the US Communist Party.

During the meetings, both sides agreed that the Vietnam – US Comprehensive Partnership has witnessed robust, positive, and comprehensive development across fields in recent years.

The US officials affirmed that the US considers Vietnam one of its key partners in the region, agreeing that the bilateral relations have enjoyed support from both the Democratic Party and Republican Party. They highly valued the recent contacts and meetings between the two sides, particularly the high-level phone talks between General Secretary of the Communist Party of Vietnam Nguyen Phu Trong and President Joe Biden in March 2023.

They emphasised the desire to maintain exchanges and meetings at all levels, especially at the high-level, during the year marking the 10th founding anniversary of the Comprehensive Partnership; and deepen the bilateral relations, especially in terms of economic cooperation, climate change response, green energy, education - training, tackling war consequences, people-to-people exchanges, and addressing global issues.

Meanwhile, the UN official acknowledged and applauded Vietnam's successful development, cooperation, and contributions within the framework of the UN, hoping that Vietnam will further enhance its important role in addressing global issues.

The US friends and representatives of the Communist Party of the US showed their pleasure with Vietnam’s renewal achievements and the path to socialism in the Southeast Asian nation, affirming that they always support Vietnam and the development of the Vietnam-US relationship.

For his part, Trung suggested the two sides continue promoting high-level exchanges and meetings, improving the efficiency of cooperation via the Party, state and people-to-people diplomacy channels in line with the results of the phone talks between General Secretary Nguyen Phu Trong and President Joe Biden.

The Vietnamese official affirmed that Vietnam treasures the role played by the UN and will continue to actively and responsibly contribute to the organisation’s activities.

Trung also expressed his gratitude to US friends who have always supported Vietnam in the struggles for national liberation in the past. He also proposed directions to strengthen cooperation with the US Communist Party and socio-political organisations between the two sides in the coming time.

https://en.vietnamplus.vn/vietnam-treasures-relations-with-us-party-official/255632.vnp

Monday Evening Iraq Economic News Highlights 7-3-23

Monday Evening Iraq Economic News Highlights 7-3-23

A Government Source Denies The Validity Of Sudani's Appeal Against Articles Of The Budget Law

Policy  |Baghdad today – Baghdad  Today, Monday, an informed government source denied that Prime Minister Muhammad Shia'a al-Sudani had challenged the budget law in the Federal Court.  The source stated in an interview with "Baghdad Today", that "it is not valid for the Prime Minister to appeal 12 articles of the tripartite budget law at the Federal Court."

An informed source announced earlier today that the Prime Minister had submitted an appeal to the Federal Court with 12 articles of the Financial Budget Law.

It is noteworthy that the Iraqi parliament ended, on the twelfth of last June, voting on all articles of the financial budget for the three years: 2023, 2024 and 2025, after a debate and deep differences between the political parties.  LINK

The Government Challenges A Number Of Paragraphs Of The Budget Law And Requests The Issuance Of A "State Order"

Policy  |Baghdad today - Baghdad   Today, Monday, a government source revealed that the Prime Minister, Muhammad Shia'a al-Sudani, had submitted an appeal against some paragraphs of the general budget, while calling for the issuance of a state order.

The source told "Baghdad Today", "The Prime Minister, Muhammad Shia' al-Sudani, submitted an appeal to the Federal Supreme Court against a number of paragraphs of the budget law."

And he pointed out that "he asked the court to issue a (state order) to stop the implementation of these articles after the law entered into force until the court decides to challenge its constitutionality." 

Earlier, the House of Representatives approved the draft federal budget law for the fiscal years 2023-2024-2025.

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

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

The Budget And Its Reflection On The Economic Conditions Of Kurdistan.. An Expert Explains

Economy  |Baghdad today - Baghdad   Today, Monday, economic expert Khaled Haidar said that approving the budget and Kurdistan's share in it will revive the conditions of the region in general.

Haider told "Baghdad Today" that "Kurdistan has experienced difficult economic conditions and a great stagnation in the markets as a result of the crisis that previously occurred between the federal government and the regional government, and the lack of agreement on the budget law."

He added that "fixing the region's share for three years will revive the region's markets, especially since the employee will receive his salary regularly without deduction, and therefore his salary will be spent on buying basic needs and what is more will be spent on luxury needs."

He pointed out that "in the past, the employee was afraid to buy luxuries, due to fears that salaries would not be paid on time," adding, "But after the approval of the budget law, the employee will practice purchases with complete comfort, which will revive the market movement and end the stagnation that has lasted for years." .

And that "this issue will be reflected in unemployment and reduce its rates, as it will return thousands of workers who have lost job opportunities, as a result of the recession in the markets, and it will also revive the local factories and factories that were closed due to the recession."

 Earlier, the House of Representatives approved the public financial budget law for the years 2023, 2024 and 2025, while the Presidency of the Republic ratified it, and it was published in the official newspaper to enter into force.    LINK

Al-Sudanese Challenges The Articles Of The Budget And Demands A "State Order" From The Federal Court

Shafaq News/ On Monday, the Prime Minister, Muhammad Shia'a Al-Sudani, submitted an appeal to the Federal Supreme Court against a number of paragraphs of the General Budget Law.

A government source told Shafaq News agency, “Al-Sudani submitted an appeal to the Federal Supreme Court with a number of paragraphs of the budget law, with a request from the court to issue a (state order) to stop the implementation of these articles.” after the law entered into force, until the court decides to challenge the constitutionality of those articles."   LINK

Parliamentary Integrity Indicates "Heavy" Corruption Files In The Contracts Of Former Ministers

Information/Baghdad..  The Parliamentary Integrity Committee revealed, on Monday, the formation of sub-committees to carefully consider corruption files, stressing that there is a heavy legacy of these files within the previous decades.

The head of the committee, Ziyad Al-Janabi, said in an interview with Al-Maalouma agency that "all corruption files will be subject to the supervision of members of the Integrity Committee, and the details of those files will be revealed at a later time." time.”

He added that "many corruption files have been marked and referred to the competent authorities," pointing out that "there is high coordination between the Integrity Committee and government institutions in this regard."

Al-Janabi pointed out to "dividing the tasks of the committee members into sub-committees to follow up on energy, services and economic files," stressing that "there are heavy indicators of corruption within the contracts that belonged to the previous ministries' contracts." , as well as administrative corruption."

Last month, the Iraqi Integrity Commission announced the issuance of arrest and recruitment orders against 52 high-ranking officials, and while it indicated that 127 judgments were issued against those convicted of corruption cases, it confirmed the recovery of about $42 million to the state treasury from two corruption deals, one of which was in the Federal Ministry of Trade.   LINK

Iran: Iraq Paid 10 Billion Dollars In Gas Export Dues

International  2023-07-03 | 204 views  Alsumaria News - International,  the head of the Iranian-Iraqi Chamber of Commerce, Yahya Al-Ishaq, said today, Monday, that Iraq has paid $10 billion in Iran's gas export dues, stressing that this amount has been handed over to the Commercial Bank of Iraq, where these funds can be used in non-sanctioned cases such as purchases. Commodities and medicines.

According to the  Iranian Tasnim Agency, Yahya Al-Ishaq said today at a meeting of the Iraqi-Iranian Chamber of Commerce: There is a golden opportunity to be present in the Iraqi market. The requirements of the two countries make the opportunity for commercial relations strategic and necessary for the two countries.

He added: There is a potential to increase trade between the two countries to 20 billion dollars in the next few years.

He explained: At the present time, trade relations between the two countries have exceeded the limits of 10 billion dollars, and this figure is expected to reach 10 to 11 billion dollars next year. Achieving this figure could be even without considering the export of gas, electricity, and technical and engineering services.

He pointed out that "the security situation in Iraq has improved, and although the population of this country is less than the population of Iran, it has twice the oil income of our country and is not considered a poor country.” He added: In the next ten to fifteen years,Iraqwill be the best country for investment  in the region and has a comparative advantage for us.

He stated that ““Iraqintends to invest 300 billion dollars in his country this year and next,” noting that 85% of this amount must be funded from abroad, and ifIranuses 10% of it, then this is a special opportunity.

He said: Investors can form joint unions to invest in Iraq, and joint unions can be formed between the economic actors Iran, Iraq, and even a third country.

And Al-Ishaq continued: There is no objection to the private sector receiving its money from Iraq. Our demands from Iraq are mainly related to government institutions and demands for gas and electricity. He announced that Iran's request from Iraq amounts to about $10 billion," and said: "

This number is constantly increasing and decreasing. "

He added: It was agreed that these funds will be used for non-sanctionable issues such as basic commodities and medicines.

Last week, the Iranian deputy oil minister for gas affairs said that the Iraqi Ministry of Electricity had paid Iran all gas-related debts.

"The Iraqi Ministry of Electricity  has paid all our dues for gas, and the debt is now zero, but sometimes problems occur in transferring money from the Iraqi TBI Bank to Iran," Majid Chengy said.

In his statements, the Iranian official did not mention the amount of frozen funds in Iraqi banks.

For his part, Ahmed Musa, spokesman for the  Iraqi Ministry of Electricity, confirmed, on Monday, that his country had paid Iranian gas dues to Tehran and deposited them in the Trade Bank ofIraq.

He said, "The  Ministry of Electricity  has paid all dues owed byIraqtoIran, which are dues for importing gas from it.”  He added, “The dues were paid at Iraqi Trade Bank  In the credit fund, but the bank finds it difficult to transfer it to the Iranian government because of the US sanctions. LINK

Monday Afternoon Goldilocks post, sent to Dinar Recaps

Good afternoon Dinar Recaps,

Goldilocks posted comments and news links to help us understand where we stand with the global financial system:

JPMorgan Chase and 40 Other US Banks Conducting FedNow Trial Runs Ahead of the Instant Payment Service’s Launch - The Daily Hodl
https://dailyhodl.com/2023/07/01/jpmorgan-chase-and-40-other-us-banks-conducting-fednow-trial-runs-ahead-of-the-instant-payment-services-launch/

~~~~~~~~~~

I understand bank employees took their laptops home over the weekend and were given instructions to leave their computers on for updates on the new system taking place.

Yes, we start this week with new collateralized SOFR settings inside the banking system and the market.

For the last year and a half, we have been moving several economic mechanisms over to these new SOFR reference rates through legislative bills designed to compliment a digital asset-based exchange system.

New protocols have been created, approved, and put into place forming a new economy. At this point, the paperwork is done with exception of upgrades to the system going forward that will connect our Quantum Technologies around the world into one. This includes the all-important Stellar platform uniting payment systems of all forms to move through the Stellar Network.

These new mechanisms will begin to form new price actions on the market. There will be sectors of the market that will rise during this time while others who did not convert to these new SOFR settings will face challenges in this new economic reality.

We still need to see our currencies move into real values. Last week, some countries have reported that they are undervalued as much as 15% right now. Some are much greater than these numbers.

This is the phase of our economy whereby a Level Playing Field in the Banking System, the Markets, and the Private Sector move into real values.

Going forward, the dollar will be challenged. It's greatest challenge will be faced next month when the BRICS System introduces a new trading currency backed by many different countries and by gold.

Before we even get there, the dollar has many challenges it must go through before it meets face-to-face with its destiny. Continued de-dollarization and high debt will play a significant role in the transformation of the dollar.

In a high-debt society, the ability to liquidate a country becomes less and less. Our new SOFR settings will help, but it is clear that a reset in our global economies' currency rates will change the landscape of the Global Economic System.

© Goldilocks

~~~~~~~~~~

"The Treasury General Account is the U.S. government's operating account that is maintained by designated depositories, primarily Federal Reserve Banks."

The US National Debt has spiked by $851 billion in one month to reach a $32.3 Trillion Dollar deficit.

This new debt is coming in Q3 to refill the TGA. It will be used to pay for deficits, and debts cause lack of funding and adjustments will be made.

Going forward, monetary policies and economic shifts are expected.

© Goldilocks

https://wolfstreet.com/2023/07/02/us-national-debt-spiked-by-851-billion-in-one-month-to-32-3-trillion-flood-of-new-debt-in-q3-to-refill-the-tga-pay-for-raging-deficits/

https://tfx.treasury.gov/taxonomy/term/10867#:~:text=The%20Treasury%20General%20Account%20is,handle%20daily%20public%20money%20transactions.

~~~~~~~~~~

"The potential launch of a new currency by BRICS (Brazil, Russia, India, China, South Africa) could destabilize the U.S. dollar's dominance and threaten several U.S. financial sectors.

This seismic shift could cause a domino effect across various U.S. industries including banking, finance, commodities, and international trade.

The U.S. economy might suffer further if the BRICS currency becomes the standard for settling oil and gas trades."

Do you see why we have not seen a price placed on the oil sector of the market on the debt clock?

A change of this magnitude has the tendency to shift silver and gold prices to real values as well. These economic changes will enable us to put real prices on gold, oil, and silver.

© Goldilocks

https://www.cryptopolitan.com/brics-currency-threatens-financial-sectors/

~~~~~~~~~~

BREAKING NEWS

RUSSIAN EMBASSY IN KENYA SAYS THAT THE NEW BRICS TRADING CURRENCY IS BACKED BY GOLD

Good morning everyone.

Read: https://twitter.com/GoldTelegraph_/status/1675869972440948736

Goldilocks added, UH OH...

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

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https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

KTFA Members "News and Views: Monday 7-3-2023

KTFA:

Turk182:  Yes, it is true, this will be a Non-Event (Media Wide) - 

it has be said for many years, that "One day you will just wake up to a new rate.  No fan fare, nothing.  Just a New IQD Rate".

Understand.  This is NOT about YOU!  This is about the Citizens of Iraq.  Yes, THEY will wake up one day with something other than their current Program Rate of 1,310 +/-

The Iraqi Citizens may very well wake-up one day with their rightful rate of the IQD.  

Contrary to popular belief, this "Change" will NOT take place during the day!  FACT!

IF this New Rate does NOT show @ 12:01AM, the it will NOT show at all that day.  FACT!  No Country would EVER change the value of their currency "Mid-Day"

Todays "Window" in Iraq is already gone.  Lets hope for something tomorrow, (THEIR) Tuesday, July 04th 2023

Do TalktoMe:  We were trusting for a new rate and NSCNs  (new small currency notes) after the holiday. We were never told how many days, or weeks after ….At the end of the day This is IRAQ

Clare:  Owners of banking companies are calling for an amendment to the Central Bank of Iraq's policy in the currency auction 

7/03/2023

Dozens of owners of banking companies demonstrated in Baghdad, on Monday, to protest against the Central Bank of Iraq's policy of selling dollars in the daily auction.

Shafaq News Agency reporter stated that the owners of exchange companies gathered in front of the Central Bank building in the center of the capital, Baghdad, demanding the stability of the dollar exchange rate, and not limiting its sale to travelers, as this contributes to the smuggling of hard currency outside Iraq.

The demonstrators also called for the implementation of Law No. 56 of 2004, which gives the Central Bank exclusive power to supervise and inspect its financial institutions.   LINK

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

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

7/03/2023

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 suspended 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 if they are launched by this matter, because they are raised electronically." LINK

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

Clare:  Economist: Achieving economic sovereignty will liberate Iraq from American pressures

7/03/2023

Economic expert Mustafa Akram Hantoush confirmed today, Sunday, that achieving economic sovereignty will liberate Iraq from American pressures on the Central Bank and Iraqi banks.

Hantoush said, in a statement to Al-Ahed website, followed by “Al-Ahed News,” that “economic sovereignty means the independence of the economic and financial decision in the implementation of strategic and vital projects.”

He added, "The economic openness to the world will enable Iraq to get rid of the dominance of the dollar and oil, which witnesses fluctuations in prices from time to time."

Hantoush pointed to "the need to diversify sources of income through the implementation of major economic projects to achieve economic sovereignty," noting that "Iraq is facing a correct economic direction, if it succeeds in it, it will have economic diversity and sovereignty, which is entering into profitable economic projects such as the port of Faw."    LINK

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Clare:  Fouad Hussein arrives in London on an official visit and holds political and economic meetings

7/03/2023

The Iraqi Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, arrived on Sunday in the British capital, London, on a two-day official visit.

A statement from the ministry received by Shafaq News agency stated, "The visit comes to hold a number of meetings within the framework of strengthening bilateral relations between Iraq and the United Kingdom within the Iraqi-British strategic dialogue."

She explained that "the Minister of Foreign Affairs will hold several bilateral meetings, as he will meet with his British counterpart James Cleverly, Minister of Defense Ben Wallace and Minister of State for Immigration Affairs Robert Jenrick, and Minister of State for Security Affairs in the British Ministry of the Interior Mr. Tom Tokhandat, in addition to holding meetings with the Chair of the Foreign Relations Committee in Parliament." Briton Elisha Cairns, Defense Committee Chairman Tobias Elwood, All Parties for Iraq (APPG) and others.

In the context of strengthening economic relations between Iraq and the United Kingdom, the Foreign Minister will hold several meetings with the European Bank for Reconstruction and Development (EBRD), and a number of businessmen within the Arab-British Chamber of Commerce symposium, in addition to meeting with the CEO of the British company BT and others.   LINK

Iraqi News Highlights Monday Afternoon 7-3-23

Iraqi News Highlights Monday Afternoon 7-3-23

Tlm724 Administrator Bondlady’s Corner

A Demonstration For The Owners Of Exchange Companies To Amend The Policy Of The Central Bank

Monday 03, July 2023 10:51 | Economical Number of readings: 566  Baghdad / NINA / The owners of exchange companies demonstrated in front of the Central Bank of Iraq today, Monday, demanding an amendment to the bank's policy towards their work./

https://ninanews.com/Website/News/Details?key=1062732

Oil Prices Fell Amid Fears Of A Global Economic Slowdown

Economy  Monday, July 3, 2023 8:47 am  Follow-up / National News Center  Oil prices fell in early Asian trading, today, Monday, as fears of a global economic slowdown and the possibility of the US Federal Reserve raising interest rates were met with expectations of a reduction in supplies in light of the cuts announced by the OPEC + group.

Brent crude futures fell 20 cents, or 0.3%, to $75.21 a barrel by 0044 GMT, after settling 0.8% higher on Friday.

US West Texas Intermediate crude fell 23 cents, or 0.3%, to $70.41, after closing up 1.1% in the previous session.


Brent fell for the fourth consecutive quarter at the end of June, while WTI crude recorded a second quarterly decline as the world's two largest economies, the United States and China, slowed in the second quarter.


Fears of a further slowdown hurting fuel demand grew after data on Friday showed that inflation in the United States was still above the central bank's 2 percent target and raised expectations that it would raise interest rates again.

"The hawkish comments on interest rates continue to raise concerns about the demand outlook affecting prices," National Australia Bank analysts said in a note.


Higher interest rates would strengthen the US currency, making commodities more expensive for holders of other currencies and also reduce demand for oil.


Some analysts expect reduced supplies and higher prices in the second half of the year after Saudi Arabia, the world's top oil exporter, pledged to cut production by about 1 million barrels per day more in July while the United States gradually replenishes its strategic oil reserves.


A Reuters survey showed that OPEC's oil production declined only slightly in June, as production increases in Iraq and Nigeria limited the impact of cuts from other producers. https://nnciraq.com/214153/

Zidan Meets The Ambassadors Of The European Union Countries And Informs Them Of The Work Of The Judiciary In The Field Of Combating Financial Corruption

Monday 03, July 2023 | political Number of readings: 447  Baghdad / NINA / - The President of the Supreme Judicial Council, Judge Faeq Zaidan, met today the ambassadors of the European Union countries in Iraq, in the presence of the head of the European Union mission.

The President of the Council briefed the ambassadors on the work of the judiciary in combating financial corruption, strengthening the principle of judicial independence, empowering women and respecting human rights.

The Chairman of the Council also called on the ambassadors to encourage foreign companies to invest in Iraq, especially with the availability of a legal environment that guarantees the rights of investors.

During the meeting, the Swedish ambassador affirmed the Swedish government's rejection of the behavior of the so-called Silwan Momica in insulting the Holy Quran, calling for the Kingdom of Sweden and its embassy in Baghdad not to be held responsible for this event, and requested the protection of the embassy building and staff from any attack.

The President of the Council made it clear that the government and the Iraqi people are keen on the security and safety of the staff of diplomatic missions, including the mission of the Kingdom of Sweden. Indicating that the judicial procedures against this person are taking place in accordance with Iraqi law.

Zidan affirmed respect for freedom of expression in accordance with constitutional and legal standards, in a way that does not constitute an offense to religions or freedom of belief./ End 7

https://ninanews.com/Website/News/Details?Key=1062819

Dollar Exchange Rates In The Local Markets

Market  Economy News _ Baghdad Al-Iqtisad News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets, for today, Monday, July 3, 2023.   According to the Iraq Stock Exchange website, the exchange rates are as follows:

Baghdad   Shown: 148,500   Wanted: 146,500

South   Shown: 148,250   Wanted: 146,250

North  Shown: 148,250     Wanted: 146,250 

And the Central Bank of Iraq decided, earlier, to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of purchasing a dollar from the Ministry of Finance reached 1,300 dinars per dollar and sold it at (1310) dinars per dollar to banks through the electronic platform, and sold at (1320) dinars per dollar. dollars from banks and non-bank financial institutions to the final beneficiary.

40 views   07/03/2023 - https://economy-news.net/content.php?id=34972

Al-Sudani Directs Al-Rafidain And Al-Rasheed Banks To Grant Loans To This Group

Money  and business  Economy News – Baghdad  On Monday, Prime Minister Muhammad Shayaa al-Sudani chaired a meeting devoted to discussing and following up on the implementation of the “Riyada” initiative for development and employment, concerned with supporting students and youth groups, which was launched by al-Sudani on March 4.

In addition to the initiative team, during the meeting, the measures taken, the roles of the concerned official authorities, and the extent of progress made in this path were reviewed.  Al-Sudani affirmed,

"The government's adopted approach is committed to caring for young people and working to rehabilitate them with the aim of putting them in the labor market and providing them with the required skills and experience." 

He stressed  "the need to overcome the obstacles facing young people wishing to obtain bank loans, in order to launch their own small projects, and to simplify the procedures in front of them, whether in obtaining training or in requesting loans," stressing

"the importance of accurate targeting to give young people a real opportunity to build hope, based on the results." their thoughts and actions.

The Prime Minister directed the Rafidain and Al-Rasheed Banks to "grant loans to young people who have completed the training courses and wish to establish their own small projects." 

The statement indicated that  "the initiative team will send invitations to participate to registrants early next week, and the number of applicants for the initiative has so far reached 80,167 applicants from students, 39,581 from graduates, and 62,897 from job seekers."  Views 194  07/03/2023 - https://economy-news.net/content.php?id=34984

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