"Tidbits From TNT" Saturday 7-8-2023

TNT:

Tishwash  Iranian official: Using the dinar instead of the dollar in trade with Iraq will save us from the dominance of the dollar

The head of the Iranian-Iraqi Chamber of Commerce, Yahya Al-Ishaq, confirmed: By using the dinar instead of the dollar in trade with Iraq, we will get rid of the dominance of the dollar in imports and exports, as the government planned.

 reportedMehr News Agency , that the head of the Iranian-Iraqi Chamber of Commerce, Yahya Al-Ishaq, said: By using the dinar instead of the dollar in trade with Iraq, we will get rid of the dominance of the dollar in imports and exports, as the government planned.

Al-Ishaq stressed that trading in the national currencies of different countries is one of the thirteenth government’s goals and said: Most of the world’s countries seek to break the American hegemony in their stock exchanges and the use of national currencies of countries can help speed up this process.

Referring to the history of Iranian-Iraqi relations, he said: More than 10 billion dollars of goods and services are exchanged annually between the two countries, which, if the trade system with the national currencies of the two countries is implemented, can contribute to deepening these relations and establishing good trade.

Al-Ishaq added, referring to the problems of trade with the national currencies of the two countries: Balance in trade is very important in this new system; If Iraq imports more than Iran and pays all its debts in dinars, problems will arise in other Iranian stock exchanges, because we must be able to meet our needs with the dinars received.

Referring to exchanges with China through the yuan as the country's national currency, he said: The arrival of three million religious tourists to Iraq and the large number of health tourists from this country to Iran can help exchange dinars instead of dollars.

The head of the Iranian-Iraqi Joint Chamber of Commerce stated that we should be able to reduce the dominance of the dollar by maximizing exchanges with the national currencies of the two countries and said: The proposal made by this country is a system and Iran is following it and can help the two countries lift the American pressure on the two countries.

Al-Ishaq said, referring to the 10% difference between the price of the dinar in the open market and the dinar of the bank: This will make Iran's competitors more successful in the Iraqi market, and the necessary measures must be taken to solve this problem.

He stressed that the interaction between Iran and Iraq in this field could be an important measure that we can benefit from more through appropriate follow-up.  link

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CandyKisses:  Sayyid al-Hakim calls for preparation for the next legislative term and the scheduling of important laws

Sayyid al-Hakim calls for preparation for the next legislative term and the scheduling of important laws

{Political: Al-Furat News} The head of the Alliance of National State Forces, Mr. Al-Hakim, called for preparing for the next legislative term and scheduling important laws.

According to a statement by his office, a copy of which was received by Al-Furat News, Mr. Al-Hakim met "during his meeting with First Deputy Speaker of the House of Representatives Mohsen Al-Mandalawi and MP Hussein Arab, and they exchanged congratulations on Eid Al-Ghadeer Al-Aghar."

He called for "preparing for the next legislative term and scheduling important and strategic laws and laws that are directly in contact with the concerns and needs of citizens on the agenda."

Mr. Al-Hakim also stressed "the need to exercise the oversight role of the House of Representatives in line with the priorities of the government and the implementation of its program," stressing "the need to maintain communication, cooperation and integration with the executive and judicial authorities."

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CandyKisses:  Iraq Stock Exchange announces trading of 22 billion shares

Baghdad - NAS  

The Iraq Stock Exchange announced the trading of 22 billion shares during the month of June, with a trading value of 32 billion dinars, where the shares of 69 joint stock companies were traded.   

The executive director of the Iraq Stock Exchange, Taha Ahmed Abdul Salam, said in a statement to the official newspaper affiliated with "NAS" on Saturday (July 8, 2023), that "the market issued a report last June, which included the reality of trading for the shares of local companies and the volume of foreign investments within the market."   

He added that "the value of shares traded for the month of June amounted to more than (32) billion dinars, including 25 billion dinars on the regular platform, 6 billion dinars on the second platform, and 468 million dinars on the third platform," pointing out that "the companies whose shares are traded in the market amounted to 69 joint stock companies, especially that the number of listed joint stock companies is 102 Iraqi joint stock companies, and the shares of (33) joint stock companies have not been traded due to the difference in supply and demand prices, and there are companies suspended from Trading by a decision of the Securities Commission, which numbered (3) joint stock companies.  

He pointed out that "the number of contracts executed during the month of June through deals reached (11946,10072) deals, including (1714,160) deals within the regular platform, and (2023,324) deals within the second platform and the third platform (172) deals. As for the indicators of the online platform for investors IRAKA OMS- for the month of June 152, Abdel Salam indicated that "the number of executed contracts reached (296) contracts, (174) purchase contracts and (122) sales contracts, while the number of traded shares reached (848) million shares, by (303) million purchase shares and (455) million selling shares, while the value of traded shares reached (<>) million dinars, by (<>) million dinars for buying and (<>) million dinars for sale."  

He pointed out that "the number of shares purchased by foreigners amounted to 1 billion shares worth more than 2 billion dinars through the implementation of 555 contracts on the shares of 10 companies, while the number of shares sold by foreigners reached 1.6 billion shares with a value of more than 4.6 billion dinars through the implementation of 322 contracts on the shares of 13 companies."  

He pointed out that "the Securities Commission decided to suspend trading in the shares of the Petroleum Products Transport Company, and also approved, based on the amendment, the extension of the period for submitting the financial statements for the fiscal year 2022 and granting an additional year to the shareholders of listed companies to trade their shares in the Iraq Stock Exchange, provided that the company continues to follow up with the Financial Supervision Bureau to complete the audit procedures and issue the financial statements in their final form before the end of the period."  

Mot:  soooooo Womens dont have a clue how to get it done!! --- hmmmmm

Mot: ........ Yeppers!!! - Got em I Dids!!! ~~~~~

Goldilocks' Comments and Global Economic News for July 8th

Good afternoon Dinar Recaps,

Tier-1 Banks are receiving an upgrade. This upgrade is compatible with Sepa and Swift payments.

It's purpose is to facilitate Cross-Border International Settlements efficiently.

This upgrade supports multiple currencies, and it enables seamless transactions in multiple units.

Multiple units refers to having a multi-currency account. This allows you to hold, receive, and spend multiple foreign currencies as you wish.

© Goldilocks

https://comtex.com/?p=436463578

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"SEC Adopts Rules to Prevent Fraud in Connection with Security-Based Swaps Transactions and Prevent Undue Influence over CCOs"

The adoption of this new rule allows people to exchange foreign currencies in the new digital system with a confidence your money will be secured.

The Final Rules become effective 60 days after the publication date of the adopting release in the Federal Register.

This puts us close to the end of August for this new Federal Regulation to take effect.

© Goldilocks

https://www.sec.gov/news/press-release/2023-104

https://www.sidley.com/en/insights/newsupdates/2023/06/sec-adopts-rules-to-prevent-fraud-in-security-based-swaps

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The US Dollar will be made available to trade under the new guidelines of SOFR rates in conjunction with the Commodities Exchange Act (30 days) after the CFTC approval on August 5th, 2023.

This puts us from August into early September for international trading to become available to us in our new International Payment System backed by gold.

© Goldilocks

https://www.cftc.gov/PressRoom/PressReleases/8745-23

https://www.cftc.gov/LawRegulation/CommodityExchangeAct/index.htm

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"Problems remain around T+1 implementation, Xceptor panellists say"

The pressure is on for technicians to move settlement times into same-day settlements or T+1.

Once this is accomplished, T+0 settlements will become possible.

T+0 settlements are instant settlement transactions between two parties.

© Goldilocks

https://www.assetservicingtimes.com/assetservicesnews/clearingandsettlementarticle.php?article_id=14567&navigationaction=clearingandsettlementnews&newssection=Clearing%20and%20Settlement

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A lot of work is going on behind the scenes in the banking system to make our new monetary system safe, fast, and efficient.

It truly is worth the wait. Our new monetary system will be far more advanced than anything we have ever seen, and the open banking concept will allow for upgrades to be made on an ongoing basis.

© Goldilocks

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Iraqi News Highlights Late Friday Evening 7-7-23

Iraqi News Highlights Late Friday Evening 7-7-23

Tlm724 Administrator Bondlady’s Corner

Oil Prices Continue To Stabilize Amid Fears Of Lower Supply

Economy | - 07/07/2023  Baghdad - Mawazine News  Oil prices were little changed today, Friday, while heading for weekly gains, as fears of raising US interest rates, which could reduce energy demand, were met with indications of a contraction in supply, after a larger-than-expected decline in US crude stocks.

Brent crude futures fell one cent to $76.51 a barrel, while US West Texas Intermediate crude rose two years to $71.82 a barrel.

The two benchmarks are expected to rise about 2% for the second week in a row, according to Reuters.

This comes at a time when Saudi Arabia and Russia announced a new round of production cuts for the month of August, and the total cuts now exceed 5 million barrels per day, equivalent to five of the world's oil production.   https://www.mawazin.net/Details.aspx?jimare=230799

Iraqi Oil Minister: Our Gas Reserves Are 133 Trillion Cubic Feet, And We Aspire To Achieve Self-Sufficiency

Posted On2023-07-07 By Sotaliraq    On Thursday, the Iraqi Oil Minister, Hayan Abdul-Ghani, confirmed that the ministry is working to achieve self-sufficiency in gas during the next five years, referring to offering two licensing rounds to explore oil and gas fields, in this regard.

Abdul-Ghani said, in a statement to the Emirates News Agency, WAM, on the sidelines of the activities of the eighth international OPEC conference in Vienna, that the first licensing round included more than 10 oil and gas fields in western Iraq, and the second includes 13 fields and exploratory sites on the western borders, which will enable Iraq. From the production of more than one billion and 500 million cubic feet of gas.

He added that Iraq possesses large reserves of 144.5 billion cubic meters of oil and more than 133 trillion standard cubic feet of gas.

He referred to a contract with the “BP” company to develop the Rumaila field, which is one of the large fields in Iraq, and currently produces one million and 380 thousand barrels of oil per day, in addition to the accompanying gas in large quantities.

Abdul-Ghani continued, “We have contracts with (Eni) to develop the Zubair oil field, which currently produces 450,000 barrels of oil per day, as well as contracts in West (Qurna 1) with (Exxon Mobil) to produce 380,000 barrels of oil per day, in addition to contracts with (Lukoil) company in the West Qurna region to develop a field with a production of up to 410 thousand barrels per day, in addition to other contracts in different regions.

He stressed that the oil production capacity in Iraq currently amounts to 5.4 million barrels per day, while the current total production under the “OPEC” share reaches 4.43 million barrels per day, with the country looking forward within promising plans to raise production capacity to 6 million barrels per day, through licensing contracts. concluded with companies during the next stage.

Regarding the contribution of oil and gas to the GDP of the State of Iraq, the minister explained that the contribution of oil constitutes the largest part in the gross domestic product of his country, as 90% of the state's imports depend on oil wealth.

With regard to efforts to reduce carbon emissions, Abdul-Ghani indicated that Iraq has taken great steps in investing in natural gas as a source of clean energy, as investment is concentrated in southern Iraq, through the “Basra Gas” company, which is a joint alliance that includes the “Southern Gas” and “Shell” companies. and “Mitsubishi”, and since its inception it has been able to implement promising projects, on top of which is the Basra “NGL” project, which includes an investment of 400 million cubic feet of gas.

He added, “The first phase of the project was opened last May with a capacity of 200 million cubic feet of gas, while the second phase of the project is expected to be completed by the end of the current year 2023, which will contribute to reaching 400 million cubic feet of natural gas.”

"He pointed out that there are investments in 5 oil fields, namely Majnoon, West Qurna 2, Luhais, Al-Toba, and Al-Sabbah, which will provide 600 million cubic feet of gas, which will enhance the contribution to meeting the needs of electric energy.    LINK

Gas Exporting Countries Forum: Iraq Has An Important Role In The Energy Sector

Energy   Economy News _ Baghdad  Today, Friday, Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani gave a briefing on the development of the gas sector in Iraq through government support for the optimal investment of gas wealth, reducing emissions and converting them into energy that contributes to the promotion of related industries.

This came during a meeting between the Iraqi Oil Minister and the Secretary-General of the Gas Exporting Countries Forum, Muhammad Hamel, in the Austrian capital, Vienna, according to a statement received by Al-Iqtisad News. 

According to the statement, during the meeting, developments in the growth of the gas sector in the world were discussed, where the importance of supporting gas and renewable energy investment projects was emphasized, and the role played by the oil and gas sector in addressing environmental impacts.

The Iraqi Minister of Oil referred to the national strategy that aims to invest in free and associated gas in the country, as well as to develop and invest in exploration sites with hydrocarbon-gas compositions through cooperation with specialized international companies, and the exploitation of smart technologies to increase energy efficiency.

For his part, the Secretary General of the Gas Exporting Countries Forum stressed the importance of the role played by Iraq in the oil and energy sector, praising its efforts in developing promising gas projects in Iraq.   Views 23    07/07/2023 - https://economy-news.net/content.php?id=35047

The Iraqi Central Bank Raises The Share Of Travelers And Banking Companies From The Dollar

Posted On 2023-07-07 By Sotaliraq  On Thursday, the Central Bank of Iraq decided to increase the monthly share of the dollar for citizens wishing to travel from the dollar, as well as the weekly share for exchange companies.

And the bank instructed, in a document addressed to licensed government and private banks, that the share of the citizen traveling through the air and land ports be at three thousand dollars per month, starting from next Sunday.

The bank stipulated that the electronic platform for cash sales (FITR) be approved exclusively to record the data of daily cash sales for travelers.

The share of the citizen wishing to travel was 10 thousand dollars, and it was reduced to two thousand dollars, to be increased now by one thousand dollars.

In another document addressed to the “B” exchange companies, the bank said, “It was decided to increase the ceiling of the weekly cash amount of dollars allocated to your companies to become $750,000 per week, as of next Sunday.”

And that the aim of this is “based on the objectives of this bank to achieve stability in the general level of prices and exchange rates and to meet the high demand for foreign currency in the local markets.”

The bank confirmed that the electronic platform for cash sale (FITR) will be used exclusively to record the data of daily cash sales received through the window.

It is likely that this new decision contributed to the decline in the price of the US dollar against the Iraqi dinar today on the Baghdad Stock Exchange, where it reached 14,722 dinars per 100 dollars, after it touched earlier 150 thousand dinars per 100 dollars. LINK

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

https://www.bondladyscorner.com/

Awake-In-3D: GRADUALLY THEN SUDDENLY: The Death of the Fiat Currency System and Birth of Our GCR

Awake-In-3D:

GRADUALLY THEN SUDDENLY: The Death of the Fiat Currency System and Birth of Our GCR

On July 7, 2023  By Awake-In-3D

In  RV/GCR Articles, Fiat Debt System Collapse Articles

The Fiat Currency Debt System is hurtling headlong into total collapse. It may start slowly at first, but as a series of financial stress points develop, a chain of events will accelerate into a sudden systemic crash. The recent demise of one Swiss and three US banks is just the tip of the iceberg. The domino effect is already in motion, and it won’t be too long before the entire global financial system crumbles – leading to the birth of Our GCR.

How the Fiat System Collapse will Play Out

Here’s a step-by-step process illustrating how the collapse of the Global Fiat Currency Debt System will likely unfold, culminating in the birth of a new Asset-Backed, Global Currency System – Our GCR:

1. Currency Debasement Leading to Collapse: As the debt burden becomes unsustainable, governments resort to printing more money to meet their obligations. This excess money supply leads to the devaluation of the currency, causing a loss of purchasing power and eroding people’s savings.

2. High Inflation Leading to Hyperinflation: The devaluation of the currency results in soaring prices for goods and services. High inflation begins to erode the value of money at an alarming rate, making it difficult for people to afford basic necessities. In extreme cases, hyperinflation sets in, where prices skyrocket, and the currency rapidly becomes worthless.

3. Food and Energy Shortages: The escalating inflation and economic instability disrupt supply chains, leading to shortages of essential commodities such as food and energy. Prices surge even higher, and access to basic necessities becomes increasingly challenging, causing widespread social and economic turmoil.

4. Debt Defaults Leading to Debt Collapse: As individuals, businesses, and even governments struggle to meet their debt obligations, defaults become rampant. Debt burdens become unmanageable, leading to a collapse of the debt market and financial institutions facing insurmountable losses.

5. Implosion of Bubble Assets: The bursting of the debt bubble triggers a chain reaction, causing the implosion of bubble assets such as stocks, bonds, and property. These assets, which were previously overinflated due to excessive debt, lose their value rapidly, leaving investors with significant losses.

6. Global Credit Markets Freeze Up Completely: With the collapse of the debt market, global credit markets freeze up completely. Lenders become unwilling to extend credit, making it nearly impossible for individuals, businesses, and governments to access funding. This lack of credit further exacerbates the economic crisis and stifles economic activity.

7. Political & Social Turmoil – Civil Unrest: As the economic conditions worsen, political and social unrest ensues. People become frustrated with the deteriorating living standards, rising inequality, and the inability of governments to address the crisis effectively. Protests, demonstrations, and civil unrest become common, straining social cohesion and stability.

8. Geopolitical Tensions: The economic collapse has far-reaching geopolitical implications. Nations compete for dwindling resources and economic dominance, leading to heightened tensions and conflicts. Geopolitical dynamics undergo a significant shift, as the balance of power in the world is redefined.

9. The Fall of the Fiat Currency Debt System and the Rise of a Gold-Backed Currency System in the form of a Global Currency Reset (Our GCR): The culmination of the collapse brings an end to the current Fiat Currency Debt System. Governments and financial institutions realize the need for a new system based on more stable foundations. A Global Currency Reset (GCR) is implemented, with a shift toward a gold-backed currency system that provides more confidence and stability in global financial transactions.

The Deceptive Gradual Phase

As the famous writer Ernest Hemingway once said, bankruptcy comes gradually and then suddenly. We are currently in the gradual phase, where the signs of collapse are subtle and easily overlooked. Investors have dismissed the collapse of four banks as a minor headache, remedied by central banks pumping billions of dollars into the system. But don’t be deceived. This phase is our last chance to prepare for what lies ahead. If we wait until the sudden phase hits, panic will paralyze us, and recovery will become an elusive dream. The losses will only worsen, leaving us in a state of utter despair.

The Everything Collapse: A Debt Crisis

So, what exactly will collapse when the Everything Collapse arrives? Primarily, it will be a debt crisis of epic proportions. Global debt has tripled in this century alone, reaching a staggering figure of $3 quadrillion when including derivatives. To put this in perspective, it is 20 times the size of the global GDP. Such a magnitude of debt is bound to wreak havoc on the world economy, causing irreparable damage.

US & European Banks Teetering on the Edge

The risk is not confined to a few isolated incidents; it extends to the very foundations of the financial system. Both US and European banks are teetering on the edge of collapse. In the US, the balance sheets of all banks in relation to Tier 1 capital have reached a 30-year high. This dangerous level puts the entire US banking system in a highly precarious position. To survive, US banks must drastically shrink their balance sheets by demanding loan repayments. The situation in Europe is no better, as Eurozone banks have tightened business credit to the greatest extent since 2011.

Consequences of High Rates and Credit Contraction

The repercussions of high interest rates and forced credit contraction will be far-reaching. Not only will borrowers face mounting pressure, but the banking systems of the US and Europe will also be severely affected. As defaults increase, central banks will resume their money-printing frenzy, perpetuating the vicious cycle. Bank debt will be the primary casualty, leading to a scarcity of credit and a surge in defaults. Central bankers, known for their manipulative tendencies, will resort to unprecedented levels of money printing, further eroding the value of their weak balance sheets.

The Impending Cataclysm

When a credit cycle reaches its final stages, cataclysmic consequences are inevitable. The Everything Collapse will bring forth a chain reaction of events that will leave the world reeling. The collapse of currencies, rampant inflation leading to hyperinflation, shortages of food and energy, debt defaults triggering a collapse in the financial system, and the implosion of bubble assets such as stocks, bonds, and property are just some of the disasters that await us. Social and political unrest will grip nations, while geopolitical tensions will escalate. The once-dominant Global Fiat System will fall, and our asset-backed GCR will rise to prominence.

Bankruptcies

The origins of the word “bankruptcy” shed light on the current state of the global fiat financial system. “Bankruptcy” comes from the Italian term “Banca Rotta,” which means “broken bench.” In 16th-century Italy, bankers conducted their business from a bench or table. When they could no longer fulfill their obligations, their bench was smashed to symbolize their failure.

Recent collapses of US and Swiss banks have exposed the incompetence and lack of risk management among their management teams. These banks made disastrous investment decisions and ignored the warning signs.

Interconnected Dominoes

The global financial system operates as an intricate web, and once one major bank collapses, the domino effect will commence. Central banks will initially respond with unlimited fiat currency printing, attempting to shore up the crumbling system. However, as derivatives start to collapse, the value of this “funny money” will become meaningless.

Related posts:

• The Fiat Currency Debt System is Heading Towards a Global Credit Market Freeze

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

• Commercial Real Estate: A Likely Trigger for Fiat Financial System, then US Dollar Collapse

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

• I’m on Telegram: GCR_RealTimeNews

• I’m on Twitter: @Real_AwakeIn3D

https://ai3d.blog/gradually-then-suddenly-the-death-of-the-fiat-currency-system-and-birth-of-our-gcr/

Goldilocks' Comments and Global Economic News for July 7th, 2023

Good morning Dinar Recaps,

"Philippines writes off $1 billion in farmer debt to boost food production."

It looks like we have a Jubilee event going on in the Philippines. 

Many debts going forward will be written off due to unlawful means of collection in the new monetary system as well as an inability to pay, but this action was an authentic effort to help the people. 

You could say that these actions helped the country as well, but writing off a debt completely is an act of kindness that can never be repaid on either side making this a Jubilee event for both the government and the people.

© Goldilocks

https://www.arabnews.com/node/2333816/world

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We are seeing "bridge assets" created. This gives a Digital Ledger transmission program on the blockchain the ability to perform exchanges of information from one digital platform to another or one computer to another.

In the new digital banking system, can you see how this is important in foreign currency exchanges? 

Upon the completion of global assets being interfaced together on computer programs,  the activation of Protocol 20 becomes possible. 

In Protocol 20, quantum computer systems talk to one another seamlessly.

At this time, market and banking assets are still being tokenized and recorded onto the Digital Ledger Transmission System of the QFS. 

New Monetary Policies that reflect the use of this new International Payment System will give us a path forward. 

© Goldilocks

Hacken LINK

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BRICS Announcement July 7th 2023, on their one common currency for trade:

"The New Development Bank (NDB), established by the BRICS group of emerging markets, currently has no immediate plans to introduce a common currency among its member countries, according to Leslie Maasdorp, Vice President and Chief Financial Officer of the bank. While BRICS nations like Brazil, Russia, India, China, and South Africa aim to increase trade in local currencies, they are not prepared to challenge the global dominance of the US dollar. Maasdorp emphasised that the development of an alternative currency is a long-term goal rather than an immediate priority." 

Do you see why the ability to organize the formation of a new monetary system requires a plan or monetary policies to guide the processing of such an event. 

In case you are wondering, this gives individual countries the ability to strengthen, in the short term, their currencies' value through Basel 3 compliance requirements.

In Basel 3, commodity based support/capital for a countries' banking system will increase the net worth of national currencies.

Then, they can challenge the dollar as a Global Nation.

In the meantime, my understanding from OPEC is that a proposal is on the table to redenominate oil distribution in local currencies. 

This will not bode well for the dollar in the short term as it will begin the process of leveling off currencies giving them real values.

© Goldilocks

https://www.businessworld.in/article/BRICS-Bank-CFO-Rules-Out-Near-Term-Move-Towards-Common-Currency/06-07-2023-483230

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Treasury Releases Guidance on the Transition from Interbank Offer Rates to Other Reference Rates with Respect to the Interest Rates of a Foreign Bank | Foley & Lardner LLP

https://www.foley.com/en/insights/publications/2023/07/treasury-releases-guidance-interbank-offer-rates

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Four benefits of paying in local currencies

Business Banking Tips LINK

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"Tidbits From TNT" Friday 7-7-2023

TNT:

Tishwash:  Al-Saadi: Importers' dependence on the dollar is behind its failure to devalue it in the parallel market

The researcher in economic affairs, Muhammad Al-Saadi, explained, on Friday, that the total dependence of importing traders on the dollar in the parallel market is behind its continued rise in the parallel market. 

Al-Saadi told Al-Maalouma that "many merchants, especially importers, depend on the dollar on the black market, and did not go to the electronic platform in order to obtain the dollar at the official rate." 

He added, “The lack of locally produced commodities pushes the trader to go abroad in order to import, and therefore he has the option of going to obtain the dollar from the official platform, and he may go to erase the parallel market in order to obtain the currency as quickly as possible.” 

And he indicated that "the volume of demand for buying the dollar, especially by speculators and traders, made some exchange shop owners monopolize the currency and store it in order to raise its value in the parallel market and obtain great benefits, despite the government's measures." to control prices."  link

Tishwash:  Exposing a money laundering network that transferred 68 million dollars in the name of a citizen without his knowledge

Today, Thursday, the staff of the Investigation Department of the Integrity Commission managed to apprehend a member of a money laundering network. For fraudulently transferring tens of millions of dollars out of Iraq.

The department indicated in a statement that "a team from the Najaf Investigation Office was able to seize a member of a network for money laundering and financial transfers abroad in the names of a number of citizens without their knowledge," noting that "the network transferred an amount of (68,000,000) million dollars outside Iraq." Through an exchange company that it manages in the name of a citizen without his knowledge.

She added, "The citizen was surprised, during his review of the tax department in Najaf, by the presence of taxes imposed on him, totaling (13,000,000,000) billion dinars, as a result of transfers made by the network by using his name," pointing out that "the network - which has been operating since 2012 - has committed fraud." many citizens in this way.

And the circuit continued, "The judge of the specialized investigative court in Najaf decided to apprehend the accused involved in accordance with the provisions of Article (44) of the Money Laundering Law," noting that "a member of the network was seized and arrested, based on the provisions of the aforementioned article, and the case was referred to the Money Laundering Court." link

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CandyKisses:  Political demands to hold dismissed officials accountable. "They manipulate public money"

Information/exclusive..

The head of the Al-Rafd Center for Strategic Studies, Abbas Al-Jubouri, counted today, Thursday, the dismissal file facing a "big problem", while he demanded that the negligent people be held accountable and their financial liabilities disclosed before their dismissal.
Al-Jubouri said, in an interview with Al-Maalouma Agency, that "there is a big problem with the file of dismissals of defaulters in state institutions," noting that "every official was dismissed because he did not perform his duties as required."

Al-Jubouri asked: "Why is the negligent not held accountable before he is dismissed?", pointing out that "all those we saw who were dismissed from their positions or resigned are negligent in their work towards the institutions that they were leading as they were decision-makers."
The director of the Al-Rafd Center explained, "These officials manipulated public money and this is a crime, and when anyone is dismissed, he is referred to a fair trial and the violations he committed upon assuming the position must be known."

And al-Jubouri said: "It is unreasonable to refer a defaulter and bring another corrupt figure other than him, because he will follow the same path, without holding him accountable and revealing their financial liabilities before they leave the country."

A member of the State of Law Coalition, Abbas al-Maliki, had warned against dismissing the corrupt who hold positions in the state without being held accountable and punished by the judicial organs, pointing out that only dismissal would be a reward that encourages the continuation of corruption.

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

Mot:  . Its a Marital Thingy! - huh!!!!! 

Mot:  ..... Siiiggghhhhhhhh - What Can I Possibly Say Here!!!!

Friday Morning Iraq Economy News Highlights 7-7-23

Friday Morning Iraq Economy News Highlights 7-7-23

The Iraqi Dinar Maintains Its Low Price, And The Budget Provides Liquidity In Favor Of The Dollar[/Size]

Baghdad / Obelisk Al-Hadath: The exchange rates of the dollar are rising in the local markets, while government measures are trying to absorb the national currency in the markets to preserve its value.

And he received the reasons for the rise in merchants and banking transactions, as this rise settled at 1460 dinars per dollar.  The liquidity of the dinar leads to an increase in the demand for the dollar, whether through the window of selling the currency to meet the consumables or through the parallel market.   Iraq spends no less than 109 trillion on salaries.

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 the markets in conjunction with increasing of demands.

The exchange rates of the dinar, including its relative strength or weakness against the US dollar, are affected by several factors.

Iraq's general economic conditions play an important role. And with slower economic growth, high inflation, or political instability, it can undermine investor confidence in the dinar. As a result, the demand for the dinar decreases, causing its value to drop against stronger currencies such as the US dollar.

Different interest rate policies between countries affect exchange rates. And if the US Federal Reserve raises interest rates, it can attract capital inflows from foreign investors looking for higher returns. This increased demand for dollars can lead to a strengthening of the US dollar compared to other currencies.

The currency markets in Iraq are affected by speculators who anticipate future movements in exchange rates. Speculators can bet on the currency, which can lead to its depreciation if their actions are large enough.    https://almasalah.com/archives/57843

The Minister Of Oil And The Secretary General Of The Gas Exporting Countries Forum Stress The Importance Of Supporting Gas And Renewable Energy Investment Projects

Friday 07, July 2023  Economical Number of readings: 247   [rtl]Baghdad / NINA / - Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani, met in Vienna, Secretary-General of the Gas Exporting Countries Forum, Muhammad Hamel.

A statement by the Ministry of Oil stated that during the meeting, developments in the growth of the gas sector in the world were discussed, where the importance of supporting gas and renewable energy investment projects was emphasized, and the role played by the oil and gas sector in addressing environmental impacts.

The Minister of Oil gave a briefing on the development of the gas sector in Iraq through government support for optimal investment of gas wealth, reducing emissions and converting them into energy that contributes to strengthening related industries, referring to the national strategy that aims to invest in free and associated gas, as well as to develop and invest in exploratory sites with complex structures. Gaseous hydrocarbons - through cooperation with specialized international companies and the use of smart technologies to increase energy efficiency.

For his part, the Secretary-General of the Gas Exporting Countries Forum stressed the importance of the role that Iraq plays in the oil and energy sector, praising its efforts in developing promising gas projects in Iraq.  https://ninanews-com.translate.goog/Website/News/Details?Key=1063521&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

The Gas Exporting Countries Forum Stresses The Importance Of Iraq's Role In The Oil And Energy Sector

Baghdad – conscious   The Secretary-General of the Gas Exporting Countries Forum, Muhammad Hamel, stressed today, Friday, the importance of the role played by Iraq in the oil and gas sector.

And the Ministry of Oil stated, in a statement received by the Iraqi News Agency (INA), that "Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani met in Vienna, Secretary-General of the Gas Exporting Countries Forum, Muhammad Hamel."

The statement added, "During the meeting, developments in the growth of the gas sector in the world were discussed, as the importance of supporting gas and renewable energy investment projects was emphasized, and the role played by the oil and gas sector in addressing environmental impacts."

He pointed out that "the Minister of Oil gave a briefing on the development of the gas sector in Iraq through government support for optimal investment of gas wealth, reducing emissions and converting them into energy that contributes to strengthening related industries."

The Minister of Oil referred to "the national strategy that aims to invest in free and associated gas, as well as to develop and invest in exploration sites with hydrocarbon-gas compositions - through cooperation with specialized international companies and the exploitation of smart technologies to increase energy efficiency."

For his part, the Secretary-General of the Gas Exporting Countries Forum stressed "the importance of the role played by Iraq in the oil and energy sector," praising his "efforts in developing promising gas projects in Iraq."   https://www.ina.iq/188907--.html

What Are The Reasons For The Government Requesting The Federal Court To Issue A State Order For Some Budget Items?

426  The economic expert, Abd al-Rahman al-Mashhadani, confirmed that the reasons for the government’s request to issue a state order to stop the implementation of some budget items came in order not to obstruct their implementation.

Al-Mashhadani said in a press interview seen by “Takadum” that “the government requested the issuance of a state order from the Federal Court to stop the implementation of a number of items in the General Budget Law in order not to repeat the experience of the previous government when it challenged some items of the 2021 budget and obstructed the implementation of the budget, especially the investment one, until a month.” September and October then.”

He added that “the articles that the government challenged will not affect the structure of the budget, especially since the contested paragraphs were added by the House of Representatives,” noting that “Article Two (Article 2) that is considered the subject of the challenge relates to the governors’ contract with developers, which grants powers Exclusivity for governors to contract with developers to provide services such as optical cable, municipal services and sewage, and sell them to citizens.

If there are funds allocated for these projects, why do we increase the cost in them, in addition to granting exclusive power to governors, which may be one of the reasons for failure of implementation.

Al-Mashhadani continued, “The appeal against Articles 62 and 73 is due to their contradiction with Article 14 regarding stopping appointments. The aforementioned articles give authority to the Council, the Supreme Judicial Council, and the Ministry of Education to appoint, and the government is right in this as well, because appointments have become a burden on the administrative apparatus in Iraq.”

He explained that “the rest of the contested budget items include allowing public universities to contract with investors to build educational hospitals, and this point indicates the intervention of the legislative authorities in detailed issues that are not among their tasks,” explaining that “Article 16 provides for granting general managers and consultants leave for a period of 5 years or Refer them to retirement, but the House of Representatives added a word to the text of the article to become at their request, and this means that nothing will change because the request for referral to retirement will lead to the loss of some of their great privileges.

He pointed out that the appeal in Paragraph 75, which is related to the confirmation of contract holders after 10/2/2019, and this is what the government also rejects due to job slackness.

Earlier, a member of the Parliamentary Finance Committee, Mueen Al-Kazemi, said that there are more than half of the contested articles that are not subject to appeal, as they are natural, and that would develop the financial and economic situation of the country.

According to Al-Kazemi, “there is an exception for 150 members of the House of Representatives to confirm the permanent staffing, the Federal Court and the Supreme Judicial Council as well, which the government can appeal against, while the contested Article 2 pertains to the contracting of governors with developers is mentioned in the 2021 budget, and Article 16 was amended to The need for the director-general to submit a request himself if he desires the five-year leave, not by imposing it on him. As for Article 20, it relates to the completion of material damage compensation transactions within 30 days.

And Articles 28 and 57 are about deducting 1 per thousand of salaries for the Police Martyrs Fund and the Martyrs Foundation, which - according to Al-Kazemi - “is a natural issue that was previously pursued to support the popular crowd in the war against ISIS, but the government has now objected to it.”

He is surprised that “the government does not object to an increase of 150,000 job degrees, or parliament’s cancellation of the fees that the government wants to impose on oil companies, which lead to revenues of 500 billion dinars.”

On July 2, published documents revealed that the Sudanese government submitted a request to the Federal Court to challenge several articles of the General Budget Law for the year 2023, which were voted on last month.   https://takadum-news.com/archives/172424

Integrity Exposes A Money Laundering Network That Transferred $68 Million Abroad

Money  and business   Economy News – Baghdad  Today, Thursday, the Federal Integrity Commission revealed a money laundering network that fraudulently transferred 68 million US dollars outside Iraq.

And the Commission’s Investigations Department stated in a statement, “A team from the Najaf Investigation Office was able to seize a member of a network for money laundering and financial transfers abroad in the names of a number of citizens without their knowledge,” indicating that “the network transferred an amount of (68,000,000) million dollars.” outside Iraq through an exchange company that it manages in the name of one of the citizens without his knowledge.

She added, "The citizen was surprised, during his review of the tax department in Najaf, that there were taxes imposed on him, totaling (13,000,000,000) billion dinars, as a result of transfers made by the network by using his name," noting that "the network, which has been operating since 2012, has defrauded many citizens in this way.

And she continued, “The judge of the specialized investigation court in Najaf decided to arrest the accused involved in accordance with the provisions of Article (44) of the Money Laundering Law, noting that” a member of the network was arrested and arrested; Based on the provisions of the aforementioned article, the case was referred to the money laundering court.

 Views 73   07/06/2023 - https://economy-news.net/content.php?id=35041

A Plan To Raise The Rate Of Oil Production To 6 Million Barrels Per Day[/Rtl]

Economy   06/07/2023 21:03  Number of readings: 426  Baghdad-Iraq today:  Today, Thursday, the Oil Ministry announced plans to raise crude production to 6 million barrels per day.

Oil Minister Hayan Abdul-Ghani said in a press statement that Iraq is suffering from a shortage of gas, adding that a sixth round of licensing has been launched, including 13 exploration blocks in the western borders.  He explained that through the exploration blocks, about 1,500 million cubic feet of gas can be produced. 

On Iraq's future plans for oil production, Abdul-Ghani said that there are plans to raise production to 6 million barrels per day.  LINK

An Inventory Of The Expected Projects.. The Region Is Counting On Its Share Of The Budget To Resume Reconstruction

Baghdad today - Erbil   Today, Thursday, the former member of the Kurdistan Region Parliament, Muslim Abdullah, revealed the most prominent projects that the region needs after sending its share of the federal budget.

Abdullah said in an interview with "Baghdad Today" that "the level of services and projects has declined significantly in the Kurdistan region since 2014, and the provinces of the region need a major projects revolution."

He added, "The most important projects that the region needs are related to external and internal roads, most of which have become worn out and old, and cause many accidents. We also need water projects, as the citizen suffers throughout the seasons of the year, especially in the summer, from a great scarcity of water."

Abdullah pointed out, "The region also needs new hospitals, and there is also a shortage of schools and electricity projects."

The former parliamentarian warned against trying to exploit the budget allocations in favor of the ruling parties, especially as they come in conjunction with the preparation for the provincial council elections as well as the regional parliament elections.  LINK

Awake-In-3D: IQD History: CBI Governor Speaks Publicly About Currency RV/RD in 2011

Awake-In-3D:

IQD History: CBI Governor Speaks Publicly About Currency RV/RD in 2011

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

In RV/GCR Articles

The year 2011 was truly and exciting time in Dinar-Land. The possibility of an RV of the IQD went hyperbolic when Dr. Shabibi, the Governor of the Central Bank of Iraq addressed direct questions on the possibilities of an RD/RV of the Dinar.

He appeared optimistic yet never actually answered the questions. Little did we all know back then that we would still be here waiting for an RD/RV in 2023.

Does anyone here recall how all of the IQD currency dealers of the time would sell “Reserves” allowing one to put IQD on hold. It was like putting gifts on “layaway” at Walmart. Those were the Wild West days of the IQD RV.

During a discussion held at the US Chamber of Commerce in Washington, DC, in April 2011, Dr. Shabibi, the Governor of the Central Bank of Iraq (CBI) at that time, was questioned about the potential revaluation and redenomination of the Iraqi Dinar (IQD). However, Dr. Shabibi’s responses were notably vague and diplomatic, leaving much to be discerned from his answers.

When asked about the possibility of a revaluation, Dr. Shabibi avoided giving a direct response. He emphasized the importance of controlling inflation and maintaining price stability, noting that the current inflation rate in Iraq was around 5%. He mentioned that various factors, including trade, exports, imports, and balance of payments, influenced currency movement. Dr. Shabibi’s response revolved around the need to track inflation development and other relevant factors before determining any exchange rate movement or potential revaluation.

Regarding the redenomination of the currency, Dr. Shabibi also provided a diplomatic and passive answer. He downplayed the significance of removing three zeros from the currency, stating that it was primarily a measure to facilitate payments and ease counting. He highlighted the historical context of adding three zeros in the 1980s due to high inflation and mentioned that the current situation was different, with inflation under control and the exchange rate managed by the Central Bank. However, he acknowledged that implementing the redenomination required careful planning, including propaganda campaigns and education efforts, with the cooperation of the government and security forces.

It is worth noting that this event took place 12 years ago, and as of 2023, Iraq is still grappling with some of the key issues that Dr. Shabibi spoke about way back then. Yet much progress has certainly been made since then in regards to Iraq’s political, banking and economic reforms. But still, Iraq has yet to redenominate and/or revalue its currency.

See my previous post: Iraqi Finance Deputy: Iraq Not Ready for Currency RD/RV

Dr. Shabibi’s diplomatic and cautious approach to the questions may reflect the complexities and challenges surrounding these monetary decisions. The passage of time underscores the ongoing nature of the issues and the difficulties faced by Iraq in addressing them.

Key points and statistics mentioned by Dr. Shabibi:

IQD Currency Revaluation

1. Revaluation depends on controlling inflation and maintaining price stability.

2. The Central Bank closely monitors inflation, which has risen to around 5%.

3. Factors affecting currency movement include trade, exports, imports, balance of payments, and development-related aspects.

4. The government focuses more on its budget, while the Central Bank emphasizes inflation control.

5. Exchange rate movement will be determined by tracking inflation development and other relevant factors.

IQD Currency Redenomination

1. Redenomination aims to facilitate payments and ease counting, particularly for large figures.

2. The decision to add three zeros in the 1980’s was driven by high inflation.

3. Current conditions have changed, with inflation under control and the exchange rate managed by the Central Bank.

4. Removing the three zeros requires careful implementation, including a propaganda campaign and extensive education efforts.

5. Cooperation from the government and security forces is essential for successful redenomination.

My Simple Transcript of the Event (watch the video to get the full details)

• Date: April 19, 2011

• Location: US Chamber of Commerce, Washington, DC

Participant: With respect to the ongoing need for stability in Iraq and its exchange rate, we understand that there is a potential need for a revaluation of the currency to attract domestic and foreign investment. How far do you believe we are from a potential revaluation of the Iraqi currency?

Dr. Shabibi: The answer depends on various factors, particularly the extent to which we can continue controlling inflation. Maintaining price stability is our primary goal, and while there is currently a small inflation rate of around 5%, we are monitoring it closely. If inflation continues, we may need to reconsider the exchange rate and potential revaluation. Other factors that influence currency movement include trade, exports and imports, balance of payments, and other development-related aspects of the economy. However, the question of maintaining price stability is crucial, as it is not a major concern for other entities in the economy. We will track inflation development and other relevant factors to determine the appropriate exchange rate movement.

Participant: I’ve heard a report that Iraq is planning to cut three zeros off the currency, referred to as “redenomination.” Could you provide more information on this?

Dr. Shabibi: The cutting of three zeros should not be exaggerated. Redenomination aims to facilitate payments and ease of counting, especially when dealing with large figures. This decision was not made by a government decree, but rather due to the economic conditions in the 1980s, characterized by high inflation. However, the situation has changed significantly now, with inflation under control and the exchange rate managed by the Central Bank. The presence of zeros creates difficulties in managing the currency. Our plan is to remove the three zeros, but it requires careful implementation, including a propaganda campaign and extensive education efforts. The cooperation of the government and security forces is crucial in this process. We are committed to bringing about the redenomination, taking into consideration the monitoring of the exchange rate and other necessary measures.

Here’s the actual recorded event for you to hear what was said for yourself.

https://youtu.be/ol8wve53-ME

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https://ai3d.blog/iqd-history-cbi-governor-speaks-publicly-about-currency-rv-rd-in-2011/

Awake-In-3D: The Fiat Currency Debt System is Heading Towards a Global Credit Market Freeze

Awake-In-3D: 

The Fiat Currency Debt System is Heading Towards a Global Credit Market Freeze

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

In Fiat Debt System Collapse Articles

As if out of the script of a Hollywood disaster movie, the US Treasury has increased the national debt by over $850 billion in just one month. I am growing more convinced by the day that the Global Elitists and Banksters are deliberately accelerating the collapse of the Fiat Currency Debt System.

This staggering amount comes after Congress suspended the federal government’s borrowing limit for two years, leading to an alarming rise in debt. As of June 30, the national debt stood at a mind-boggling $32.33 trillion, crossing the $32 trillion mark within a week of the debt ceiling suspension. These numbers are a clear indication that the Fiat Currency Debt System is hurtling towards a total freeze of the global credit markets, creating a crisis of monumental proportions.

What You Will Learn in this Article:

• The US Treasury increased the national debt by over $850 billion in just one month.

• The national debt crossed $32 trillion within a week of the debt ceiling suspension.

• Goldman Sachs projected that the Treasury would need to sell up to $700 billion in T-bills to replenish cash reserves.

• Nonmarketable debt increased by $123 billion, while marketable debt rose by $728 billion.

• The Treasury General Account (TGA) cash balance increased to $465 billion, falling short of the $550 billion goal.

• The Treasury estimates the need to sell $733 billion in marketable securities during the third quarter.

• The government tax receipts are dropping, necessitating further borrowing.

• Spending cuts in the Fiscal Responsibility Act do not significantly impact total spending.

• The Treasury’s borrowing spree drains liquidity from the markets.

• Rising interest rates create upward pressure on corporate bonds, mortgages, and other debt instruments.

• The national debt poses a significant challenge, and paying interest on it will become problematic if interest rates remain elevated.

Unprecedented Borrowing Rates and Unforeseen Consequences

The pace at which the US Treasury is borrowing money is astonishing. It is far beyond what analysts had projected, even surpassing Goldman Sachs’ estimate of up to $700 billion in T-bills to be sold within six to eight weeks of a debt ceiling deal. Shockingly, this figure was blown through in just four weeks. The Treasury’s reliance on marketable securities, including bonds and notes, has skyrocketed, with a staggering $728 billion increase in marketable debt since June 3, reaching a total outstanding debt of $25.43 trillion. The non-marketable debt also rose by $123 billion, though it constitutes a smaller portion of the overall debt.

Partial Refilling of Treasury General Account and Plummeting Tax Receipts

Despite the massive borrowing spree, the Treasury Department has only managed to partially refill the Treasury General Account (TGA), which essentially functions as the federal government’s checking account. The cash balance in the TGA increased from $23 billion to $465 billion as of June 30. However, this falls short of the Treasury’s $550 billion goal and remains significantly below the desired balance of nearly $600 trillion “consistent with Treasury’s cash balance policy.” Compounding the problem is the drop in government tax receipts, forcing the Treasury to borrow even more to bridge the gap.

The Illusion of Spending Cuts and Soaring Deficits

The concept of spending cuts in the so-called Fiscal Responsibility Act is misleading. In reality, these cuts do not make a dent in actual total spending, leading to the continuation of massive deficits month after month. It is only a matter of time before Congress and the Biden administration abandon the facade of spending cuts to address the next crisis. This pattern paints a grim picture for the future, with ever-increasing deficits and a mounting debt burden.

The Daunting Challenge of Selling Bonds

As the Treasury seeks to cover its current spending and replenish the TGA, it estimates the need to sell $733 billion in marketable securities during the third quarter. However, a pressing concern arises—who will buy all these bonds? With the Federal Reserve preoccupied with the battle against inflation, it cannot artificially stimulate demand through quantitative easing, at least for the time being. Consequently, the Treasury will be compelled to sell bonds at lower prices and higher yields to entice enough demand to absorb the supply. However, this approach will result in higher interest rates, an unfavorable scenario for a government attempting to borrow trillions of dollars. The national debt looms as a ticking time bomb, with its consequences poised to wreak havoc.

Liquidity Drain and Rising Interest Rates

The Treasury’s borrowing spree will significantly drain liquidity from the markets, the inverse of what occurred during the drawdown phases. As liquidity is absorbed, it exerts upward pressure on interest rates across various debt instruments, such as corporate bonds, mortgages, and auto loans. The implications of this liquidity drain and rising interest rates are yet to fully manifest, but it is certain that they will have a profound impact on the global credit markets.

The Looming Crisis: Ignoring the National Debt’s Implications

The national debt has grown to such an extent that it has become a topic of indifference for many. People often shrug off discussions about the debt, considering it a concern for the distant future. However, this complacency is misguided, as the road ahead is shorter than anticipated. Eventually, the consequences of the debt will catch up, leading to an economic catastrophe with far-reaching implications.

The Bottom Line

The Fiat Currency Debt System is hurtling towards a freeze in the global credit markets. The astronomical increase in the US national debt, coupled with the government’s insatiable borrowing spree, presents a clear and present danger. The Treasury’s reliance on selling bonds to cover its spending obligations poses a significant challenge, especially in the absence of artificial demand created by the Federal Reserve. The liquidity drain and rising interest rates further exacerbate the situation, adding to the fragility of the credit markets. It is imperative that immediate action is taken to address this impending crisis, as ignoring the national debt’s implications will only serve to amplify the magnitude of the disaster awaiting us.

Helpful Information: Why Excessive National Debt Poses a Risk to Global Credit Markets in a Fiat Currency System

1.     Burden on Government Finances: Excessive national debt puts a tremendous burden on government finances. As the debt increases, the government needs to borrow more to cover its obligations, leading to a higher debt-to-GDP ratio. This raises concerns among investors and creditors about the government’s ability to repay its debts, potentially eroding confidence in the fiat currency system.

2.     Crowding Out Effect: When a government has a high level of debt, it needs to allocate a significant portion of its budget towards interest payments. This leaves fewer funds available for essential public services, infrastructure development, and social programs. The crowding out effect occurs when government borrowing diverts funds away from the private sector, reducing the availability of credit for businesses and individuals. This can result in a credit squeeze and hinder economic growth.

3.     Reduced Investor Confidence: Excessive national debt can undermine investor confidence in the stability and soundness of a country’s economy. Investors become concerned about the risk of default or currency devaluation, leading to a decline in demand for government bonds and other debt instruments. As a result, the government may struggle to find buyers for its bonds, leading to higher borrowing costs and potentially freezing up the global credit markets.

4.     Rising Interest Rates: As the national debt increases, the government becomes more dependent on borrowing from domestic and foreign investors. If there is a perception of increased risk associated with the debt, investors may demand higher interest rates to compensate for the added risk. This can lead to a vicious cycle where higher borrowing costs further strain government finances, making it even more challenging to service the debt. Rising interest rates can also have a ripple effect, affecting consumer borrowing costs, mortgage rates, and business investments, further dampening economic activity.

5.     Systemic Risk: Excessive national debt can create systemic risks within the financial system. When governments heavily rely on borrowing to finance their operations, any shock or disruption in the credit markets can have severe repercussions. A freeze in the global credit markets can lead to liquidity shortages, hinder business operations, restrict access to credit for individuals and businesses, and potentially trigger a financial crisis.

6.     Undermining Public Trust: In a fiat currency system, where the value of money is not backed by a physical commodity but rather by the trust and confidence of the people, excessive national debt undermines that trust and confidence. The risk of freezing up global credit markets arises from the interdependence of economies and financial systems worldwide. Therefore, it is crucial for governments to address and manage their national debt levels responsibly to maintain stability in the global credit markets and protect the overall health of the fiat currency system.

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https://ai3d.blog/the-fiat-currency-debt-system-is-heading-towards-a-global-credit-market-freeze/

MilitiaMan and Crew: To Iraq - Get Results - Financial Allocations to be a Distributed 7-6-2023

To Iraq - Get Results - Financial Allocations to be a Distributed

MilitiaMan and Crew:   7-6-2023

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

Sudani, currency smuggling, Iraq news and more…….

Please listen to full video for all the news and information

https://www.youtube.com/watch?v=Yn8FvH7XaCU

Iraqi News Highlights Thursday Evening 7-6-23

Iraqi News Highlights Thursday Evening 7-6-23

Tlm724 Administrator Bondlady’s Corner

An Economist Explains The Mechanisms Of Reducing The Gap Between The Official And Commercial Dollar Price

   July 5 08:48 Information / Baghdad...  The economist, Safwan Qusai, explained, on Wednesday, the mechanisms for reducing the gap between the official dollar exchange rate and the one sold in the parallel market, pointing out the possibility of taking many measures and decisions by the government to ensure control over the exchange rate. 

Qusai told Al-Maalouma, "The banking companies have an appropriate commission for the purchase and resale process, and they are supposed to adhere to such a commission, as the process of having a financial policy complementary to the policy of the Central Bank in order to control the price of the dollar in the parallel market requires a set of steps.". 

He added, "The steps would control the border crossings to reduce the volume of imports without external remittances, and urge Iraqi banks to shift towards documentary credits in a flexible manner that allows merchants to deal with suppliers from the white list." 

Safwan pointed out that "there are long-term contracts with them to allow import operations at times commensurate with the volume of local consumption." 

And that "the government can take more measures and decisions, in order to put pressure on the dollar in the parallel market, not only through censorship, but also by supporting the Iraqi dinar." ended 25 n

https://almaalomah.me/news/economy/خبير-اقتصادي-يوضح-آليات-تقليص-الفجوة-بين-سعر-الدولار-الرسمي

The Iraqi Central Bank Raises The Share Of Travelers And Banking Companies From The Dollar (two documents)

Economy     dollar    Central Bank of Iraq    Exchange companies    Travelers share   

2023-07-06 08:51  Shafaq News/ The Central Bank of Iraq decided, on Thursday, to increase the monthly share of the dollar for citizens wishing to travel from the dollar, as well as the weekly share for exchange companies.

The bank instructed, in a document seen by Shafaq News Agency, addressed to licensed government and private banks, that the share of the citizen traveling through air and land ports be at three thousand dollars per month, starting from next Sunday.

The bank stipulated that the electronic platform for cash sales (FITR) be approved exclusively to record the data of daily cash sales for travelers.

The share of the citizen wishing to travel was 10 thousand dollars, and it was reduced to two thousand dollars, to be increased now by one thousand dollars.

In another document addressed to the "B" exchange companies, the bank said,

"It was decided to increase the ceiling of the weekly cash amount of dollars allocated to your companies to become $750,000 per week, as of next Sunday."

And that the aim of this is "based on the objectives of this bank to achieve stability in the general level of prices and exchange rates and to meet the high demand for foreign currency in the local markets."

The bank confirmed that the electronic platform for cash sale (FITR) will be used exclusively to record the data of daily cash sales received through the window.

It is likely that this new decision contributed to the decline in the price of the US dollar against the Iraqi dinar today on the Baghdad Stock Exchange, where it reached 14,722 dinars per 100 dollars, after it touched earlier 150 thousand dinars per 100 dollars.    

https://shafaq.com/ar/اقتصـاد/المركزي-العراقي-يرفع-حصة-المسافرين-وشركات-الصيرفة-من-الدولار-وثيقتان

Guideline For Choosing A Total Quality Management System Consultant

July 06, 2023      Guideline for choosing a total quality management system consultant

 :diamonds: First release 2023   https://cbi.iq/static/uploads/up/file-168863142074752.pdf

https://cbi.iq/news/view/2370

 Guideline For Choosing A Total Quality Management System Consultant

July 06, 2023   This guide has been prepared, guided by IOS 10019:2005, to provide guidance on the process of selecting and evaluating the competency of a consultant to ensure maximum benefit from his services and create confidence in meeting the bank’s needs and expectations in achieving the quality management system,  for more information..click here 

https://cbi.iq/static/uploads/up/file-168863142074752.pdf    

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

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

Bond Ladys Corner