Dinar Recaps 20 7/6/23 Dinar Recaps 20 7/6/23

Awake-In-3D: Widening Cracks: Continuing Signs of the Fiat Currency Debt System Collapse

Awake-In-3D:

Widening Cracks: Continuing Signs of the Fiat Currency Debt System Collapse

On July 6, 2023 By Awake-In-3D

The global financial system teeters on the brink of disaster, as consumers panic and pawn their possessions while debt servicing challenges reach unprecedented heights. Are these emerging cracks the harbingers of the inevitable collapse of the fiat currency system?

As the world grapples with economic uncertainties, the recent surge in pawn shop searches and the mounting debt servicing crisis in the United States serve as alarming indicators of widening cracks in the global fiat currency system. These signs point towards an inevitable collapse of the existing financial framework.

Awake-In-3D:

Widening Cracks: Continuing Signs of the Fiat Currency Debt System Collapse

On July 6, 2023 By Awake-In-3D

A Short Summary (Just the Facts for a Short Read)

Cracks in the Foundation: The Pawn Shop Surge

Google searches for “pawn shop near me” reached record highs, reflecting financial distress.
The trend started surging in January, exploding in recent months.
Interest in pawn shops is nationwide, with significant interest in the Deep South.
Related search trends such as “pawn shop,” “open pawn shop near me,” and “cash pawn shop near me” are also on the rise.

The Consumer’s Struggle: A Debt Servicing Crisis

Despite tightened credit standards, revolving consumer credit has surged.
Interest rates on credit cards have reached historic highs.
Consumers continue spending despite mounting debt burdens and rising interest payments.
The increase in interest payments is the highest since the 2008-2009 recession.
Nominal credit usage poses potential risks, impacting stock-to-income ratios.

Weakening Economic Indicators: A Warning Sign

Major companies like General Mills and Walgreens Boots Alliance warn of a weakening consumer.
Goldman Sachs analyst Rich Privorosky questions the consumer’s behavior and excess savings.
Companies’ concerns indicate a discrepancy between consumer behavior and economic indicators.
The Federal Reserve’s interest rate hikes aim to limit economic growth.

The Fragility of the Fiat Currency System: An Impending Collapse

The surge in pawn shop searches exposes the vulnerability of the global fiat currency economy.
Mounting debt servicing challenges and weakening consumer bases hint at deeper issues.
The increasing reliance on pawn shops signifies a loss of confidence in traditional financial systems.
The global fiat currency system faces an impending collapse if these issues are left unaddressed.

A Deep Dive (More Details and References for Interested Readers)

The Surge in Pawn Shop Searches Highlights Cracks in the Global Financial System

The recent surge in Google searches for “pawn shop near me” has raised concerns about the stability of the global fiat currency financial system. This trend, which has reached record highs, indicates that cash-strapped Americans may be resorting to pawning items or selling possessions acquired during the Covid boom to cope with the current inflation crisis. Examining the search data and related trends, along with warnings from companies and financial experts, reveals a growing crack in the consumer’s financial stability.

Increasing Interest in Pawn Shops

The search trend for “pawn shop near me” began in January and has experienced explosive growth in recent months, culminating in record highs in early July. The interest in this trend is nationwide, with particularly high levels in the Deep South. Related search queries such as “pawn shop,” “open pawn shop near me,” “pawn shop open,” and “cash pawn shop near me” are also in breakout territory, indicating a significant increase in consumer interest.

Consumer Financial Struggles

The surge in pawn shop searches suggests that the current economic measures and actions underway by the US Federal Reserve Bank , are not effectively addressing consumers’ financial challenges. Americans have faced over two years of negative real wage growth, depleting savings, and accumulating record credit card debt amidst the highest interest rates in a generation. This situation has prompted consumers to explore new avenues for quick cash by selling their possessions.

Cracks in the Consumer

The increasing reliance on pawn shops could be seen as a sign of the consumer’s financial stability cracking. Major companies like General Mills and Walgreens Boots Alliance have recently expressed concerns about a weakening consumer base. Goldman Sachs analyst Rich Privorosky has questioned the discrepancy between consumer behavior and economic indicators, asking whether the era of excess savings has come to an end and consumers are now focused on replenishing their savings.

Implications for the Global Financial System

The surge in searches for pawn shops is a clear indication that consumers are feeling the pressure of the current economic climate. This trend raises concerns about the stability of the global fiat currency financial system, as it suggests that individuals are resorting to alternative measures to secure cash. While it is too early to determine the full impact of these developments, they underscore the fragility of the existing financial system and the need for policymakers to address the underlying issues driving this shift.

The Looming Debt Servicing Crisis: A Troubling Divergence in the US Economy

The US economy has presented a puzzling divergence in recent months, leaving economic “experts” perplexed. Despite a tightening of credit standards following the March bank crisis and a surge in interest rates on credit cards, revolving consumer credit has skyrocketed. This raises questions about consumer behavior and their willingness to continue spending despite mounting debt burdens. Veteran traders at Goldman Sachs are also grappling with this contradiction, as economic indicators point to harder days ahead. However, the answer may lie in the fact that while credit supply remains abundant, the real problem lies in the servicing of debt.

The Credit vs. Debt Servicing Challenge

Nominal revolving and non-revolving credit experienced an 8.1% increase month-over-month in April. However, when deflated by CPI ex-shelter, the growth was “only” 3%. This indicates that much of the borrowing growth since 2020 can be attributed to rising prices rather than a genuine expansion of credit relative to the pre-Covid pace. The acceleration in real credit growth in late 2022 was primarily driven by a drop in energy prices, as gasoline is often purchased with credit cards.

Debt Burden and Interest Payments

While the debate continues regarding the overall risk of nominal credit usage on a stock-to-income basis, one undeniable fact is the surge in interest payments on consumer debt. Interest payments have soared, both in relation to interest earned and as a percentage of total wages, reaching levels not seen since before the 2008-2009 recession. This surge in interest payments is expected to limit economic growth as intended by the Federal Reserve’s interest rate hikes.

The Future of Financial Leverage (Revolving Credit)

Looking ahead, an important question for the economy is whether the appetite for leverage will return after a decade of deleveraging. According to one demographic measure, it appears that consumers are indeed showing an increased appetite for leverage.

While the record credit card debt load in itself may not have led to consumer overleverage, the steep rise in interest payments on credit cards poses a significant burden for consumers. This debt servicing challenge could reverse the borrowing trend that has fueled retail spending once signs of labor market weakness become sustained. As the economy navigates these challenges, policymakers and financial institutions must remain vigilant in monitoring the debt servicing problem and its potential impact on consumer spending and overall economic stability.

Source Reference List:

Google searches for “pawn shop near me” reached record highs, indicating financial distress. (Source: Google Trends)
Interest in pawn shops is nationwide, with significant interest in the Deep South. (Source: Google Trends)
Revolving consumer credit increased by 8.1% M/M SAAR in April. (Source: TS Lombard)
Interest rates on credit cards have reached the highest levels on record. (Source: TS Lombard)
Nominal credit usage poses potential risks on a stock-to-income basis. (Source: TS Lombard)
Interest payments on consumer debt are the highest since the 2008-2009 recession. (Source: TS Lombard)
Major companies like General Mills and Walgreens Boots Alliance have expressed concerns about a weakening consumer base. (Source: Bloomberg)
The Federal Reserve’s interest rate hikes aim to limit economic growth. (Source: Federal Reserve)
The surge in pawn shop searches reflects a loss of confidence in traditional financial systems. (Source: Google Trends)

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https://ai3d.blog/widening-cracks-continuing-signs-of-the-fiat-currency-debt-system-collapse/

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Iraqi News Highlights Thursday Afternoon 7-6-23

Tlm724 Administrator Bondlady’s Corner

Al-Rafidain: Collection Of Cash Deposits, Credits And Guarantees In Iraqi Dinars

Economy | 09:21 - 06/07/2023 Baghdad - Mawazine News , Al-Rafidain Bank announced, on Thursday, that cash deposits, credits, and guarantees have been collected in Iraqi dinars.

In a statement, Mawazine News received a copy of it, the bank said, "In line with government directives to deal in Iraqi dinars instead of the dollar and to strengthen its strength in the local market, Al-Rafidain Bank announces that all cash guarantees will be fulfilled in the Iraqi dinar currency exclusively for internal credits, bank guarantees and letters of guarantee issued." For the benefit of government and private beneficiaries, even if the insurance is in dollars and at the official exchange rate.

Iraqi News Highlights Thursday Afternoon 7-6-23

Tlm724 Administrator Bondlady’s Corner

Al-Rafidain: Collection Of Cash Deposits, Credits And Guarantees In Iraqi Dinars

Economy | 09:21 - 06/07/2023 Baghdad - Mawazine News , Al-Rafidain Bank announced, on Thursday, that cash deposits, credits, and guarantees have been collected in Iraqi dinars.

And he added, "Payment of the sums of the letters of guarantee upon confiscation is exclusively in the Iraqi dinar and at the official exchange rate as well." https://www.mawazin.net/Details.aspx?jimare=230729

Planning Announces A High Annual Inflation Rate During Last May

Economy | 09:44 - 06/07/2023 Baghdad - Mawazine News The Ministry of Planning announced, on Thursday, an increase in the annual inflation rate during last May.

The ministry stated, in a statement, which Mawazine News received a copy of, that "a slight decrease in the inflation rate during the month of May, by (0.2%), and the annual inflation increased by (3.4%)." Ended https://www.mawazin.net/Details.aspx?jimare=230730

Finance Defines The Requirements Of The Quality Management Standard (ISO)

Thursday 06, July 2023 | Economical Number of readings: 143 Baghdad / NINA /- The Quality Management Department of the Office of the Minister of Finance held, today, Thursday, its second meeting on defining the requirements of the quality management system standard and working on applying it to all aspects of the ministry.

The Ministry of Finance stated in a statement, "The meeting discussed several axes, the most important of which was the follow-up to the outputs of the first meeting and the recommendations emanating from it, in addition to providing a full explanation of the concept of total quality management and its relationship to international standards, as well as the basic methods for applying the standards of the specification items and the importance of applying quality as a scientific and practical method." Ministry departments, and the use of the latest methods to develop and develop human resources, as well as the creative capabilities of employees.

The statement added, "The meeting comes within the plans set by the department to keep pace with the development in this field, in line with the ministry's institutional performance standards and ways of applying them in a contemporary manner, and to establish a culture of quality in departments and formations affiliated with the ministry to raise the level of work and services provided and improve job performance."/ End To https://ninanews.com/Website/News/Details?key=1063403

Al-Rikabi: Wait For More Reform Packages

Wednesday 05 July 2023 political Number of readings: 984 Baghdad / NINA / - The media advisor to the Prime Minister, Hisham Al-Rikabi, affirmed today, Wednesday, the government's insistence on carrying out reform operations.

Al-Rikabi said in a tweet: "The prime minister's conversation yesterday with his ministerial team about continuing to work to serve the citizen and stressing the fight against corruption and the security changes that were made today, show the government's insistence on conducting reforms and comprehensive administrative cleansing of state institutions, and the basic criterion is citizen service."

He concluded by saying: "Wait for more reform packages."/ End 2

https://ninanews.com/Website/News/Details?Key=1063270

Planning Holds A Meeting To Prepare The National Development Plan For The Next Five Years

Money and business Economy News – Baghdad On Thursday, the Ministry of Planning held a meeting of the preparatory committee to prepare the national development plan for the next five years.

The ministry stated, in a statement received by "Al-Iqtisad News", that "the preparatory committee held its periodic meeting headed by the Undersecretary for Technical Affairs, Maher Hammad Johan, which comes within a series of its ongoing meetings in this regard, during which the general framework of the plan was discussed, with the heads of the sectoral teams presenting the papers that have been accomplished." sectoral support, as well as discussing the technical and advisory support provided by the United Nations Development Program for the plan and how to benefit from it.

The statement added, "The meeting discussed the programs included in the plan, including the governance program, digital transformation and systems automation, as well as the business environment reforms program for the private sector, in addition to adaptation and limiting climate change and its repercussions, as well as social protection and poverty alleviation policies, as well as improving human capital with Reducing spatial development gaps between governorates, achieving rural development, and others.

"The meeting was attended by the Undersecretary of the Ministry for Administrative Affairs, Azhar Hussein Saleh, the head of the Central Bureau of Statistics, Diaa Awad Kazem, and a number of general managers in the ministry, as well as a group of experts, academics, and representatives of the relevant departments in the ministry," the statement said. Views 33 07/06/2023 https://economy-news.net/content.php?id=35034

Iraq Ranks 30th Globally In Military Spending

Money and business Economy News _ Baghdad Iraq ranked 30th in the world in the list of military spending as a percentage of its economy, according to the (Visual Capitalist) website, which focuses on topics including markets, technology, energy and the global economy.

A report prepared by the site, followed by Al-Iqtisad News, identified three categories of military spending as a percentage of GDP, using the five-year average (2018-2022) for each country.

According to the report, military spending will be high if it is above 5% of the countries' gross domestic product, medium if it is between 2 to 5%, and low if it is less than 2%.

According to the table, 5 Arab countries out of 7 countries ranked first with the highest military spending compared to their GDP, indicating that Ukraine came at the top of these countries, as its military spending amounted to 9.46% of the GDP, followed by Saudi Arabia with 8.19%, followed by Oman with 8.11%, followed by Qatar with 5.88%, followed by Algeria with 5.70%, then Kuwait with 5.66%, and then Israel with 5.09%.

According to the table, Jordan came at the top of the middle category and ranked 8th in the world with its military spending of 4.81% of its GDP. Its gross domestic product, and Morocco ranked 15th in the world, spending 3.72% of its GDP, and Iraq ranked 30th in the world, spending 2.69% of its GDP.

He pointed out that Croatia came at the top of the countries in the low category and ranked 51 globally, with an agreement of 1.97% of its GDP.

Gross domestic product is measured by the economic performance card, as it is the total value of all final goods and services produced by any country as a comprehensive tool for measuring the production of this country.

It is calculated as follows: Gross Domestic Product = Consumer Expenditure + Government Expenditure + Total Investment + Net Exports. Views 52 07/06/2023 - https://economy-news.net/content.php?id=35024

Al-Sudani Plucks "Big Heads"... "Fundamental" Changes In State Institutions And Calls For Holding The "Corrupt" Accountable

Information / special. From time to time, a new list is issued loaded with the names of many of those who were dismissed from their position or dismissed by a decision of the Prime Minister, Muhammad Shia' al-Sudani.

Whatever the reasons for the dismissals, the result is the same, which is "change."

Surprisingly, and out of fairness and out of courtesy, the government's steps began to pick off "big heads" in the state, and this may not have been repeated in previous years, and the most important question remains: is the government really heading towards reforming what others have corrupted in the state system, or is political pressure imposing itself on positions?.

Yesterday, Tuesday, Prime Minister Muhammad Shia'a al-Sudani agreed to dismiss the Director of the Federal Office of Financial Supervision, Rafel Yassin Khudair, and to appoint a replacement for him.

Member of Parliament, Thaer al-Jubouri, chapter, reasons for dismissals in important government joints, and while he directed a request to the government regarding "corrupt" personalities, it is likely that these personalities are linked to major thefts such as the "theft of the century."

Al-Jubouri said, in an interview with Al-Maalouma Agency, that "the decisions of the Prime Minister, Muhammad Shia'a Al-Sudani, to dismiss many personalities who hold high government positions are due to many reasons."

He added, "Among these reasons is the incompetence of some personalities and spending the specified legal period of four years or more," pointing out that

"these personalities must be dismissed, to change the reality of the government institution and make it work better." The member of the House of Representatives explains,

"There are changes that may be associated with financial and administrative corruption," noting that

"some of the dismissed personalities may be linked to major financial thefts, such as the theft of the century that occurred previously."

Al-Jubouri calls on the government, "the need to hold the corrupt accountable and bring them to legal accountability, given that there is a financial misdemeanor and a waste of public money," adding,

"All thieves are required to return the Iraqis' money to the state treasury."

The Prime Minister's actions did not stop at dismissals; Rather, he made a number of changes in important security positions, including the National Security Agency, and it seems that the list has not been closed and is waiting for a new meal.

In turn, the leader in the coordination framework, Turki Al-Atbi, confirmed that the Sudanese security changes were expected 3 months ago, and they represent only the first meal.

Al-Atbi mentioned in an interview with Al-Maalouma that “the decision of the Prime Minister, Muhammad Shia’a Al-Sudani, to make changes in sensitive security positions, including the National Security and Intelligence, was not surprising. The angle in all decisions to change so far.

He points out, "There is a second list of names of leaders that will be changed soon," stressing that "the changes are intended to have 3 important goals, which are changing plans, giving a role to competencies, and distancing the security establishment from any influence or political affiliations."

Al-Atbi continues, "The Sudanese government is serious about making changes in the country's security system and all its addresses, and it is part of a fundamental and continuous reform plan according to specific paths."

Al-Sudani's continuation of the approach of change and reform of the government system, efforts that are praised by the near and the stranger,

but the exposure of this authority to political pressure and the harmony with the demands of some political blocs, may be a bump from which the government will not get out easily.

Especially since the previous governments provided actual and good experiences on this matter. https://almaalomah.me/news/politics/السوداني-يقطف-رؤوس-كبيرة-تغييرات-جوهرية-في-مؤسسات-الدولة-ومط

The Rise In Dollar Exchange Rates In The Local Markets

Economy Thursday, July 6, 2023 Baghdad / National News Center Today, Thursday, the exchange rates of the US dollar against the Iraqi dinar recorded an increase in the local markets.

As “the purchase prices reached 149,000 dinars per 100 dollars, while the selling prices reached 147,000 dinars per 100 dollars.” https://nnciraq.com/214757/

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

Bond Ladys Corner

Dinar Recaps 20 7/6/23 Dinar Recaps 20 7/6/23

Goldilocks " Current Beta Testing taking place at this time on securing the entire QFS Payment System"

Goldilocks and Seeds of Wisdom

RJ: Good morning Dinar Recaps,

Iraq has hired a Quality Control Consultant to give guidance to their banks in following the new ISO Compliance Standards.

This will keep them compliant with updated changes that may take place to tweak our new monetary system.

Iraq is truly complying with International Banking Standards that will enable them to be well-received in the global community.

Goldilocks and Seeds of Wisdom

RJ: Good morning Dinar Recaps,

Iraq has hired a Quality Control Consultant to give guidance to their banks in following the new ISO Compliance Standards.

This will keep them compliant with updated changes that may take place to tweak our new monetary system.

Iraq is truly complying with International Banking Standards that will enable them to be well-received in the global community.

https://cbi.iq/news/view/2371

This new system called Quantum Key Distribution is a protection mechanism that will enable secure cross-border International transactions in healthcare and in the financial world.

This new technology is being currently tested in the UK through HSBC. If it is successful, it will be interfaced onto the new Quantum Financial System.

I am aware that guidelines for this new International Product is expected to be completed by October, but this does not mean the incorporation of this product cannot be used before this time.

In fact, there is a strong belief that this new mechanism will be done in September completely.

© Goldilocks

【TOSHIBA】Quantum key Distribution https://youtu.be/dObejZrXYiw

https://datamatters.sidley.com/2023/06/29/sec-delays-enactment-of-cyber-rules-related-to-investment-adviser-and-public-companies-to-october-2023-updates-timeline-to-april-2024-for-recently-proposed-cybersecurity-rules/

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China has launched a new banking mechanism that will allow their Digital Yuan to be transacted in CBDCs.

This new payment tool will enable cross-border International transactions.

The service is being provided through the DBS Bank. DBS Bank Ltd. is a leading financial services group in Asia with a presence in 18 markets.

~~~~~~~~~~

Gold and silver have reached impressive leaps this past year, but they are beginning to move into a new phase of this bull rally.

The demands for gold and silver going forward will be intensified due to financial stability during crisis situations in an economic transition AND the need for technological advances that will move us forward.

We are truly moving into a Commodity Based Market whereby the Commodity Markets will be called on in ways they have never seen in history.

~~~~~~~~~~

As we have been sharing, July the 1st and moving forward would be the phase of bridging digital networks together from around the world.

This includes the tokenization of Market Assets and Banking Tokens.

There is current beta testing taking place at this time on securing the entire QFS payment system.

This beta testing of the current QFS payment system will be an all-inclusive ability to do cross-border transactions in any coin representing a country's currency going forward.

This is why you saw the XRP pegged to the IQD yesterday.

We already have an international messaging system through ISO20022 that has began.

And now, we turn our attention to Protocol 20 to complete the International Payment System on the QFS. More information on this will be coming in the near future.

~~~~~~~~~~

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https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Dinar Recaps 20 7/6/23 Dinar Recaps 20 7/6/23

"Tidbits From TNT" Thursday 7-6-2023

TNT:

Tishwash: Al-Rafidain: Collection of cash deposits, credits and guarantees in Iraqi dinars

Al-Rafidain Bank announced, today, Thursday, that cash deposits, credits, and guarantees have been collected in Iraqi dinars.

And the bank’s media stated in a statement received (Baghdad Today), that “in line with government directives to deal in Iraqi dinars instead of dollars and to enhance its strength in the local market, Al-Rafidain Bank announces that all cash guarantees will be fulfilled in the Iraqi dinar currency exclusively for internal credits, bank guarantees and letters of guarantee issued.” For the benefit of government and private beneficiaries, even if the insurance is in dollars and at the official exchange rate.

TNT:

Tishwash: Al-Rafidain: Collection of cash deposits, credits and guarantees in Iraqi dinars

Al-Rafidain Bank announced, today, Thursday, that cash deposits, credits, and guarantees have been collected in Iraqi dinars.

The bank indicated that "the payment of the sums of the letters of guarantee upon confiscation shall be exclusively in the Iraqi dinar and at the official exchange rate as well." link

Tishwash: Article 140: An expert provides solutions to the disputed areas

The legal expert, Ali Al-Tamimi, spoke on Thursday about the dispute over Article 140 of Kirkuk Governorate and other areas administered by the federal government and witnessing a dispute with the Kurdistan Region.

Al-Tamimi said, in a clarification received by Earth News, that “Article 140 of the constitution, which provides for normalization, must be activated, including the return of the deportees and compensation for those affected, as compensation was estimated at 3 billion dollars, and the census that needs to be based on records established in 1957 and according to documents, and that this be under international supervision.” ".

He also pointed out the necessity of “determining the will of the voters, and these elections are important, but the text did not specify what it means to determine the will of the voters. Is it the formation of an independent region, joining the Kurdistan region, or staying with the federal government?”

He stressed that "Parliament needs to legislate a special law in which all this is decided, because these steps were supposed to be resolved at the end of 2007, and that the administration be joint according to the last referendum until this is resolved by Parliament and the problem of the disputed areas is resolved." link

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

Harambe: Bank Indonesia Denies Reports of Rupiah Redenomination - News En.tempo.co (7/5/23)

TEMPO.CO, Jakarta - Bank Indonesia's executive director for Bank Communications, Erwin Haryono, said that the government has yet to redenominate the rupiah. Erwin's statement at the same time addressed the circulation of a video claiming to the central bank that has issued new banknotes in redenominated denominations.

When contacted by Tempo on July 5, Erwin firmly stated that the information in the video was not true.

The video, which was shared via WhatsApp groups, claims that BI has issued new banknotes that are redenominated—eliminating the last three zeros.

Erwin said that Bank Indonesia sees a redenomination as a national-scale policy. Therefore, Bank Indonesia will continue to be committed to working together with the government to set the momentum for implementation carefully.

He also explained that redenomination requires at least three prerequisites: good macroeconomic conditions, stable monetary and financial system conditions, and favorable sociopolitical conditions.

These conditions, he said, must be carefully considered both from economic, social and political aspects.

Last month, Bank Indonesia stated that it was ready to redenominate the rupiah. BI Governor Perry Warjiyo said that the central bank has made preparations for a long time, taking into account the design, stages, and steps towards this transition.

"But of course, this decision needs the right timing," he said in a press conference in June 2023.

Perry said that although Indonesia's economy is currently good and fulfills the requirements for implementing redenomination, there are still plenty of propagating effects from the weakening global economy. While Indonesia's finances are stale, the world is still shrouded in economic uncertainties. Because of that, he hopes the public can be patient waiting for the right moment.

https://en.tempo.co/read/1744839/bank-indonesia-denies-reports-of-rupiah-redenomination

Mot: . Yet another of ""Mots"" Fun Facts!! -- LOL

Mot: ..... in 3......... 2..........l

DINARRECAPS8 7/6/23 DINARRECAPS8 7/6/23

Thursday Morning Iraq Economic News Highlights 7-6-23

Parliamentary Finance Determines The Reasons For The Rise In The Dollar And Calls On The Government To Develop Solutions

A member of the Parliamentary Finance Committee attributed the continued rise in the dollar exchange rate in the “parallel” local markets to several reasons.

Ali Jabbar Moanes said in a press interview seen by “Takadam” that “the issue of high exchange rates reached its climax at the beginning of this year, and what happened in terms of a gradual decline in prices was after the decisions of the Central Bank and the government to reduce exchange rates.”

Thursday Morning Iraq Economic News Highlights 7-6-23

Parliamentary Finance Determines The Reasons For The Rise In The Dollar And Calls On The Government To Develop Solutions

A member of the Parliamentary Finance Committee attributed the continued rise in the dollar exchange rate in the “parallel” local markets to several reasons.

He added, "The reasons behind the current rise are due to the commitments of merchants and banking transactions, which constitute a great loss if the official price is relied upon."

Moanes explained that "there is stability in the exchange rates at 146,000 thousand dinars per hundred dollars, in commercial transactions, and that the main reason for the difference in prices is because of supply and demand and commercial dealings that do not allow prices to go down to the figure specified by the government."

Moanes called on “the government to seek solutions and find alternatives in controlling exchange rates, which have not been controlled.”

It is noteworthy that the local markets are witnessing a rise in the exchange rate of the dollar, as it sometimes reaches 1490 dinars per dollar, while the official price set by the state is 132 thousand dinars.

And the reason for the rise in the dollar on local prices and sales, which caused a state of increasing stagnation with the lack of construction and the scarcity of investment projects that stopped years ago, in the hope that they will be initiated after the approval of the budget law that Parliament voted on on the 12th of last June. https://takadum-news.com/archives/172256

Fears Of New Jumps In The Exchange Rate And The Decline In The Value Of The National Currency

Posted On 2023-07-06 By Sotaliraq Baghdad / Firas Adnan

The exchange rates of the dollar are still rising in the local markets, despite government measures, while observers are calling for the absorption of the national currency in the markets to preserve its value in conjunction with the imminent launch of the allocations of the budget law.

Representative Ali Jabbar Moanes says, "The central bank's tendencies contributed to controlling the exchange rate of the dollar after it reached its peak at the beginning of this year."

Moanes continued, "The commitments of merchants and banking transactions are among the main reasons for the current rise in the dollar's exchange rate in the parallel market."

He pointed out, "The prices in the market, although they are higher than the official price, are witnessing a kind of stability at 1460 dinars per dollar."

However, Moanes called on the government to "make more efforts to bring the price in the market close to the official price approved by the budget at 1,300 dinars per dollar."

For his part, economic academic Safwan Qusai said, "The Ministry of Finance's survival on the same policies will help the depreciation of the Iraqi dinar."

Qusai continued, "The dinar that will be released by the ministries after the implementation of the budget law is higher than the previous spending."

He pointed out, "Iraq is an importing country, and the increase in pumping the dinar into the markets will contribute to increasing the demand for the dollar, whether through the window of selling the currency to meet the consumables or through the parallel market."

And Qusay demanded, "To work within the detection of cash flows, by observing the path of the Iraqi dinar, where it comes from and where it goes."

And he noted, "This is happening through an effective electronic collection system at the level of all government units."

Qusai believes that “pumping the dinar without absorbing it will help in rising inflation and increasing the price of the dollar in the parallel market.”

And he stressed, “the need to link border crossings, customs, and the spread of technological systems at the level of all government institutions in order for us to have a policy in financing and re-acquiring the dinar at the level of some federal ministries that can obtain it again.”

And he stated, “The World Bank referred in its recommendations to a set of observations that are not related to the central bank, but are linked to financial and economic policy.”

Qusai noted, "The recommendations included asking the government to reduce the number of workers in public sector institutions and to increase the level of collection and its activation."

And he believed that "it is not reasonable for Iraq to spend no less than 109 trillion on salaries and compensation for workers, while the recovery is 17 trillion dinars."

Qusai stressed that this “difference will go into the pockets of the corrupt and the import, and therefore we need a process of integration between the economies of the provinces and reduce dependence on exports.”

And he stressed the importance of “activating the role of industry and agriculture to return the Iraqi dinar to the Ministry of Finance, which is the guarantor of ensuring the stability of the exchange rate according to what is officially established by the government.”

Qusai continued, "The Ministry of Finance has a set of solutions, such as selling part of its property in Iraqi dinars to state departments and not to other parties in order to ensure that the national currency is returned to the public treasury."

Qusai went on to say that “the injection of money without a recovery process, means that we are facing an increase in inflation rates, with the exacerbation of the waste of public money with the rise in the price of the dollar in the parallel market.”

For his part, economic specialist Abd al-Rahman al-Sheikhly described, “the variables of the exchange rate of the dollar in the parallel market as a game of cat and mouse.”

Al-Sheikhly continued, that as for "Iraq's continued dependence on oil rents as it is now, the turmoil in the exchange rate will continue."

He agrees with Qusai, with “the need to look for other sources to finance the budget and reduce dependence on foreign imports, by activating the industrial and agricultural sectors.”

Al-Sheikhly concluded, "Iraq has fully developed a consumption budget based on the operational side, and this helps demand the dollar and its high prices in the market."

It is noteworthy that the exchange rate witnessed an unprecedented rise since the end of last year, in conjunction with the launch of the electronic platform that requires private banks to participate in it in exchange for obtaining their share in the currency auction, and the refusal of some of those banks to participate in the platform led to a deficit in dollar sales in Markets in conjunction with increased demand. LINK

A Request To Investigate The Distortion Of The Budget .. Parliament Will Resume Its Sessions Next Week

Posted On 2023-07-06 By Sotaliraq It is hoped that the parliament's legislative recess will end next week, so that it can resume its sessions, while one of the deputies submitted a request to the Public Prosecution in order to investigate what he considered a distortion in the budget law and to make an addition to one of its items contrary to what was voted on.

Representative of the State of Law Coalition, Firas Al-Maslamawi, said in a press statement that the legislative recess for the House of Representatives began after the approval of the Iraqi state's general budget law, and ends on the 13th of July.

He added: It is expected that the House of Representatives will resume its sessions at the end of next week, and there is no legal problem or violation of the rules of procedure regarding the convening of the new legislative term days after the end of the legislative recess.

And the House of Representatives voted on the dawn of Monday, the twelfth of June, on the general federal budget law “with three years 2023, 2024, 2025” for the Iraqi state, after discussions inside the dome of Parliament that lasted for five days.

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

In addition, a document by Representative Jabbar Al-Kinani showed that he had addressed “the Public Prosecution according to the oversight purposes stipulated in Article (61/Second) of the Constitution and Article (15) of Law (15) of the House of Representatives Law and its formations No. (13) of 2018 and the Law of the Apparatus Public Prosecution No. (11) of 2017.

Al-Kinani spoke in the document about what he called "some of the violations that were monitored in the Federal Budget Law No. (13) for the year 2023."

And he continued, “After the Federal Budget Law No. (13) for the year 2023 was ratified and published in the Official Gazette, it became clear that there were manipulations and additions within the attached tables that were not present during the vote on some articles under the dome of Parliament.”

Al-Kinani indicated that “table (f) paragraph (15), point (5), page number (73), which includes (completing the contract with the annex of lecturers and administrators according to Resolution (315) in Diwaniyah. Anbar – Basra – Diyala.”

He pointed out that “Article (67/Second) voted on included only three provinces (Diwaniyah – Basra – Anbar).”

Al-Kinani confirmed, “The attache of the lecturers and administrators of Diyala Governorate did not vote on it, but rather it was inserted into the tables illegally, and after the voting was completed.”

Al-Kinani called for “taking legal measures regarding the investigation of these violations and crimes related to adding some categories and requesting a complaint against anyone whom the investigation finds guilty.”

The government had previously submitted an appeal against 12 articles of the budget, and requested the Federal Supreme Court to issue a state order to stop the implementation of these articles until the lawsuit filed by it is resolved. LINK
A List Of Dollar Exchange Rates In Baghdad And The Provinces

Economy |Baghdad today – Baghdad Today, Thursday, the exchange rates of the dollar against the Iraqi dinar witnessed stability in the local exchanges in the capital, Baghdad, and in the provinces.

According to the monitoring of the currency exchange market variables in the capital, Baghdad, and the country’s governorates, the prices were:

In Baghdad: The purchase price of the dollar is 149,000 per 100 dollars

The selling price of the dollar is 147,000 per 100 dollars

In the north: The purchase price of the dollar is 148,750 per 100 dollars

The selling price of the dollar is 146,750 per 100 dollars

In the south: The purchase price of the dollar is 149,000 per 100 dollars

The selling price of the dollar is 147,000 per 100 dollars

LINK

It has turned into hotbeds of corruption and the introduction of contraband... Will Baghdad impose its prestige on the outlets of the Kurdistan region?

private files |Baghdad today-Kurdistan

Attention is drawn to the outlets and crossings of the Kurdistan region, and whether they will be under the aspirations of the federal government in Baghdad, after the latter succeeded in winning an international invitation that included stopping the region’s export of oil alone through the Turkish port of Ceyhan, and what is the possibility that Baghdad will succeed in bringing those border points under its control, as happened with oil?

During the last period, many Iraqi parliamentarians and political figures accused the outlets of Kurdistan of not being subject to the supervision of the federal government, in addition to the practice of "some" smuggling operations and the introduction of prohibited materials, and they demanded several times to make them under the control of Baghdad.

Prestige of the state

Earlier in the day, the Border Ports Authority revealed the existence of 11 ports in the Kurdistan region, 6 of which are officially recognized by the authorities in Baghdad, and 5 others are unofficial, indicating that there is a plan to link the ports of Kurdistan with the ports of the federal government as soon as possible.

The director of the Iraqi Border Crossings Authority, Omar Al-Waeli, said in previous press statements: "The government has a tendency to impose the state's prestige on the region's outlets that are not subject to its control," noting that "the region has 5 border outlets that are not officially recognized by the federal government in Baghdad."

He pointed out that "the governments of Baghdad and Erbil will soon move on the outlets of Kurdistan," noting that "this will be done after completing control of the other outlets that fall within the responsibility of the federal government."

Number of official outlets

And the Director General of Kurdistan Customs, Samal Abdul Rahman, revealed in an interview with "Baghdad Today" that "there are 8 official border crossings in the region that are registered with the Iraqi government," and he adds: "Our direct link is with the Ministry of Finance in the regional government, and the revenues go to the mentioned ministry."

He says, "We have full commitment to the decisions issued by the federal government and its various ministries, regarding preventing the import of certain materials. As for managing the ports or handing them over to Baghdad, we have not received any new directives in this regard, and this matter is within the jurisdiction of the regional government."

Recently, the Iraqi parliament voted on the share of the Kurdistan region in the general budget for the next three years, while it was agreed to hand over the region's oil in full and place it under the supervision of the National Oil Company "SOMO".

Big corruption file

The former Kurdish deputy in the Iraqi parliament, Sarkot Shams al-Din, confirms that the border crossings in the region are a large file of corruption, exceeding what is in the oil and gas file.

He added in his interview with "Baghdad Today" that "the border crossings in the region are not subject to the authority of the Kurdistan government, but rather to the ruling parties. The ports located in Erbil and Dohuk are managed by the Kurdistan Democratic Party, and the ports located in the governorates of Sulaymaniyah and Halabja are managed by the Patriotic Union of Kurdistan, and the revenues The money goes to the two ruling parties.

He pointed out that "the federal government is required to impose its control over the border crossings, as it did with the oil file, and to end corruption and large thefts carried out by the ruling power parties in the region."

Revenue sharing

On the other hand, economic expert Bahgat Ahmed acknowledges that "Baghdad cannot fully impose its control over the border crossings in the region."

Ahmed explained in his interview with "Baghdad Today", that "the Iraqi constitution recognized that the management of border crossings in Kurdistan is through the regional government, and any directives or instructions from the federal government are through the Kurdistan government."

He explained that "with regard to the quantum revenues, it will be shared, at a rate of 50% to the federal government, and 50% to the regional government, according to the financial budget law." LINK

Dinar Recaps 20 7/5/23 Dinar Recaps 20 7/5/23

KTFA Members "News and Views" Wednesday 7-5-2023

KTFA:

Clare: An Iraqi proposal to deal in dinars instead of dollars with Iran

7/05/2023 Baghdad

The commercial adviser to the Iranian embassy in Iraq, Abd al-Amir Rabihawi, stated that the pressures of the US treasury prevent the Iraqi side from using its official currency to transfer money to Iran, forcing it to use the free market currency, which differs by 10% from the official currency and harms Iranian merchants.

According to the Jahan Sanat News website, Rabihawi said, at the meeting of the Iranian-Iraqi Joint Chamber, that "trade with Iraq is traditionally possible so that money is exchanged with this country through exchange offices or cash."

KTFA:

Clare: An Iraqi proposal to deal in dinars instead of dollars with Iran

7/05/2023 Baghdad

Referring to the number of decision-making centers in Iraq and Iran, he explained: "We have Iraqi offices in most ministries in Iran that make decisions on their own, and this is what led to a lack of centralization in decision-making in Iran and it has become a peninsula, which causes contradictory steps to be taken."

Rebihawi believes that Iraq is the best country for investment and export of goods in the region, stressing the importance of using this country for re-export, or benefiting from the advantage of transit through Iraqi territory to Europe or North Africa.

The Iranian trade advisor in Iraq stated that the central bank in this country distributes daily no less than 250 million dollars to the country's banks, and said: "The pressures of the American treasury prevent the Iraqi side from using its official currency to transfer funds to Iran, which forces it to use the market currency." The free currency, which differs by 10% from the official currency and harms Iranian merchants.

The Iranian official added, "Iraq suggested that all our financial dealings in Iraq be in dinars, even Turkish shops buy and sell in dinars in this country. Given the sanctions, this issue is in Iran's favor."

And he added, "Based on that, we offered the Central Bank of Iran that Iranian businessmen and merchants trade in dinars instead of dollars."

Rabihawi confirmed that Iran is using its frozen funds in Iraq to buy 7 non-sanctioned commodities, in addition to industrial equipment, medicines and foodstuffs.

He continued, "Iranian merchants must convince the Iraqis that the goods Iran exports to Iraq are non-sanctioned," declaring that the country exports 4,500 goods to Iraq that cover about 10% of its needs.

He added, "We must be frank with the Iraqis so that they realize that the issue of the price is very important to us regarding commercial exchanges with it, so that they return to us a difference of 10% of the price of the official and free currency."

Rabihawi stated that since the beginning of the arrival of tourists with the aim of treatment to Iran, brokers began to exploit this point and plunder money by increasing the cost of treatment several times, and he said: "It is true that medical tourism has become popular and has a noticeable demand by Iraqis, but it is subject to the control of merchants and brokers in Iraq There is a disagreement between the Ministry of Health and Tourism on the need to solve these problems.

In conclusion, he added that it was decided to establish 5 industrial cities on the Iranian-Iraqi border.

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 there are problems 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 of Iraq.

He said, "The Ministry of Electricity has paid all dues owed by Iraq to Iran, which are dues for importing gas from it."

He added, "The dues were paid to the Iraqi Trade Bank in the Credit Fund, but the bank is finding difficulties in transferring them to the Iranian government because of the US sanctions." LINK

~~~~~~~~~~~~~

Suzie: I would expect that "Eddie" and the citizens are about at the "riot" point after the big NOTHING burger served to them so far, I'd like to know if they've stopped using the American dollar how are they making change and doing business if the ATM's aren't up and running yet and if the HCL is in the budget and settled I would imagine they're anxious to start getting their money since they now have it legally coming to them. Maybe JP Morgan knows something since they're in-country setting up to do international business.....maybe the 2nd. set of books, I dunno, just mulling over what could be holding this up since everything's done, just MY opinion only, pondering....... hope everyone had a great4th of July, wish we would have had better fireworks!

TrevorL: For the Iraqi government to just mandate that you can only use Dinars instead of Dollars will never work without proper motivation $$$. Until the Iraqi Government ( CBI) change the dinar to a 1 to 1 or better there is absolutely no motivation for the people or the merchants to use the Dinars. Do you blame them!!! We have to trust and believe in the information we receive here at KTFA. For me, I keep hearing the words from Sudani, "hold your dinar they will be worth more than the dollar soon". This whole thing is way above my personal pay grade so I/we are forced to just continue to wait this out. Hopefully we will wake up one morning soon to sounds of $$$ in our ears.

Clare: The Ministry of Interior: legal penalties against 50 companies that did not commit to selling in dinars

7/05/2023 Baghdad

The Ministry of the Interior confirmed, on Wednesday, the implementation of arrests and legal penalties against 50 companies and commercial entities that did not commit to buying and selling in Iraqi dinars, while indicating that more than 11,000 pledges were taken to abide by the law and deal only in dinars.

Brigadier General Hussein Al-Tamimi, Director of the Organized Crime Operations Department at the Ministry of Interior, said, "There is a great commitment by companies, shops, and car showrooms to the campaign to support the dinar and stop selling in dollars. Citizens have seen this in their daily dealings."

He added, "The campaign started with taking 11,785 pledges not to sell in dollars and to commit to selling in dinars, then it was followed by a second stage at the beginning of last June to follow up on those who did not comply with the pledges and hold them accountable. They were arrested and referred to the judiciary in accordance with Articles 306 and 240 of the Iraqi Penal Code No. 111."

And he continued, "The number of those arrested has reached 50 violating companies in Baghdad and the provinces, and they are currently under investigation, and our inspection campaigns are carried out through employees in civilian clothes, as well as by receiving complaints from citizens, as we have received cases about residential complexes setting a price in dollars, as well as renting units in dollars, and they were dealt with according to the law." ".

LINK

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

Clare: The Republic of Iraq joined the Egmont Group of Financial Intelligence Units

July 05, 2023

The efforts exerted by the Republic of Iraq and under the direct supervision of the honorable Prime Minister, the honorable President of the Supreme Judicial Council, and the honorable Governor of the Central Bank culminated in the acceptance of the membership of the Office of Combating Money Laundering and Terrorist Financing in the (EGMONT) group concerned with the exchange of information between the Financial Intelligence Units for combating money laundering Funds and financing of terrorism, since with the accession of the Republic of Iraq, the number of member states has reached 170.

Where the member states voted during the general meeting of Group No. (29) on the accession of Iraq, which was attended by the Director General of the Office of Combating Money Laundering and Terrorism Financing in the United Arab Emirates / Abu Dhabi on July 5 / 2023

The approval came after the request submitted by Iraq earlier, as a result of which the legislative and operational structure in which the office operates was studied and a field visit was conducted. The report of the field visit to the Republic of Iraq that was carried out by representatives of the sponsoring countries was discussed during the meeting of the Working Group on Membership, Support and Commitment MSCWG held In Senegal on 31/1/2023, which recommended the adoption of the report.

It is worth noting that the Egmont Group provides support to its member countries through:

Enhancing secure communication between financial investigation units, and securing communication between them through the application of modern technology through the secure Egmont website (ESW).

Expanding the scope of international cooperation in the field of exchanging information related to combating money laundering, terrorist financing and predicate offences.

Activating the role of the financial investigation units by providing training and promoting exchange between individuals to improve the expertise and capabilities of the employees of the financial investigation units.

Enhancing coordination and operational support among member FIUs of the Egmont Group.

Enhancing the independence of financial investigation units.

Encouraging the establishment of financial investigation units in cooperation with countries that already have a national system to combat money laundering and terrorist financing, or whose national system to combat money laundering and terrorist financing is in the process of development.

https://cbi.iq/news/view/2369

Dinar Recaps 20 7/5/23 Dinar Recaps 20 7/5/23

Zimdollar remains the sole legal tender - Bulawayo24 News (7/5/23)

TNT:

Harambe: Zimdollar remains the sole legal tender - Bulawayo24 News (7/5/23)

THE Government has reiterated that the Zimbabwe dollar remains the sole legal tender and nothing can be billed exclusively in foreign currency without special exemption.

This follows the continuous blatant disrespect for this directive on the part of several local authorities, Government departments, agencies and other organisations, which are either issuing notices to the contrary or keep charging for services only in United States dollars.

Harare City Council attempted to switch to US dollar rates collection last week but the Government shot down the illegal attempt a day later, making it clear that the Zimbabwe dollar was the only legal currency and that billing for services in foreign currency could only be done if provided for by law.

TNT:

Harambe: Zimdollar remains the sole legal tender - Bulawayo24 News (7/5/23)

In a statement yesterday, the Ministry of Finance and Economic Development said charging exclusively in foreign currency was not only in contravention of the law, but also militated against Government policy.

"On May 29, 2023, Government directed that all Government agencies including local authorities should collect fees and levies in local currency in order to promote the wider use of domestic currency.

"However, Government notes with concern the outright disregard of this directive by certain local authorities and Government agencies who either have gone ahead to issue notices to the contrary or continue charging services exclusively in United States dollars. The City of Harare is one such case in point," reads the statement.

The ministry also reminded all Government agencies and local authorities to comply with the Government directive with immediate effect.

"For the avoidance of doubt, transactions that are excluded from the scope of domestic transactions are clearly stated in the Exchange Control (Exclusive Use of Zimbabwe Dollar for Domestic Transactions) Regulations, 2019 published in Statutory Instrument (SI) 212 of 2019 and these do not include billing of rates by local authorities and charging of services by Government agencies.

"Government remains committed to the broad use of local currency for domestic transactions which started in 2019 when Government adopted the use of the Zimbabwe dollar."

According to SI 85 of 2020, persons with free funds cannot be compelled to pay in foreign currency. The ministry also cited several legal instruments that were promulgated by the Government to facilitate the re-introduction of the Zimbabwe dollar including Statutory Instrument 142 of 2019, which effectively ended the multi-currency system and determined the "Zimbabwe dollar" as the sole legal trading currency in the country.

"This made the ZWL the sole legal tender for all settlements in Zimbabwe and any billing for services in foreign currencies can only be done if provided for by the law or if exempted in terms of the Exchange Control Regulations.''

A few weeks ago, Government announced additional measures to encourage the use of the local dollar as opposed to the US dollar, in a bid to boost the local unit and tame rising consumer inflation.

The measures include a directive that all Government departments collect fees in local currency, the introduction of a 1 percent tax on all foreign payments and that all customs duty be payable in local currency, with the exception of designated or luxury goods and where an importer opts to pay in foreign currency.

Resultantly, the Zimbabwe dollar has been gaining against the US dollar and yesterday, it firmed again by another 7 percent on the wholesale auction for banks stocking up on foreign currency, and the much smaller auction for large direct importers, with the weighted average now $5 395,9619 to US$1.

This has brought the total gain in the value of the Zimbabwe dollar to 22 percent since the local currency bottomed out in value.

Under the National Development Strategy 1, Government has made considerable progress in fostering macroeconomic stability by implementing a broad range of fiscal and monetary stabilisation measures.

Of late, there has been notable stability in the economy, the exchange rate and general prices of goods and services.

https://bulawayo24.com/index-id-news-sc-local-byo-232836.html

DINARRECAPS8 7/5/23 DINARRECAPS8 7/5/23

Iraqi News Highlights Wednesday Afternoon 7-5-23

Tlm724 Administrator Bondlady’s Corner

The Ministry Of Interior: Legal Penalties Against 50 Companies That Did Not Commit To Selling In Dinars

05/07/2023 Baghdad - Mawazine News Today, Wednesday, the Ministry of Interior confirmed the implementation of arrests and legal penalties against 50 companies and commercial entities that did not commit to buying and selling in Iraqi dinars, while indicating that more than 11 thousand pledges were taken to abide by the law and deal only in dinars.

Iraqi News Highlights Wednesday Afternoon 7-5-23

Tlm724 Administrator Bondlady’s Corner

The Ministry Of Interior: Legal Penalties Against 50 Companies That Did Not Commit To Selling In Dinars

Brigadier General Hussein Al-Tamimi, Director of the Organized Crime Operations Department at the Ministry of Interior, told the official agency, followed by Mawazine News, that "there is a great commitment by companies, shops and car showrooms to the campaign to support the dinar and stop selling in dollars, and citizens have seen this in their daily dealings."

He added, "The campaign began with taking 11,785 pledges not to sell in dollars and to commit to selling in dinars, then it was followed by a second stage at the beginning of last June to follow up on those who did not abide by the commitments and hold them accountable. They were arrested and referred to the judiciary in accordance with Articles 306 and 240 of the Iraqi Penal Code No. 111."

And he continued, "The number of those arrested has reached 50 violating companies in Baghdad and the provinces, and they are currently under investigation, and our inspection campaigns are carried out through employees in civilian clothes, as well as by receiving complaints from citizens, as we have received cases of residential complexes setting a price in dollars, as well as renting units in dollars, and they were dealt with according to the law." https://www.mawazin.net/Details.aspx?jimare=230692

Central Bank Foreign Currency Sales Amounted To More Than 272 Million Dollars.

Economy News – Baghdad On Wednesday, the central bank’s sales of foreign remittances, for the third consecutive day, amounted to more than $200 million.

A statement of the Central Bank, followed by "Al-Iqtisad News", stated that "the Central Bank sold today, during its auction for the sale and purchase of US dollars, 230 million, 602 thousand and 675 dollars, which the bank covered at a basic exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, at a price of 1310 dinars per dollar." Dollars for foreign transfers at the same price in cash.

The statement added, "Most of the dollar sales went to boost balances abroad in the form of (remittances, credits) at a rate of 209 million, 302 thousand and 675 dollars, while the rest of 23 million and 300 thousand dollars went in the form of cash sales."

Views 57 07/05/2023 https://economy-news.net/content.php?id=35016

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

Wednesday 05 July 2023 | Economical Number of readings: 417 Baghdad / NINA / - The exchange rate of the dollar against the dinar recorded an increase on the local stock exchange today, Wednesday.

The selling price of the dollar reached 148,750 dinars per hundred dollars, while the purchase price reached 147,750 dinars per 100 dollars. https://ninanews.com/Website/News/Details?key=1063129

The Securities Commission Launches Its Own Strategy During The Current Month

Money and business Economy News – Baghdad The Iraqi Securities Commission announced, on Wednesday, its intention to launch its own strategy during the current month, while identifying three main features of the strategy.

The head of the authority, Faisal Al-Haimus, told the Iraqi News Agency (INA), and followed it up with "Al-Iqtisad News", that "the volume of trading and business that took place in the first half of the current world is good, but it remains below the level of ambition," indicating: "We are working to increase the activity of the Iraqi market for securities." By supporting him with the tools and mechanisms he needs, according to the government program of Prime Minister Muhammad Shia al-Sudani.

He added, "The Authority is in the process of launching a joint strategy for the market and the Securities Commission during the current month, which will bring solutions to some existing problems, including non-disclosure of the data of companies not listed in the market that trade on the secondary platform, and resolving the issue of the Securities Commission law and sending it to the State Council after the last agreement."

With the market, in addition to the issue of automation and combating the financing of terrorism and money laundering,” pointing out, “This is compatible with the government program and will help us advance the reality of the Iraqi market for securities.”

Views 72 07/05/2023 https://economy-news.net/content.php?id=35017

Iraq Joins The Egmont Group Of Financial Intelligence Units

Iraq Wednesday, July 5, 2023 Baghdad / The National News Center The Supreme Judicial Council announced, today, Wednesday, that Iraq has joined the Egmont Group of Financial Investigation Units.

A statement by the council, received by the National News Center, stated that “the efforts made by the competent courts and the Office of Combating Money Laundering and Terrorist Financing culminated in Iraq winning the membership of the EGMONT group concerned with the exchange of information between the financial investigation units related to combating money laundering and terrorist financing.”

And the statement stated, “The member states voted during the general meeting of Group No. (29) in the United Arab Emirates, today, Wednesday, to join Iraq, in the presence of the Deputy Chief of the Court of Appeal of Baghdad / Karkh, Judge Dia Jaafar and the Director General of the Office of Combating Money Laundering and Terrorism Financing.” Nizar Nasser Hussein.

He continued, "The approval came after the request submitted by Iraq earlier, and as a result, the legislative and operational structure in which the Supreme Judicial Council operates, the Office of Combating Laundering and Terrorist Financing, and other concerned authorities were studied, and a field visit was conducted."

The statement noted, "With the accession of the Republic of Iraq, the number of member states has reached 170."

It is worth noting that the Egmont Group provides support to member states by enhancing secure communication between financial investigation units, and securing communication between them through the application of modern technology through the secure Egmont site ESW, which helps in exchanging information with all 170 member states, which helps in Tracking the money of criminals and those under investigation directly and safely, which provides judges with investigative tools that help in detecting crimes and recovering money and criminals. https://nnciraq.com/214690/

An Iraqi Proposal To Deal In Dinars Instead Of Dollars With Iran

Money and business Economy News _ Baghdad The commercial adviser to the Iranian embassy in Iraq, Abd al-Amir Rabihawi, stated that the pressures of the US treasury prevent the Iraqi side from using its official currency to transfer money to Iran, forcing it to use the free market currency, which differs by 10% from the official currency and harms Iranian merchants.

The Iranian official added, "Iraq suggested that all our financial dealings in Iraq be in dinars, even Turkish shops buy and sell in dinars in this country. Given the sanctions, this issue is in Iran's favor."

And he added, "Based on that, we offered the Central Bank of Iran that Iranian businessmen and merchants trade in dinars instead of dollars."

Rabihawi confirmed that Iran is using its frozen funds in Iraq to buy 7 non-sanctioned commodities, in addition to industrial equipment, medicines and foodstuffs.

In conclusion, he added that it was decided to establish 5 industrial cities on the Iranian-Iraqi border.

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

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 of Iraq.

He said, "The Ministry of Electricity has paid all dues owed by Iraq to Iran, which are dues for importing gas from it."

He added, "The dues were paid to the Iraqi Trade Bank in the Credit Fund, but the bank is finding difficulties in transferring them to the Iranian government because of the US sanctions."

Views 134 07/05/2023 - https://economy-news.net/content.php?id=35012

Organized Crime Reveals New Secrets About The Dollar Trade.. "There Are Detainees"

Economy |Yesterday, 22:35 |Baghdad today – Baghdad The Director of Organized Crime Operations at the Ministry of Interior, Brigadier General Hussein Al-Tamimi, revealed new secrets related to the trade of foreign currency (the dollar) in the local (parallel) markets.

Al-Tamimi said in a televised statement this evening,

"50 companies in the provinces and Baghdad were seized in violation of the Central Bank of Iraq's regulations in selling dollars and foreign currency, and legal measures were taken against them."

He added, "We also caught the owners of malls and residential complexes who charge rents from their occupants in dollars, and they were held accountable according to the law."

Al-Tamimi predicted that "the dollar's exchange rate will decline after accounting for persons trading in currency outside the electronic system of the Central Bank."

https://baghdadtoday.news/225443-الجريمة-المنظمة-تكشف-خفايا-جديدة-عن-تجارة-الدولار.-هناك-معتقلون.html

Minister Of Oil: The Government Is Supportive Of Increasing Investment Projects In The Oil Sector

Economy | 05:33 - 05/07/2023 Baghdad - Mawazine News, Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani confirmed today, Wednesday, the government's keenness to cooperate and contract with international companies to invest in developing the oil industry and investing in associated gas.

The Ministry of Oil stated in a statement, a copy of which was received by Mawazine News, that "Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani, during his participation in the work of the eighth edition of the OPEC International Forum, which is being held in the historic Hofburg Palace in the Austrian capital, Vienna, under the title "Towards a sustainable and comprehensive energy transition," he stressed the government's keenness to include in the ministerial curriculum plans to develop the oil sector, and to increase and expand the area ofcooperation and contracting with international companies to invest in developing the oil industry, investing in associated and free gas, and reducing emissions.

Abdul-Ghani added, "The ministry launched the fifth and sixth licensing rounds, which include the development of a number of exploration fields and sites with hydrocarbon oil and gas compositions, and invited international companies to participate in investment, development and production operations."

The minister pointed out the importance of concluding the contract with Total, which is considered one of the strategic projects in the oil sector, which includes gas investment projects and increased oil production, in addition to transporting sea water to oil fields, and establishing a station to generate electricity from solar energy, indicating that the size of Investments in these projects amount to more than $27 billion.

He continued, "The government is supportive of plans to increase projects and the area of clean energy investment, according to a strategic vision by concluding contracts with international companies specialized in this field, to increase the production of clean energy," stressing that "fossil energy cannot be dispensed with because of its importance in meeting the requirements of service sectors." and basic needs of the countries of the world," noting "the need to use advanced technology to reduce environmental damage and emissions."

The Minister of Oil concluded his speech by referring to "Iraq's success in hosting the OPEC celebration in Baghdad on the occasion of the 63rd anniversary of the founding of OPEC in Baghdad in 1960, and the distinguished participation of the oil and energy ministers of the Organization's countries, in addition to the participating delegations, which emphasized the importance and role of Iraq in OPEC."

For his part, spokesman for the Ministry of Oil, Assem Jihad, said, "The conference will discuss a wide range of energy issues, including the future of energy in the world, oil investments, market stability, energy security, technology and innovation, as well as discussing ways to reach a safe and stable international oil market through strengthening cooperation and dialogue." all over the world".

Jihad added, "This conference precedes the meetings of the oil and energy ministers of the oil-exporting countries, OPEC and OPEC Plus, to discuss developments in the oil market and measures that can be taken to achieve more stability and balance in the oil market."

And "Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani arrived in Vienna, yesterday, Tuesday, to participate in the work of the OPEC Energy Forum and the OPEC and OPEC Plus meetings." Ended 29 / M99 https://www.mawazin.net/Details.aspx?jimare=230696

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

Bond Ladys Corner

Dinar Recaps 20 7/5/23 Dinar Recaps 20 7/5/23

Goldilocks "In the end, Gold is the Checkmate and the BRICS Nations are holding all of the cards" 7-5-2023

Goldilocks and Seeds of Wisdom

RJ: Good morning Dinar Recaps,

Okay folks, I had some time to do some writing and thinking yesterday since the markets were closed.

What I am about to share with you will take a little time to read, but if you stay with it and understand it you will be glad you did.

The resources for everything that was said in this writing goes along with this story. 👇

Goldilocks and Seeds of Wisdom

RJ: Good morning Dinar Recaps,

Okay folks, I had some time to do some writing and thinking yesterday since the markets were closed.

Normally, the price of oil goes up when oil production is reduced. Saudi Arabia has been taking the brunt of this in their decision to cut oil production earlier this year, and they will be joined with Russia in August.

Yet, the price of oil has not gone up significantly. Part of the reason for this has to do with inflation continuing to go up along with the increase in interest rates.

The top oil-producing countries are Saudi Arabia, Russia, the United States, Iran, and China.

If we see more countries getting involved with an attempt to raise the price of oil through production reduction and the US continues to raise interest rates to battle inflation, this will have a significant impact on transportation issues along with employment reductions.

Do you see what is happening? We are in a Global Currency War, and it is about to heat up with Russia joining Saudi Arabia and reducing oil production in August.

It is important to note that America has currently shifted towards Canada and Latin America for oil supplies. We have yet to open our own pipelines to bring in more oil from our own resources in America.

The heavy cost in all of these strategic global moves on oil affects the people. At some point, there will be a breaking point in the overall economy as these chess moves take us closer to a checkmate.

The rise and fall of gold and oil usually go in tandem with one another, but inflation is complicating this issue.

In the end, gold is the checkmate and the BRICS Nations are holding all of the cards with their up-and-coming gold-backed trading currency coming into play next month.

While attention has gone toward the battle between Russia and Ukraine, we have been fighting a global war behind the scenes that makes that one look like child's play.

All wars lead to peace agreements, and this one is no different. In the end, the Global Currency Reset on everything will bring our countries together to sign an International Treaty Agreement that will be inked in gold.

All roads lead to gold, and gold will set us free.

But wait, this story isn't over just yet.

"Silver price manipulation dates back to 1979 to 1980 when oil baron brothers William and Nelson Hunt reportedly bought upwards of 35 million ounces of silver worth at least US$1 billion. The Hunts were buying both physical silver and silver futures and were taking physical delivery on futures contracts instead of settling for cash. Their actions ultimately sent the white metal’s price soaring to nearly US$50 per ounce, still its highest price to date.

However, their scheme ultimately ended in disaster: On March 27, 1980, they missed a margin call, and the silver price plunged to US$11 in an event forever known as “Silver Thursday.”'

Since that time, It is believed the banks have been manipulating the price of silver by shorting the market and collecting its profits.

In the event of a dollar collapse, silver is not tied to the price of the dollar like gold is, and its ability to roam to higher values has no limit.

You could say, this shiny white metal is the silver lining in our story for it's potential to create a world of abundance from the ashes of a certain global catastrophe makes this asset as good as gold.

And, this is just the beginning of the story for silver. Silver's potential to provide a good conductor metal resource for the new technological age will make it unstoppable. We will save that one to be written in stories yet to be told.

So there you have it, an oil, gold, and silver reset giving our world fundamental values in these three assets needing to be recorded on the US Debt Clock.

Once we have fundamental values for the new digital economy going forward, we will have a ground zero and a place to start inside a new world whereby the limits placed on our society at that time will only be the ones we place on ourselves.

SILVER Investing News

https://investingnews.com/daily/resource-investing/precious-metals-investing/silver-investing/silver-price-manipulation-fact-or-fantasy/

Saudi Arabia and Russia to Extend Oil Cuts

https://www.nytimes.com/2023/07/03/business/saudi-arabia-russia-oil-cuts.html

How Oil Could Influence Gold Prices in 2023

https://www.blanchardgold.com/market-news/how-oil-could-influence-gold-prices-in-2023/#:~:text=Gold%20is%20an%20example%20of,both%20assets%20share%20this%20characteristic.

What Is the Relationship Between Oil Prices and Inflation?

https://www.investopedia.com/ask/answers/06/oilpricesinflation.asp#:~:text=higher%20inflation%20tends%20to%20lead,could%20decline%20as%20a%20result.

Where Does America Get Oil? You May Be Surprised

https://www.npr.org/2012/04/11/150444802/where-does-america-get-oil-you-may-be-surprised#:~:text=But%20the%20global%20oil%20market,from%20Canada%20and%20Latin%20America.

US Energy Information Administration

https://www.eia.gov/tools/faqs/faq.php?id=709&t=6

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Global regulatory developments are literally reshaping the crypto world
https://cryptoslate.com/global-regulatory-developments-are-literally-reshaping-the-crypto-world/

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Nearly all countries exploring digital currency

https://www.herald.co.zw/nearly-all-countries-exploring-digital-currency/

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Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Dinar Recaps 20 7/5/23 Dinar Recaps 20 7/5/23

"Tidbits From TNT" Wednesday AM 7-5-2023

TNT:

Tishwash: XRP Pair with Iraq Dinar Triggers Speculations of XRP’s Rising Prominence

The presence of an XRP pair with the Iraqi dinar on a forex platform has triggered bullish speculations of the growing prominence of XRP in Iraq.

Amid the U.S. SEC’s lawsuit against it, XRP continues to transcend the borders of the United States, rapidly expanding its prominence to several countries. Most recently, proponents believe this growing prominence might be extending into the Middle Eastern country of Iraq.

Pseudonymous Chartered IT Professional and XRP community member Boncryp triggered this wave of bullish speculations following a recent tweet pertaining to XRP’s popularity.
there's a tweet but I can't copy it here

TNT:

Tishwash: XRP Pair with Iraq Dinar Triggers Speculations of XRP’s Rising Prominence

The presence of an XRP pair with the Iraqi dinar on a forex platform has triggered bullish speculations of the growing prominence of XRP in Iraq.

You can clearly see #XRP Paired with #IQD in a #forex site. *After two decades #Iraq is at last showing signs of recovery, #Baghdad, the capital, is creating a New Central Bank (#CBI) Headquarters. #XRPCommunity

The individual called attention to a pair on a forex trading platform featuring XRP against the Iraqi dinar (IQD). Highlighting this, Boncryp pointed out that the Iraqi government is leaning towards embracing financial inclusion for its populace.

Notably, our findings revealed that the platform in question is Barchart.com, a leading financial data firm that offers a wide range of services related to financial markets and investing.

Barchart boasts a comprehensive suite of financial market data, including quotes, charts, technical indicators, and market analysis. As a result, the existence of an XRP/IQD quote is not surprising. The platform also hosts IQD quotes against other crypto assets such as BTC and ETH. link

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ShyBaby: Iraq and the World Bank are discussing strengthening bilateral relations

04-07-2023

Foreign Minister Fuad Hussein discussed, on Tuesday, with the President of the European Bank for Reconstruction and Development, Odile Reno-Basso, ways to strengthen bilateral relations between Iraq and the bank.

The Ministry of Foreign Affairs said in a statement that the meeting discussed ways to strengthen bilateral relations between Iraq and the bank, in a manner 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 the fields of energy and digital transformation in the financial infrastructure.
For her part, Mrs. Odell confirmed the bank’s desire to work in Iraq and contribute to supporting the private sector and renewable energy.

The meeting was attended by the Ambassador of the Republic of Iraq in London, Muhammad Jaafar Al-Sadr, Ambassador Haider Al-Athari, Head of the Europe Department, Ghufran Kazem, Director General of the Public Debt Department at the Ministry of Finance, and on behalf of the European Bank, Kazuhiko Koguchi, Secretary General of the European Bank for Reconstruction and Development, and Heikki Hargart, Executive Director of the Bank.

Iraq and the World Bank are discussing strengthening bilateral relations - Iraqi Dinar News, Information and Facts - IRAQI DINAR (iraqidinarchat.net)

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

{Political: Euphrates News} Deputy Prime Minister and Foreign Minister Fuad Hussein discussed with the President of the European Bank for Reconstruction and Development (EBRD) Odile Renault-Basso the possibility of strengthening the private sector in Iraq and digitizing the banking system

The Foreign Minister's Office said in a statement received by {Euphrates News} that "during the meeting, they discussed ways to strengthen bilateral relations between Iraq and the bank in order to ensure 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 priorities of the Iraqi government are investing in the fields of energy and digital transformation in financial infrastructure."

For its part, the bank's desire to work in Iraq and contribute to supporting the private sector and renewable energy.

The meeting was attended by the Ambassador of the Republic of Iraq in London, Mohammed Jaafar Al-Sadr, Ambassador Haider Al-Azri, Head of the Department of Europe, Ghafran Kazim, Director General of the Public Debt Department at the Ministry of Finance, and the European Bank, Kazuhiko Kojochi, Secretary-General of the European Bank for Reconstruction and Development, and Heki Harmgart, Executive Director of the Bank.

Mot: How's your summer going?

Mot: Yet Another Great ""Tip"" on Raising the Wee Folks! from Mot of Course!

DINARRECAPS8 7/5/23 DINARRECAPS8 7/5/23

Wednesday Morning Iraq Economic News Highlights 7-5-23

An Iraqi Proposal To Deal In Dinars Instead Of Dollars With Iran

Money and business Economy News _ Baghdad The commercial adviser to the Iranian embassy in Iraq, Abd al-Amir Rabihawi, stated that pressure from the US treasury prevents the Iraqi side from using its official currency to transfer money to Iran, forcing it to use the free market currency, which differs by 10% from the official currency and harms Iranian merchants.

Wednesday Morning Iraq Economic News Highlights 7-5-23

An Iraqi Proposal To Deal In Dinars Instead Of Dollars With Iran

Referring to the number of decision-making centers in Iraq and Iran, he explained: "In Iran, we have Iraqi offices in most ministries that take decisions on their own, and this is what led to a lack of centralization in decision-making in Iran and it has become a peninsula, which causes contradictory steps to be taken."

And he added, "Accordingly, we offered the Central Bank of Iran that Iranian businessmen and merchants trade in dinars instead of dollars."

Rabihawi confirmed that Iran is using its frozen funds in Iraq to buy 7 commodities that are not subject to sanctions, in addition to industrial equipment, medicines and foodstuffs.

Rabihawi stated that since the beginning of the arrival of tourists with the aim of treatment to Iran, brokers began to exploit this point and plunder money by increasing the cost of treatment several times, and he said: “It is true that medical tourism has become popular and has a noticeable demand by Iraqis, but it is subject to the control of merchants and brokers in Iraq There is a disagreement between the Ministry of Health and Tourism on the need to solve these problems.

In conclusion, he added that it was decided to establish 5 industrial cities on the Iranian-Iraqi borders.

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

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 of Iraq.

He said, "The Ministry of Electricity has paid all dues owed by Iraq to Iran, which are dues for importing gas from it."

He added, "The dues were paid to the Iraqi Trade Bank in the Credit Fund, but the bank is finding difficulties in transferring them to the Iranian government because of the US sanctions."

Views 25 07/05/2023 https://economy-news.net/content.php?id=35012

Mahmoud Othman Confirms To / NINA / The Difficulty Of Implementing The Budget Items For The Kurdistan Region

Wednesday 05 July 2023 Politics Number of readings: 366 Baghdad / NINA / - The independent Kurdish politician, Mahmoud Othman, confirmed the difficulty of implementing the budget items for the Kurdistan region.

Othman said in a special statement to the National Iraqi News Agency ( NINA ) that the region has not submitted an appeal to the Federal Court on some paragraphs of the budget so far, and it is likely to be submitted soon, especially after the Parliamentary Finance. Committee changed the terms of the federal government's agreement with the region's government regarding the export of the region's oil and its revenues. ".

Othman explained: The region is waiting for the implementation of the budget from the federal government before taking any step towards it, pointing out that it is difficult for the region to export 400,000 barrels of oil per day, according to what was stated in the budget. , indicating that it was supposed to be determined between two numbers and less than 400,000. A lot of barrels so that the two parties, i.e. the governments of the region and the center, do not fall into new problems.

https://ninanews-com.translate.goog/Website/News/Details?key=1063121&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Dollar Exchange Rates Reach Up To 150,000 Dinars In Baghdad And Kurdistan

2023-07-05 77 Economy 0 Today, Wednesday, the exchange rates of the US dollar rose against the Iraqi dinar, to approach 1,500 dinars per dollar on the main stock exchange in the capital, Baghdad, and Erbil.

And the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded this morning, an exchange rate of 148,100 Iraqi dinars, compared to 100 US dollars, while the prices recorded yesterday, Tuesday, were 147,600 dinars, compared to 100 dollars.

As for the dollar prices in exchange shops in the local markets in Baghdad, they have stabilized, as the selling price reached 149,000 dinars, while the purchase price reached 147,000 dinars for every 100 dollars.

As for Erbil in the Kurdistan region, the price of the dollar also increased, as the selling price reached 148,100 dinars, and the purchase price was 148,050 dinars for 100 dollars. LINK

An Economist Bears Speculators Rising Dollar Exchange

An economist blamed the “speculators” in the parallel market for the dollar, the high exchange rate against the Iraqi dinar.

Bassem Jamil Antoine said in a press interview seen by “Takadam” that: “The problem of the high exchange rates of the dollar against the Iraqi dinar is not related to the government or its procedures, but rather to speculators.”

He added, "There is an abundance of dollars in the local market, and it is present according to regular methods, and the solution to any economic problem cannot be solved by force, especially since the measures of the government and the central bank are very good."

A New Government Talk Regarding The Budget And Dispatches

2023-07-04 Source: Alsumaria News 4,556 views Prime Minister Muhammad Shia al-Sudani considered, on Tuesday, that there is no excuse for the ministers after approving the budget, while he called for reducing delegations.

Al-Sudani said during the cabinet session, "There is no excuse for ministers after approving the budget, and delegations must be reduced to continue work."

"We have corrected many wrong paths, and we will review the amended budget materials," he added.

Al-Sudani pointed out that "ministers must listen to citizens and national voices and stand up to blackmailers," stressing that "leading staff in ministries must be present and work throughout the day. And the House of Representatives voted, on (June 12, 2023), on the draft budget law for the years (2023) . 2024, 2025). LINK

The Government's Appeals To The Budget Avoided The "Kurdistan Clauses"

Posted On2023-07-05 By Sotaliraq Baghdad / Tamim Al-Hassan The government did not comment, until the moment of writing the report yesterday, on the series of appeals filed against the budget law.

And the statement denying the appeal from a government source is still published for the second day in a row, on the official agency website!

The judiciary and parliament, in turn, confirmed the news, and news platforms circulated a document containing 12 appeals submitted against the budget.

Members of the Finance Committee who supported the appeal found that the government had indirectly stopped the escalation of the budget deficit.

The appeals showed substantial decisions related to suspending hundreds of thousands of contracts and appointments, and the powers to grant lands to investors in the governorates.

On the other hand, the government avoided challenging the items that sparked a political crisis, which are related to the allocations of Kurdistan, which brought back talk once again about a government-framework consensus regarding what happened last month.

The legal department in Parliament said in a statement on Sunday that it had received "officially" Prime Minister Muhammad Shia'a al-Sudani's appeal of the budget law.

Representatives also mentioned that the Federal Court informed Parliament of the government's appeal, but the strange thing is that the government has not yet commented on the news.

The official news agency says in a news item it published on Sunday evening (it is still published), quoting an unnamed government source: "There is no truth to Prime Minister Muhammad Shia' al-Sudani's appeal against the articles of the general budget law."

Political circles believe that the government's silence on the appeal may be due to the Sudanese avoiding a clash with Parliament at the present time.

The appeal was expected when Finance Minister Taif Sami threatened, shortly after the parliament passed the budget last month, that she would appeal if the budget was approved and included a change in the paragraphs included by the government.

After that, Prime Minister Muhammad al-Sudani announced last month that the amended items in the budget would be reviewed.

He considered passing the budget at the time as a political gain for some of the parties to the coordination framework, which added in the last moments before the vote proposals that complicated the relationship with Kurdistan.

Ihsan al-Shammari, head of the Center for Political Thinking, says, "Part of the parties to the coordination framework support measures to cut spending, and they may be in agreement with al-Sudani's appeals."

Al-Shammari talks here about Ammar al-Hakim (leader of wisdom) and Haider al-Abadi (leader of victory).

In his recent Eid sermon, al-Hakim criticized the government's employment policy and the increase in financial burdens, considering it a "financial time bomb," as he described it.

On the other hand, Al-Shammari believes in his interview with (Al-Mada) that "there are other wings in the Shiite coalition that may be angered by the government's challenge to the budget because it considered the recent amendments to the draft law as evidence of its strength and control over the decision."

Yesterday, Representative Youssef Al-Kalabi, a member of the Finance Committee team that put the amendments to the budget, said that he would defend before the Federal Court against the government's appeal.

And he added in a tweet on Twitter: "I saw the government's appeal list... We will defend the articles related to the Martyrs' Institution and the powers of the provinces...".

The proposals of the members of the committee, consisting of 5 main personalities associated with the Shiite alliance and the crowd, had blown up a previous agreement between Baghdad and Erbil regarding the financial situation of the region.

Al-Sudani's silence at the time suggested that he might be dissatisfied with what happened, while leaks indicated that the coordination framework had removed the prime minister from the budget file.

Ihsan Al-Shammari, a researcher in political affairs, believes that "Al-Sudani always wants to show himself independent from the leadership of the framework, and the appeals against the budget may be a message to the Iraqis that he is not subject to anyone."

However, Al-Shammari goes back to saying: "Despite that, there is no confirmation of the independence of Al-Sudani, just as the leaders of the Shiite coalition adhere in their speeches to the fact that the government is the framework government."

In any case, Al-Shammari does not see that the challenge to the budget will cause a crisis within the "framework", which may eventually understand the government's financial crisis due to the volume of spending.

It was expected that Al-Sudani would challenge the articles that shook the relationship with Kurdistan, says Kamal Cougar, a member of the Finance Committee.

And he added in an interview with (Al-Mada): “I was expecting Articles 13 and 14 to be challenged, but perhaps the Prime Minister fears the Shiite street, or the amendments to the budget may be in agreement with the coordination framework or commensurate with the orientations of the Sudanese.”

The list of appeals published on a number of news websites included 12 appeals, including Articles 2, 16, 20, 28, 57, 62, 63, 65, 70, 71, 72, and 75.

And Cougar confirms that “the appeals are major and very important, and most of them are valid, and without these appeals, the budget will cost additional burdens.”

Regarding the most prominent amendments, a member of the Finance Committee explains: “There is an appeal against appointments and contracts, which will stop about 300,000 jobs.”

This was represented in the appeal of Articles 62, 36, and 65, which make an exception for Parliament (150 jobs), the Federal Court, and the Judicial Council from the Budget Law by preventing appointments.

Likewise, Article 75, which relates to the contracts of the Ministry of Higher Education and Scientific Research and the rest of the ministries after the date of October 2, 2019.

Cougar said, "The government's appeal will stop the expansion of the deficit, which was expanded by the Finance Committee's proposals, without changing the numbers."