Dinar Recaps 20 7/10/23 Dinar Recaps 20 7/10/23

"Tidbits From TNT" Monday 7-10-2023

TNT:

Tishwash: looks like it's acutally done now

Iraq and Total Energies sign an agreement worth $27 billion

Iraq and French oil giant Total Energies on Monday signed a long-delayed agreement worth $27 billion to implement four oil, gas and renewable energy projects.

The agreement was signed in 2021 with initial investments of ten billion dollars in southern Iraq for a period of 25 years, but it was postponed due to disagreements between Iraqi politicians regarding the terms of the deal. link

TNT:

Tishwash: looks like it's acutally done now

Iraq and Total Energies sign an agreement worth $27 billion

Iraq and French oil giant Total Energies on Monday signed a long-delayed agreement worth $27 billion to implement four oil, gas and renewable energy projects.

Tishwash: Al-Sudani on the French deal: We have come a long way to reach this stage

During the meeting, according to a statement by Al-Sudani's office, which {Euphrates News} received a copy of, "the aspects of cooperation within the contract that was recently concluded between Iraq and Total were discussed, as His Excellency blessed the start of the executive steps on the ground, and stressed that the government has made great strides with commitments and access to this stage." Indicating that the contract with the company and the fifth licensing round fall within the strategic vision for gas investment, which Iraq was late to start investing in.

Al-Sudani renewed the government's direction towards concluding serious partnerships with major companies with regard to investing in natural resources, and benefiting from associated gas in particular.

For his part, Pouyanné indicated his company's direction towards broad cooperation with Iraq, its confidence in partnership in the fields of energy, and investment in promising and ambitious sectors in this field, stressing that the company's technical teams will begin their work in their locations within days. link

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Tishwash: Iraq and Kuwait discuss strengthening bilateral relations and ways to develop them

Today, Monday, Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein discussed with the Kuwaiti Ambassador to Iraq, Tariq Abdullah Al-Faraj, strengthening bilateral relations and ways to develop them between the two countries.

The media office of the Minister of Foreign Affairs stated in a statement received by "Baghdad Today", that "the latter received today the Ambassador of the State of Kuwait to Iraq, Tariq Abdullah Al-Faraj," noting that "during the meeting, they discussed strengthening bilateral relations and ways to develop them."

The statement indicated that "the two sides discussed the upcoming visit of the Kuwaiti Foreign Minister to Iraq, as well as the outcomes of the recent technical meetings of the joint Iraqi-Kuwaiti committee that held its work recently to discuss the memorandum of understanding on joint oil fields between the two countries."

He pointed out that "the preparations for the Baghdad Conference for Cooperation and Partnership in its third edition for neighboring countries and the region, scheduled to be held before the end of this year in Baghdad, were discussed, and the importance of continuing to hold these conferences and joint meetings in a way that contributes to achieving stability and enhancing the security of the region." link

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Tishwash: The most controversial law.. Oil and gas are back to the fore again

Official circles are waiting for the start of a new phase of the journey to resolve the fate of the draft oil and gas law, as one of the most controversial laws after 2003. The renewed oil dispute between Baghdad and Erbil in each government was a cause of political estrangement at times and turned into part of the settlement files built on Its basis is a fragile relationship between the federal government and the Kurdistan region.

The oil and gas law is a pending file, so as soon as an interim agreement saw the light - as happened before the formation of the government - the draft law was left in the drawers of Parliament.

On February 15, 2022, the Federal Supreme Court ruled that the private oil and gas law in the regional government was unconstitutional. The decision also stipulated that the oil contracts concluded by the Kurdistan government with oil companies, parties, and foreign countries are invalid.

Representatives believe that the current time is one of the best times for passing the complex law, thanks to partial and interim stability in the relationship between Baghdad and Erbil, despite the Kurdistan Judicial Council's rejection of the Federal Supreme Court's decision to hand over crude oil to the federal government, stressing the constitutionality of the oil law in force in the region.

The oil and gas law in Iraq, which has been awaiting legislation in Parliament since 2005, stipulates that the management of all oil fields in the country must be under the responsibility of a national oil company under the supervision of a specialized federal council.

A member of the Parliamentary Energy Committee, Kazem Al-Touki, said, "The oil and gas law consists of political and technical aspects," pointing to the need to take into account the timing of its approval by saying that "the best time to pass it is the current time, because the Kurdish parties are forced to legislate it after preventing the region from exporting oil, and this It means more flexibility in Erbil's position."

The federal government had resorted to international arbitration procedures with Turkey in 2014 at the International Chamber of Commerce in Paris, which in 2022 issued its decision in favor of Baghdad. The ruling led to the suspension of exports and obligated the Kurdistan government to negotiate with the federal government.

And the representative of the National Union, Karwan Ali, expected that "the oil and gas law will be approved according to the government's curriculum during the coming months, because it is an important law and regulates the extraction of the country's wealth."

Ali believes that "it is unreasonable for a country like Iraq to remain without an oil and gas law," stressing that "this law will fundamentally solve the problems between Baghdad and Erbil, and it may be approved within 6 months." link

Mot: .... LOL - Works fer Me!!!

Mot: And yet again………

DINARRECAPS8 7/10/23 DINARRECAPS8 7/10/23

Monday Morning Iraq Economic News Highlights 7-10-23

The Most Controversial Law.. Oil And Gas Are Back To The Fore Again

Baghdad - Nas Official circles are waiting for the start of a new phase of the journey to resolve the fate of the draft oil and gas law, as one of the most controversial laws after 2003. The renewed oil dispute between Baghdad and Erbil in each government was a cause of political estrangement at times and turned into part of the settlement files built on Its basis is a fragile relationship between the federal government and the Kurdistan region.

The oil and gas law is a pending file, so as soon as an interim agreement saw the light - as happened before the formation of the government - the draft law was left in the drawers of Parliament.

Monday Morning Iraq Economic News Highlights 7-10-23

The Most Controversial Law.. Oil And Gas Are Back To The Fore Again

The oil and gas law is a pending file, so as soon as an interim agreement saw the light - as happened before the formation of the government - the draft law was left in the drawers of Parliament.

Syria.. A New Exchange Rate For The Remittance Dollar

Information/Baghdad... The Central Bank of Syria set the exchange rate of the Syrian pound against the US dollar for remittances and exchange at 8,800 pounds.

According to the remittance and exchange bulletin issued today by the Central Bank, the exchange rate of the Syrian pound against the euro was set at 9,638.64 pounds.

This bulletin is issued according to the Central Bank for the purpose of cash disbursement, the purchase of foreign commercial transfers and incoming transfers to natural persons, including transfers received through global transfer networks.

On the 6th of this month, the Central Bank set the exchange rate of the Syrian pound against the dollar for remittances and exchange at 8,500 pounds for the dollar, and 9,216.98 pounds for the euro. LINK

Exchange Rates Are Close To 149,000 Per Hundred Dollars In The Iraqi Markets

Economy 2023-07-10 | 1,479 views Alsumaria News – Economy Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets, for Monday, July 10, 20

According to the Iraq Stock Exchange [/url] website", the exchange rates were as follows:

Baghdad Offered: 148,750 Wanted: 146,750

North Offered: 148,750 Wanted: 146,750

South Offered: 148,750 Wanted: 146,750

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

Expectations Of A Rise In Oil Prices And Calls For Exploiting The Abundance

Economical 2023/07/10 : Haider Fleeh Al-Rubaie The Parliamentary Oil and Gas Committee suggested that the recovery of oil prices will continue until the end of this year, after the prices of “black gold” touched the $75 limits, stressing the need to exploit the financial abundance achieved in establishing productive projects capable of reducing total dependence on oil imports, and investing them to develop Industry, agriculture and supporting the infrastructure of the real private sector.

Oil exports during last June, according to the Ministry of Oil, amounted to (100) million and (59) thousand and (52) barrels, with revenues exceeding seven billion dollars, and a daily export rate of (3) million and (335) thousand barrels, at a price of (71.11). ) dollars per barrel.

According to the Minister of Oil, Hayan Abdul Ghani, the sixth licensing round that Iraq is looking forward to holding, aims to achieve self-sufficiency in gas within 5 years, and to reach oil production to the limits of six million barrels per day, stressing that the decisive decisions approved by OPEC and OPEC Plus will maintain market stability. globally.

Member of the Parliamentary Oil, Gas and Natural Resources Committee, Representative Zainab Juma Al-Moussawi, confirmed that “according to global indicators, crude oil prices continue to rise until the end of this year, especially after they recently touched the limits of $75 per barrel, and that this increase would help Iraq.” To bridge the fiscal deficit in the federal budget 2023 and develop the national economy.

Al-Moussawi believes that “the rise in crude oil prices will reflect positively on the economy because it maximizes its revenues and enables it to overcome the negative financial impact resulting from the suspension of exports from the fields of Kurdistan and Kirkuk,” stressing the need to “optimize the financial abundance achieved in the development of industry and agriculture and support the infrastructure of the private sector.” real, to operate factories and factories and produce locally made goods and services ».

In line with the recommendations of the Parliamentary Oil Committee, the oil expert, Dr. Bilal Al-Khalifa, expected during his interview with Al-Sabah that oil prices would continue to rise in the coming periods, citing the growing global demand for black gold and the continuation of international conflicts, especially the war between Russia and Ukraine.

Al-Khalifa explained that oil price estimates are currently linked between “America and Europe on the one hand, and OPEC Plus on the other hand,” as the Organization of Petroleum Exporting Countries strives to ensure that the price of a barrel remains close to $80, especially since some OPEC member states have built their budgets on Comparable prices, stressing at the same time that this price constituted a great burden on Europe, and it is trying by all means to reduce it to less than 70 dollars.

The expert, al-Khalifa, suggested that the price of oil would remain confined between 70 and 80 dollars, stressing the need to exploit the financial abundance achieved as a result of this increase in the establishment of projects that would leave the “rentier economy” and reduce dependence on oil revenues to support the country's financial budgets. https://alsabaah.iq/80308-.html

Oil Paradoxes

Economical 2023/07/10 Thamer Al-Haimus, SOMO Oil Marketing Company, announced that the average price of crude oil exported to Jordan amounted to (58) dollars during the month of June. Thus, Iraq sold one barrel of crude oil to Jordan last month for less than 12 dollars from the official selling price declared by by the Ministry of Oil.

These may have been within political contexts since before 2003 due to considerations that still exist until now, and these exceptions may be made due to the absence of the oil and gas law, whose drafts ranged from 16 years ago to be followed, just as the National Oil Company is still almost absent, as it may not have a full owner. about the scope of its powers.

Our neighbors from the West and the North are betting on the strategic and vital relationship of Iraq, as if we are without a sea view, to pay the price for that with pipelines and denials in progress or future projects, and at special prices that cannot be understood economically or financially.

If we had an oil industry, at least any derivatives, the matter would have been more acceptable legally and constitutionally, or the matter could be accepted in light of the recent changes globally and regionally, so that our crude oil would be close to Europe through (Ceyhan and Aqaba). The issue becomes more acceptable.

Perhaps we are the only country in the world whose backbone, arms, and feet are oil, as was evident in our tripartite budget. Perhaps we are comparable to Nigeria or Venezuela, in this excessive dependence. We were not shaken economically when more than half of our waters were cut off, but we tremble with terror as we watch the price of a barrel of oil.

Crude oil, for fear that it will fall a little below seventy dollars as a component of our budget, we consider it accurate, as we fear that the budget deficit will worsen. And so we take risks, and extreme caution usually becomes the weapon of risk. The three paradoxes in front of this impasse would not have taken place if we had not ignored the larger law.

In any case, it is not more important than the constitution that was legislated within a few months and not sixteen years in the consensual waiting list, according to which the National Oil Company and our oil industry, thanks to which we are still in difficulty Its birth, we import oil derivatives in addition to gas, which was finally found to be wasted.

We hope, after witnessing the last glimmer of the corridor, that these paradoxical gaps will be bridged. The matter will be resolved during this year in order for the visions to become clearer so that the glimmer will be bright, and God is sufficient for us, and He is the best disposer of affairs. https://alsabaah.iq/80306-.html

The Coordination Framework Calls On The Government To Approach The United States To Facilitate The Payment Of Iranian Financial Dues

Policy 2023/07/10, the number of readings: 138 Baghdad-Iraq today: The coordination framework called on the government to address America to pay the financial dues for importing Iranian gas.

The framework said, in a statement received by (Iraq Today), that "the country is witnessing a crisis that is burdening the Iraqi citizen because of the lack of electricity supply in light of the difficult climatic conditions and the high temperatures."

He added, “After follow-up, investigation, and clarification of the reasons, we call on the Iraqi government, through the Ministry of Foreign Affairs, to contact the American side and force it to immediately release the financial dues resulting from the Iranian import.” gas without delay or procrastination, and not to use this file politically to avoid its negative repercussions on the Iraqi citizen.” LINK

Dinar Recaps 20 7/9/23 Dinar Recaps 20 7/9/23

"Tidbits From TNT" Sunday 7-9-2023

TNT:

CandyKisses: Al-Musawi: The rise in oil prices will reflect positively on the prices of the Iraqi economy

{Economic: Euphrates News} A member of the Parliamentary Oil and Gas Committee, Zainab Al-Moussawi, said on Sunday that according to global indicators, crude oil prices continue to rise until the end of this year, as they recently recorded more than $ 75 per barrel.

Al-Musawi explained in a statement: "The rise in crude oil prices will reflect positively on the Iraqi economy because it maximizes its oil revenues and enables it to overcome the negative financial impact resulting from the cessation of exports of Kurdistan and Kirkuk fields, which reach 470,<> barrels per day."

TNT:

CandyKisses: Al-Musawi: The rise in oil prices will reflect positively on the prices of the Iraqi economy

She pointed out that "after the rise in crude prices and addressing the deficit as a result of the financial surplus, we emphasize the need to exploit it optimally in investing in the development of industry and agriculture and supporting the infrastructure of the real private sector, to operate factories and factories and produce locally made goods and services, in conjunction with the gradual re-imposition of taxes on locally produced goods, in line with activating the role of control and preventing the raising of locally produced goods and keeping them within prices equal to or less by a margin of competing foreign goods."

Tishwash: Al-Ali: The private sector is the real savior for Iraq, and governments do not have its keys

Today, Saturday, the economic expert, Nabil Al-Ali, described the private sector as the "real savior" of the Iraqi economy, while stressing that all governments do not have the "keys" to revive it.

Al-Ali said in an interview with Al-Maalouma Agency, “The private sector is the real savior of the Iraqi economy and is capable of absorbing the increasing unemployment day after day in light of an annual increase that may approach (half a million people) ) who are looking for work.”

He added, "This is a fact that everyone knows, and all governments seek to achieve it, but without those governments possessing the keys to reviving the Iraqi private sector."

The economist explained: "The private sector will never succeed as long as public policies and decisions are taken away from those with direct interest, investment experts and markets."

A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, had confirmed, earlier, that supporting the private sector is the essential step to achieving economic autonomy, considering economic autonomy is no different from political autonomy. Iraq's private sector suffers from severe neglect, although Attempts by the government of Muhammad Shia al-Sudani to activate it recently through the financial law budget, in light of the dependence of the Iraqi people on government jobs and appointments. link

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Tishwash: Iraqi forces arrest traveler with over 200 bank cards to siphon US dollar

The arrest was made based on prior intelligence provided by the country’s National Intelligence Service, the Authority added.

A man with over 200 bank cards has been arrested at Baghdad International Airport after attempting to smuggle out US dollars as the country continues to clamp down on the illicit activity.

The Iraqi Borders Authority arrested the “Iraqi traveler” with 228 bank cards, which he had intended to use as a way of exporting US dollars outside the country, a statement from the agency read.

The arrest was made based on prior intelligence provided by the country’s National Intelligence Service, the Authority added.

The statement did not elaborate on how much money the cards held upon the seizure.

In a bid to prevent the widespread siphoning of US dollars to Iraq’s neighbors and other Middle Eastern countries under Western sanctions, Iraq was subject to a Society for Worldwide Interbank Financial Telecommunication (SWIFT) international messaging system request to bolster the transparency of cross-border transfers late last year.

In 2020, the US enforced stringent sanctions on Iran, preventing its central bank and other commercial banks in the nation from the SWIFT network. Thus, any country that conducts banking transactions with Iran faces severe penalties.

Iraqi banking authorities have increased their efforts to tighten illegal financial activities by limiting the dollar used in transactions as well as issuing bank cards to lessen cash usage.

Despite these efforts, the illegal activity is still ongoing, according to analysts and Iraqi officials.

Iraqi security forces regularly announce the arrest of “travelers” with bank cards, through which they use to take deposited US dollars outside the country.

The Central Bank of Iraq has taken several strict measures since last year to contain the activity, including limiting the amount of US dollars a traveler could take out on international trips as well as closing down currency exchange shops.

The Iraqi dinar for a while had experienced instability in its value. Late last year, the US dollar was trading for up to 1,750 dinars in grey markets, a sharp increase from its 1,420 value before the measures. link

Mot: ..... More and More Warning Signs are Out!!!

Mot: .. Thanx Mum fur the Ride!!! ~~~

DINARRECAPS8 7/9/23 DINARRECAPS8 7/9/23

Iraqi News Highlights Sunday Afternoon 7-9-23

Tlm724 Administrator Bondlady’s Corner

Sudanese Advisor Announces The Advantages Of Iraq's Accession To The Egmont Group

political | 09/07/2023 Baghdad - Mawazine News , the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced, on Sunday, the advantages of Iraq's accession to the Egmont Group of Financial Intelligence Units, while stressing that joining the group will make Iraq a key player in financial security at the internal and external levels.

Iraqi News Highlights Sunday Afternoon 7-9-23

Tlm724 Administrator Bondlady’s Corner

Sudanese Advisor Announces The Advantages Of Iraq's Accession To The Egmont Group

Salih said, "Iraq's accession to the international group to combat money laundering, crime funds and terrorism, which is called the (EGMOND) group, is a turning point in the course of Iraq's integration with the international information exchange and investigation units and cooperation in pursuing the recovery of crime and terrorist funds and transit money laundering operations." to the limits.”

He added, "Iraq's accession to this logistical organization in the field of organized international financial investigation in the field of availability of information related to financial crimes will give Iraq a stronghold to be a key player in the financial security of our country and the outside world in a coordinated and integrated manner."

He pointed out that "the goal of the (Egmont) group, which is the place where the international group was established in Brussels in the year 1995, came to represent a basic forum and an official network of international cooperation for financial intelligence units around the world in order to provide support to their respective governments in combating money laundering and terrorist financing." and other financial crimes.

He pointed out, "This support includes expanding and organizing international cooperation in exchanging financial intelligence information, increasing the effectiveness of financial information units by providing training and exchanging employees to improve the expertise and capabilities of employees, and enhancing secure communication between units through the application of technology via the secure Egmont network." In addition to assigning financial information units and anti-money laundering offices with modern programs and technologies in the pursuit of transient financial crimes.

https://www.mawazin.net/Details.aspx?jimare=230972

MP: Oil Will Continue To Rise And Will Reflect Positively On The Iraqi Economy

Sunday 09, July 2023 10:34 | Economical Number of readings: 377 Baghdad / NINA / - Member of the Parliamentary Oil and Gas Committee, Zainab Al-Moussawi, said that global indicators indicate that crude oil prices continue to rise until the end of this year, as they recently recorded more than $75 per barrel.

Al-Moussawi said in a statement: "The rise in crude oil prices will reflect positively on the Iraqi economy because it maximizes its oil revenues and enables it to overcome the negative financial impact resulting from the suspension of exports from the Kurdistan and Kirkuk fields, which amount to 470,000 barrels per day."

And she pointed out, “After the rise in crude prices and addressing the deficit as a result of the financial surplus, we stress the need to make optimal use of it in investing in developing industry and agriculture and supporting the foundations of the real private sector, to operate factories and factories and produce locally made goods and services, in conjunction with imposing taxes on goods that are produced locally.”

It does not exceed the prices of foreign commodities, and activate the role of control over local products.”/ End 11 https://ninanews.com/Website/News/Details?key=1063879

Iraq's Oil Exports To America Decreased To 122 Thousand Barrels Per Day During The Past Week

Economy | 09/07/2023 Baghdad - Mawazine News Iraq's oil exports to America declined over the past week. The US Energy Information Administration stated, "The average US imports of crude oil during the past week from nine major countries amounted to 5.833 million barrels per day, up by 124 thousand barrels per day from the previous week, which amounted to 5.709 million barrels per day."

The administration added, "Iraq's oil exports to America amounted to an average of 122,000 barrels per day last week, decreasing by 94,000 barrels as a daily average from the previous week, in which oil exports to America amounted to an average of 216,000 barrels per day." And she continued, "Most of America's oil revenues during the past week came from Canada, at a rate of 3.

The administration indicated, “The amount of US imports of crude oil from Brazil amounted to an average of 224,000 barrels per day, and from Nigeria at a rate of 192,000 barrels per day, and from Ecuador an average of 157,000 barrels per day, and from Libya at a rate of 45,000 barrels per day, while it did not import any amount of oil.” Russia". https://www.mawazin.net/Details.aspx?jimare=230944

The Stability Of The Exchange Rate Of The Dollar Against The Dinar

Sunday 09, July 2023 | Economical Number of readings: 265 Baghdad / NINA / - The exchange rate of the dollar against the dinar witnessed stability in the local markets and money exchanges.

The selling price of the dollar reached 148,750 dinars per hundred dollars, and the purchase price was 146,750 dinars per 100 dollars./. https://ninanews.com/Website/News/Details?key=1063972

$223.7 Million In Central Bank Sales

Economy News – Baghdad Today, Sunday, the sales of the Central Bank of Iraq in the foreign currency sale window amounted to more than .7223 million dollars.

The Central Bank’s website published a schedule of its dollar sales, and “Al-Iqtisad News” viewed it, as it included the participation of 34 banks and 35 exchange companies, and covered external transfer requests of $213.7 million, while cash requests amounted to $9.98 million.

And the Central Bank of Iraq sells the dollar for documentary credits and international settlements of electronic cards at a price of 1305 dinars per dollar.

Views 36 07/09/2023 - https://economy-news.net/content.php?id=35062

The Minister Of Planning Is Discussing With The Governors The Mechanisms Of Implementing Projects

Reconstruction and building Economy News – Baghdad Today, Sunday, the Minister of Planning, Muhammad Ali Tamim, discussed with the governors the mechanisms for implementing projects after the approval of the general budget (2023-2025).

And the ministry stated in a statement, that “Deputy Prime Minister, Minister of Planning, Muhammad Ali Tamim, chaired today an expanded meeting of all governors, to discuss and define appropriate mechanisms for implementing projects and distributing the sums allocated to the governorates in the general budget law,” noting that “during the meeting, it took place.” Discussing a number of issues and files related to the reality of the ongoing projects within the regions development program.

Al-Tamimi stressed, according to the statement, that "this meeting came to discuss with the governorates regarding the projects that are supposed to be included for this year and the need to direct them towards providing services to citizens," stressing "the need for these projects to have a developmental impact and respond to spatial and developmental gaps."

The meeting included, according to the statement, "developing visions and solutions to most of the problems that impede the implementation of the federal general budget for the year (2023-2025), and it was also agreed to communicate on a daily basis to overcome obstacles to the actions of governors and reach the furthest point in the province by providing service."

For his part, the head of the Supreme Coordinating Authority for the Governorates, Ahmed Al-Fatlawi, called on the governors to "complete the requirements for listing projects and the requirements for disbursing completed amounts in relation to advances in accordance with the requirements set by the Ministry of Planning in order to facilitate procedures and implement projects."

He added, "The governorates suffer from problems related to ongoing projects, which need a double effort to expedite the disbursement procedures, solve problems related to previous projects, and benefit from the remaining time in order to include projects in the coming years,"

noting that "one of the priorities mentioned in the government program regarding Infrastructure projects for the governorates are: not to include any project unless the area in which it is included has completed its infrastructure services, whether with regard to sanitation, potable water, and others.

Views 24 07/09/2023 - https://economy-news.net/content.php?id=35067

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Goldilocks' Comments and Global Economic News for July 9, 2023

Good morning Dinar Recaps,

An unstable market has a profound effect on an economy. It sends the value of countries' goods, services, and currencies into a great deal of volatility.

This is why we are not seeing any prices set for gold, silver, and oil on the debt clock just yet.

Let's take a deep dive into these three assets that govern the global economies' currency values.

There is a correlation between gold and oil, but the price of silver has a life of its own when it comes to affecting the currency market. In the future, this is about to change. These three assets will be intertwined with one another.

We have a lot of electronic vehicles coming into our new market that requires a lot of silver for its production along with copper. Look for the price of copper to raise with the price of silver. Keep saving those pennies.

Good morning Dinar Recaps,

An unstable market has a profound effect on an economy. It sends the value of countries' goods, services, and currencies into a great deal of volatility.

This is why we are not seeing any prices set for gold, silver, and oil on the debt clock just yet.

Let's take a deep dive into these three assets that govern the global economies' currency values.

There is no doubt that the need for silver and copper in the future will play an important role in our global economies by way of jobs and the effect of a country's GDP.

Gold and oil play a much different role, but they have an equal or greater effect on our global economy than most people realize.

In today's world, many of our Eastern countries are pegging their local currencies to gold as we speak. The activation of Basel 3 compliance mechanisms inside a Basel 4 implementation will change the world. This will increase the value of Eastern countries' currencies purchasing power as the dollar is decreasing it's purchasing power.

To give you an idea how much OPEC controls the oil supply. It is estimated that 80% of it's proven oil supply runs through OPEC and 67% of that supply comes from the Middle East.

For this reason, OPEC is reducing the use of the Dollar in oil settlements and including the Yuan which is backed by gold in payments. When the BRICS Nations implement their own gold-backed currency, the need for the dollar will significantly decline.

If this were not enough, OPEC is calling on other countries besides Saudi Arabia and Russia to lower their oil production. This collective move changes the role and money velocity of the dollar while increasing money velocity in Eastern countries resetting their business models.

Again, we are in a currency war that will determine the way we live and how. It's all about situating ourselves inside choices that will determine our future.

For these reasons, we have not seen a repricing event in oil, gold, and silver. There is a positioning taking place in these three markets that will level the playing field going forward on our currencies causing them to have a repricing event that will reset our Global Economy.

Are you still watching the water?

© Goldilocks

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

OPEC LINK

Finance Yahoo LINK

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"In its latest Article IV assessment of the UAE, the IMF said that the country’s oil and gas sector is “under pressure” from the global energy transition. However, the IMF also noted that the UAE has “significant opportunities” to invest in renewable energy and other green industries."

There is tremendous pressure on the global economy being applied to move into green industries.

This will no doubt take a toll on the oil market going forward. In the meantime, the oil market will serve as a transitional commodity as countries in the east gain enough liquidity to move into a Green Market.

© Goldilocks

https://solarquarter.com/2023/07/07/imf-urges-uae-to-seize-economic-opportunities-in-green-transition/

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"It’s all part of Pozsar’s “Bretton Woods III” vision, where the dollar ultimately loses its hegemonic status over the next decade.

Importantly, he sees a different outcome from that of the British pound’s loss of reserve status in the early 20th century, when the U.S. dollar simply supplanted it.

Instead, he predicts a multi-currency world where no one currency is dominant, a result made possible because of CBDC clearing mechanisms, which negate the need for reserve currency intermediation.

Negotiating counterparts will need to agree on which of their two currencies to denominate their trade deal in, but they won’t have to default to the dollar, or some other universal standard, for actual settlement."

Source: CoinDesk

https://globeecho.com/business/crypto/the-real-use-case-for-cbdcs-dethroning-the-dollar/

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It is becoming increasingly clear that this Global Currency Reset is transforming our World into a whole new global society.

© Goldilocks

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Thank you Dinar Recaps

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Sunday Morning Iraq Economic News Highlights 7-9-23

Iranian Efforts To Deal In The Iraqi Dinar Instead Of The Dollar

Economical 07/09/2023 The Iranian government seeks to get rid of the dominance of the US dollar by using the Iraqi dinar in the process of trade exchange between the two countries. This was according to what an Iranian official said on Saturday.

The Mehr news agency quoted the head of the Iranian-Iraqi Chamber of Commerce, Yahya Al-Ishaq, as saying that by using the dinar instead of the dollar in trade with Iraq,

We get rid of the dominance of the dollar in imports and exports as planned the government.

Sunday Morning Iraq Economic News Highlights 7-9-23

Iranian Efforts To Deal In The Iraqi Dinar Instead Of The Dollar

The Mehr news agency quoted the head of the Iranian-Iraqi Chamber of Commerce, Yahya Al-Ishaq, as saying that by using the dinar instead of the dollar in trade with Iraq,

We get rid of the dominance of the dollar in imports and exports as planned the government.

He added that trading in the national currencies of different countries is one of the 13 goals of the government, adding that most countries in the world seek to break the American hegemony in their stock exchanges, and the use of national currencies of countries can help speed up this process.

Al-Ishaq touched on the Iranian-Iraqi relations.

By saying: More than 10 billion dollars of goods and services are exchanged annually between the two countries, if the trade system is applied in the national currencies of the two countries,

This can contribute to the deepening of these relations and the establishment of trade good.

Referring to the problems of trade in the national currencies of the two countries, the Iranian official said: 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 appear in other Iranian stock exchanges.

Because we must be able to meet our needs in dinars The recipient.

He pointed out that 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 dollar.

The head of the Iranian-Iraqi Joint Chamber of Commerce stressed that we must be able to reduce the dominance of the dollar by maximizing exchanges with the national currencies of the two countries.

He added that this proposal is a regime and Iran that can help the two countries lift the American pressure on two states.

Regarding the 10% difference between the price of the dinar in the open market and the dinar of the bank, Al-Ishaq said that 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 follow-up Occasion. https://alsabaah.iq/80228-.html

Al-Saadi: Importers' Dependence On The Dollar Is Behind Its Failure To Devalue It In The Parallel Market

Economic affairs researcher 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 said in a press interview seen by “Takadam” that “many merchants, especially importers, depend on the dollar on the black market, and they 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 merchant 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.” https://takadum-news.com/archives/172567

Parliamentary Finance Explains The Relationship Between Increasing The Traveler's Share Of The Dollar And The Rise In The Exchange Rate

Baghdad today - Baghdad A member of the Parliamentary Finance Committee, Representative Mudar Al-Karawi, revealed today, Saturday, one goal behind increasing the traveler’s share to 3 thousand dollars per month.

Al-Karawi told "Baghdad Today" that "the central bank's policy is independent and is primarily responsible for drawing up the country's financial policies and cannot be interfered with," pointing out that "its decisions come in accordance with specific principles within the criteria for maintaining financial stability, especially for exchange rates."

He added, "The decision to increase the traveler's share of the dollar currency by 3 thousand dollars per month comes to achieve an important goal, which is to reduce the demand for the parallel market to sell dollars in order to curb the rise in exchange rates."

He pointed out that “fulfilling the need of the bulk of travelers for hard currency liquidity, referring to the dollar, will reduce demand for the parallel market and limit the rise in exchange rates at higher rates,” expecting that “there will be other decisions towards strengthening the strength of the dinar against the dollar and pushing the prices of the latter.” down in the coming weeks.

The Central Bank of Iraq had taken, earlier, a number of measures to control the exchange rate of the dollar in the local markets, including opening bank offices in Iraqi airports to sell the dollar to travelers at the official exchange rate. LINK

Basra Is Looking Forward To The Results Of The "Trillion Dinars" Of Petrodollar Funds

Baghdad today – Baghdad The representative of Basra Governorate, Ahmed Taha Al-Rubaie, announced today, Saturday, that the Ministry of Oil has allocated more than one trillion dinars to the province from petro-dollar sums.

Al-Rubaie told (Baghdad Today) that "these sums will be a major support for the governorate's budget in terms of implementing strategic projects," expressing "hope that the disbursement items for this amount will be implemented."

Al-Rubaie added, "A meeting brought them together with the Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani Al-Sawad, and the latter expressed his support for Basra and all provinces to take their entitlement from petro-dollar funds."

Al-Rubaie added, "The province needs important projects, and the provincial government must make use of these funds as an optimal exploitation for the implementation of projects." LINK

Parliamentary Committee: Oil Will Continue To Rise And Will Reflect Positively On The Iraqi Economy

Economy |Today, 09:16 |Baghdad today - Baghdad A member of the Parliamentary Oil and Gas Committee, Zainab Al-Moussawi, said today, Sunday, that according to international indicators, crude oil prices continue to rise until the end of this year, as they recently recorded more than $75 per barrel.

Al-Moussawi said in a statement received by "Baghdad Today": "The rise in crude oil prices will reflect positively on the Iraqi economy because it maximizes its oil revenues and enables it to overcome the negative financial impact resulting from the suspension of exports from the fields of Kurdistan and Kirkuk, which amount to 470,000 barrels per day."

And she indicated, “After the rise in crude prices and addressing the deficit as a result of the financial surplus, we stress the need to make optimal use of it in investing in developing industry and agriculture and supporting the foundations of the real private sector, to operate factories and laboratories and produce locally manufactured goods and services, in conjunction with the gradual re-imposition of taxes on goods.”

Which are produced locally, in line with activating the role of control and preventing the raising of locally produced commodities and keeping them at prices equal to or a margin lower than the prices of competing foreign commodities.

Earlier, the prices of Basra crude (heavy and medium) rose, with the rise in global oil prices.

Basra Heavy crude prices rose 60 cents, with a change of 84%, to reach 72.31 dollars. Basra medium crude prices also rose 60 cents, with a change of 80%, to reach 75.46 dollars.

The rise in oil prices came with Saudi Arabia's announcement to extend its cut to one million barrels per day for the month of August, which also caused fears of a scarcity of supply in global markets. LINK

Dinar Recaps 20 7/9/23 Dinar Recaps 20 7/9/23

MilitiaMan and Crew: A Countdown - Historical Progression - Internationalism - Iraq

A Countdown - Historical Progression - Internationalism - Iraq

MilitiaMan and Crew: 7-8-2023

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

Be sure to listen to full video for all the news

A Countdown - Historical Progression - Internationalism - Iraq

MilitiaMan and Crew: 7-8-2023

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

Be sure to listen to full video for all the news

https://www.youtube.com/watch?v=5QBjyM8SXrM

DINARRECAPS8 7/8/23 DINARRECAPS8 7/8/23

Iraqi News Highlights Saturday Evening 7-8-23

Tlm724 Administrator Bondlady’s Corner

The Presidency Of The House Of Representatives Announces The Start Of The Second Legislative Term Tomorrow, Sunday

political | 01:02 - 08/07/2023 Baghdad - Mawazine News announced the Presidency of the House of Representatives, on Saturday, the start of the second legislative term of Parliament, tomorrow, Sunday.

The Media Department of the House of Representatives stated in a statement, which Mawazine News received a copy of, that "the Presidency of the House of Representatives announces the start of the second legislative term, the second legislative year, on Sunday 7/9/2023."

Iraqi News Highlights Saturday Evening 7-8-23

Tlm724 Administrator Bondlady’s Corner

The Presidency Of The House Of Representatives Announces The Start Of The Second Legislative Term Tomorrow, Sunday

political | 01:02 - 08/07/2023 Baghdad - Mawazine News announced the Presidency of the House of Representatives, on Saturday, the start of the second legislative term of Parliament, tomorrow, Sunday.

The statement added, "Parliamentary committees will begin their legislative and oversight work as of the above date," pointing out that "the first session of the second legislative term will be held on Saturday, corresponding to 7/15/2023." https://www.mawazin.net/Details.aspx?jimare=230892

Oil Rose 3%, At Its Highest Level In 9 Weeks

Economy | 07/08/2023 BAGHDAD - Mawazine News Oil prices rose about 3%, hitting their highest levels in 9 weeks, in Friday's session, as concerns about supply shortages and buying demand for technical reasons outweighed concern that raising interest rates would slow economic growth and decline demand for oil.

Brent crude futures rose $1.95, or 2.6%, to settle at $78.47 a barrel. US West Texas Intermediate crude increased by $2.06, or 2.9%, to $73.86 a barrel.

This is the highest closing level for Brent crude since May 1 and the highest for WTI since May 24. Both benchmarks gained about 5% for the week.

"The rally over the past week or so ... has been very strong and supported by momentum, along with the new cuts announced by Saudi Arabia and Russia," said Craig Erlam, senior market analyst at OANDA.

The production of the “OPEC +” alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, is about 5 million barrels per day, which is equivalent to 5% of global demand for crude. OPEC + production cuts will lead to a scarcity in the market, which will lead to a shortage of supplies in the second half of 2023 and boost oil prices.”

Sources close to “OPEC” said that the organization will likely maintain its optimistic forecast of oil demand growth next year.

A government source told Reuters that Russia's latest pledge to cut oil exports would not require a similar cut in production.

Prices also drew support from the decline in the dollar index to its lowest level in two weeks, after data showed less-than-expected job growth in the United States, but it is strong enough to push the Federal Reserve (the US central bank) to resume raising interest rates later this month, as previously indicated.

The dollar's decline makes crude oil less expensive for holders of other currencies, which could boost demand for oil.

According to CME Group's Videowatch service, the probability that the US central bank will raise interest rates by 25 basis points at its July 25-26 meetings is now around 95%, up from 92% just before the jobs data was released. Higher borrowing costs would slow economic growth and reduce demand for oil.

https://www.mawazin.net/Details.aspx?jimare=230885

The Stability Of The Dollar Exchange Rate In The Local Markets

Saturday 08, July 2023 Economical Number of readings: 383 Baghdad / NINA / - The exchange rate of the dollar against the dinar witnessed stability in the local markets and money exchanges today, Saturday.

The selling price of the dollar reached 148,500 dinars per hundred dollars, and the purchase price was 146,500 dinars per 100 dollars./ End 9 https://ninanews.com/Website/News/Details?key=1063712

After The Marshes Dried Up.. Zainab Al-Moussawi Calls For Fighting The Riparian Countries With "Economic Weapons"

Saturday 08, July 2023 13:35 | Economical Number of readings: 315 Baghdad / NINA / - The representative of the Al-Sadiqun Bloc, Zainab Jumaa Al-Mousawi, confirmed today, Saturday, that "the complete drought of the Hawizeh Marsh in Maysan Governorate, and the almost complete drought of the Chabayish Marsh in Dhi Qar Governorate, is a serious warning of the water situation in the country, specifically the cities of southern Iraq."

Al-Moussawi said in a statement, "The policies of the riparian countries are the main reason for the drying up of the Iraqi marshes, the death of tons of fish, and the random migration of residents towards the cities, the latest of which is the drying of the Hawizeh Marsh in Maysan Governorate and the Chabayish Marsh in Dhi Qar Governorate."

And MP Al-Moussawi called on the Iraqi government to use the economic paper against the riparian countries in order to recover Iraq's water rights.

And she stressed: "The success of the Iraqi economic weapon will be effective if the government takes serious steps that will achieve the goals envisaged for its use, and make it clear to the riparian countries that cutting off water from Iraq will affect their economic interests inside Iraq, as it will reflect on the relationship with them."/ To https://ninanews.com/Website/News/Details?key=1063755

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

https://www.bondladyscorner.com/

Dinar Recaps 20 7/8/23 Dinar Recaps 20 7/8/23

KTFA Members "News and Views" Saturday PM 7-8-2023

KTFA:

Clare: The Iraqi parliament sets tomorrow, Sunday, as the date for its new legislative session

7/08/2023

The Presidency of the Iraqi Council of Representatives announced, on Saturday, the start date of the second legislative term for the second legislative year.

In a statement received by Shafaq News agency, the presidency said, "The second legislative term begins tomorrow, Sunday, provided that the parliamentary committees will start their legislative and oversight work, starting tomorrow."

She added, "The first session of the second legislative term will be held on Saturday, corresponding to 7/15/2023." LINK

KTFA:

Clare: The Iraqi parliament sets tomorrow, Sunday, as the date for its new legislative session

7/08/2023

The Presidency of the Iraqi Council of Representatives announced, on Saturday, the start date of the second legislative term for the second legislative year.

She added, "The first session of the second legislative term will be held on Saturday, corresponding to 7/15/2023." LINK

Clare: Iran seeks to get rid of the dominance of the US dollar through the Iraqi dinar

7/08/2023

The Iranian government is seeking to get rid of the dominance of the US dollar by using the Iraqi dinar in the trade exchange process between the two countries, according to what an Iranian official said today, Saturday.

The Mehr news agency quoted the head of the Iranian-Iraqi Chamber of Commerce, Yahya Al-Ishaq, as saying: 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.

He added that trading in the national currencies of different countries is one of the 13 goals of the government, adding that most countries in the world seek to break the American hegemony in their stock exchanges and the use of national currencies of countries can help speed up this process.

Turning to the Iranian-Iraqi relations, Al-Ishaq said: More than $10 billion in goods and services are exchanged annually between the two countries, which, if the trade system is applied with the national currencies of the two countries, can contribute to deepening these relations and establishing good trade.

The Iranian official referred to the problems of trade with the national currencies of the two countries and said that: balance in trade is very important in this new system; If Iraq imports more than Iran and pays all its debts in dinars, then problems will arise in other Iranian stock exchanges, because we must be able to meet our needs with the dinars received.

He pointed out that 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 stressed that we should be able to reduce the dominance of the dollar by maximizing exchanges with the national currencies of the two countries, adding that the proposal made by this country is a system and that Iran is following it and can help the two countries lift the American pressure on two states.

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

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

Clare: The Minister Of Commerce Directs The Advanced Staff To Work Throughout The Week, In The Morning And Evening

7/07/2023

The Minister of Commerce, Atheer Daoud Al-Ghurairy, today, Friday, directed the advanced staff to work throughout the week, morning and evening.

A statement by the ministry, which was received by Earth News, stated, "In implementation of the Prime Minister's directives during the cabinet meeting, the Minister of Commerce, Atheer Dawood Al-Ghurairy, directed the advanced staff in the ministry to work throughout the week, in a (morning and evening) manner, with what they need from the staff of departments and companies."

The statement added, "Minister Al-Ghurairy's directive came out of keenness to take advantage of the time in implementing the government program and to make every effort to achieve what we promised our people in providing the best services." LINK

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

Clare: The Anbar Alliance sends a message to the authorities: The province has become the first trend in corruption because of you

7/08/2023

The information/exclusive..

The Anbar Unified Alliance considered, today, Saturday, that Anbar province has become the "first trend" in corruption, and while attributing the reason to the breaches of those in power and the province's politicians, it confirmed that the financial allocations that were provided to Anbar exceed the rest of the provinces.

The leader of the coalition, Muhammad Dahham, said in an interview with Al-Maalouma Agency, "The financial allocations that were provided to Anbar Governorate exceeded all allocations to other governorates," pointing out that "the amount of corruption that occurred in Anbar is very large compared to the rest of the governorates.”

He added, "The owners of power and excellency in Anbar have made the province the first trend of corruption, on social media and satellite channels, instead of being a destination for integrity, justice and project implementation."

Earlier in the day, Abdullah al-Dulaimi, one of the sheikhs and notables of Anbar, revealed that Parliament Speaker Muhammad al-Halbousi had informed the leaders of his party, Taqaddam, of the need to escape to avoid legal prosecution on charges of corruption .

Anbar is witnessing a wave of accelerating government investigations into several files, due to suspicions of corruption and major financial and provincial administrative breaches, which led to the Federal Integrity Commission moving around many files and arresting many officials, amid a popular welcome. LINK

ButchB: In my opinion-Sudani has made it clear crystal clear
The new national currency… the new national currency rate… … is not for the corrupt politicians or powers that be

Therefore, also, in my opinion…..No one sees the rate until the “house is spotless”
no one sees anything until the laws of the budget, are implemented against the corrupt

IMO: Only once the laws are implemented, and being enforced only then can they allow the new national currency, and the new national rate to be public

Just an opinion, against what I see Sudani doing…going back to my corner…Be the blessing

Zeeman: i agree especially with all the preceding articles the pm means to clean up the corrupt as much as possible. i only have one question does this mean they will arrest the biggest crook of all malaki?

ButchB: In my opinion
… when the timing is right
… when the evidence is in hand
… anyone who is standing in the way of the monetary reform
… anyone who is violating the new laws set forth in the budget
… or set forth an implemented to protect the monetary reform,
… Any and all corruption

Well, in my opinion, they will have arrest warrant, issued no matter what your name is
And that is the whole point that Sudani is making to the people of Iraq
oh yeah and let’s not forget the 2024 as an election year for Iraq

This is only a point of view it’s an opinion and I am nobody…..Going back to my corner
BE THE BLESSING

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

Clare: Urgent... Al-Sudani directs that all extradition files for the fugitives be executed

7/08/2023

Today, Saturday, the Prime Minister, Mr. Mohamed Shia’ Al-Sudani, chaired a meeting devoted to following up on the process of recovering the accused, convicted and wanted persons in corruption cases, and recovering the funds they seized. Ministry of Foreign Affairs, Director General of the Legal Department at the Ministry of Justice, Director of the Interpol Arab and International Police Directorate, and Advisor to the Prime Minister on Anti-Corruption Affairs.

During the meeting, they discussed the cases that have been accomplished, the procedures achieved, the files that are currently being worked on, and the most prominent obstacles facing the recovery agencies.

Mr. Al-Sudani stressed the importance of attending this file, in a practical way, in the priorities and interests of the agencies concerned with prosecution and recovery, because it is evidence for citizens of the government's seriousness in following up and fighting corruption, recalling the international agreements that bind Iraq with a number of countries in the world and their obligations in cooperation to implement the law and restore rights.

His Excellency also stressed the need for the various agencies to exert their efforts, each within its competence, and for Iraq to invest its foreign diplomatic and economic relations to serve the recovery of looted and wanted Iraqi funds, indicating that corruption threatens all government programs, and will hinder its plans unless the movement against the corrupt and their means is sustained.

The Prime Minister directed that all files for the recovery of fugitives wanted be entered into execution and claim, and that a careful follow-up process be conducted for each file, stressing that the serious pursuit of the accused prompted many of them to surrender to justice, and the Interpol department also prepared ready files for the wanted. LINK

Dinar Recaps 20 7/8/23 Dinar Recaps 20 7/8/23

Awake-In-3D: BRICS New Gold Currency: A Serious Attack on the Fiat Dollar World

Awake-In-3D

BRICS New Gold Currency: A Serious Attack on the Fiat Dollar World

On July 8, 2023 By Awake-In-3D

In RV/GCR Articles

I firmly believe that a BRICS new currency initiative may be the initiation and direct path forward for the eventual implementation of our RV/GCR scenario. The rise of a new joint currency backed by gold, the growing frustration with the dominance of the US dollar, and the expanding influence of the BRICS countries are reshaping the global economic landscape.

In this article, I discuss the key insights I’ve learned from an in-depth, private-source discussion on the BRICS’ new currency, its potential convertibility into gold, as will as the possible geopolitical and geo-economic consequences.

Awake-In-3D:

BRICS New Gold Currency: A Serious Attack on the Fiat Dollar World

On July 8, 2023 By Awake-In-3D

In RV/GCR Articles

What You Will Learn from This Article

BRICS’ serious challenge to the dominance of the US dollar and the trend of de-dollarization
The potential convertibility of the new BRICS currency into gold and its implications for the global economy
The geopolitical consequences and tensions among BRICS member countries
The deliberate and calculated approach of BRICS in building up secretariats and think tanks
The expansion of BRICS membership and the role of Gulf countries
The uncertainties surrounding the leadership and coordination within BRICS
The past initiatives of BRICS and the lessons learned for the success of this new currency endeavor.
Valuable insights into the transformative developments surrounding BRICS’ new currency and its potential impact on today’s global fiat currency financial system

BRICS Currency and Growing Frustration

The BRICS currency aims to challenge the dominance of the US dollar in the world. It signifies a frustration with the way the US has used the dollar for its own purposes. BRICS seeks to develop a multi-polar world, reducing the influence of a single country. This frustration has led to an increasing number of countries expressing interest in joining BRICS.

Details of the New Currency

The specifics of how the new currency will evolve are not yet public. However, a roadmap for its development has been planned. The currency is expected to be convertible into gold, possibly using the Shanghai Gold Exchange. Russia and China already treat their growing trade by holding dollars in a gold-convertible account in China’s Central Bank. This model may serve as a template for China and other Gulf countries. BRICS is also utilizing local currencies to settle trade balances through the New Trade Bank, creating a reserve of local currencies.

The Strength of BRICS

BRICS has developed a robust organization with separate secretariats for various sectors, including geopolitics, trade, finance, education, and sports. These secretariats are housed in the BRICS Tower in Shanghai, signifying the early development of a new block of countries that poses a threat to the G7 nations.

BRICS’ New Currency Convertibility into Gold and Potential Expansion

Convertibility into Gold

The new BRICS currency is expected to eventually be convertible into gold. This means that holders of the currency will have the ability to redeem it for physical gold. The exact process of convertibility will likely be implemented gradually, with full convertibility expected by the mid-2020s. China holds an impressive 50,000+ tons of gold, while Russia possesses over 12,000 tons, indicating their significant gold reserves. The Shanghai Gold Exchange has already facilitated the conversion of large amounts of gold, with approximately 25,000 tons passing through the exchange into Chinese households and institutions.

Return to the Gold Standard

The ultimate goal for the new currency is believed to be a full return to the gold standard. This implies that the currency will be fully backed by and redeemable for gold, possibly surpassing the level of the previous gold standard. Such a return is anticipated to occur before 2030, primarily among BRICS Plus members.

Implications for Currency Issuance and Debts

The introduction of a gold-backed BRICS currency would not necessarily curtail the ability of member countries to issue their own currencies. However, an interesting point is that any existing or new member defaulting on loans from Western banks and financial institutions would not hinder their acceptance into BRICS. Consequently, the debt owed to entities like the IMF and the World Bank would effectively be wiped out upon the launch of the new currency.

Involvement of Other Commodities

While the original idea was for the new currency to be backed by a basket of commodities, including oil and rare earths, it seems that the concept has evolved into a gold-backed currency. Gold is now considered the primary backing for the currency. The role of other commodities in the currency remains uncertain.

Expansion of the BRICS Group

The BRICS coalition is likely to expand its membership in the near future. Around 20 countries, including Ethiopia, have expressed interest in joining. However, any new member requires unanimous approval from existing BRICS members. The first round of expansion is expected to be completed within a couple of years, with Gulf countries likely to be included. President Xi of China has made it clear that Gulf countries will have surpluses with China, and invoicing will be done in RMB, suggesting a close relationship between China and these nations.

Domestic Adoption of the Currency

Initially, the BRICS currency will likely be used to facilitate trade between member countries. It may not be immediately adopted as the domestic currency of these countries. The focus is primarily on using the currency for trade financing among BRICS members. However, as more trade is conducted in currencies other than the US dollar, central banks may reconsider the percentage of their reserves held in dollars.

Reactions and American Response

The US response to the development of the BRICS currency remains uncertain. The growing prominence of the new currency and the shift away from the dollar in energy markets could impact the role of the dollar as a global reserve currency. The actions and reactions of the US in response to these changes will be significant to watch.

Geopolitical Consequences and Unity Among BRICS Countries

There are existing tensions and disputes among some BRICS members. For example, China and India have border disputes. When all these countries come together, there will inevitably be jostling for supremacy and leadership. It is unclear if the assumption is that China will take the lead or if it has been technically agreed upon. However, the goal of BRICS is to pursue the greater good and operate on unanimous voting. The focus is on creating a multinational world, which suggests that differences may be put aside for the benefit of the group.

Previous Initiatives and Materialization

Previous ambitious initiatives by BRICS, such as developing a BRICS credit rating agency and creating a BRICS undersea cable, have not materialized as expected. Even the new development bank launched in 2014 remains heavily dependent on the US dollar for its survival, with local currency financing representing a small portion of its portfolio. Despite these setbacks, it is believed that the involvement of BRICS has been a deliberate, slow movement, carefully building up secretariats and think tanks. The lessons learned from past failures may contribute to the success of this new initiative.

The Role of BRICS Secretariat and Mistakes

The establishment of secretariats and think tanks within BRICS indicates a more thorough and thoughtful approach. The current President of the New Development Bank is the ex-president of Brazil, suggesting a movement towards greater significance. The previous plans may not have been well thought out, but BRICS has likely learned from those mistakes.

Coordination and Leadership

It is unclear which country is taking the lead in this initiative. The coordination seems to be mutual among all the countries, with advice flowing from the Secretariat to the leaders. The leader of the Secretariat, who remains unidentified, may play a crucial role in guiding the decision-making process.

Conclusion

It is important to note that this information is based on available data and speculation, as the specifics and outcomes of the BRICS initiative are not officially confirmed. However, the emergence of BRICS’ new currency, potentially backed by gold, signals a significant challenge to the long-standing dominance of the US dollar and the trend of de-dollarization. The possibility of convertibility into gold and the substantial gold reserves of China and Russia add depth to this currency’s potential.

While tensions and disputes exist among BRICS member countries, the pursuit of the greater good and unanimous decision-making characterize the coalition. Past initiatives may not have materialized as planned, but the deliberate approach of building secretariats and think tanks suggests a more thoughtful strategy this time. The expansion of BRICS membership, particularly with the involvement of Gulf countries, further highlights the shifting geopolitical landscape. The true extent of coordination and leadership within BRICS remain a subject of speculation.

We will have to wait and see what actually transpires at the upcoming BRICS Summit in late August. I will certainly be watching closely.

Related Ai3D Posts

Ai3D Website: Ai3D.blog
Ai3D on Telegram: GCR_RealTimeNews
Ai3D on Twitter: @Real_AwakeIn3D

https://ai3d.blog/brics-new-gold-currency-a-serious-attack-on-the-fiat-dollar-world/

DINARRECAPS8 7/8/23 DINARRECAPS8 7/8/23

Saturday Afternoon Iraq Economic News Highlights 7-8-23

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

Saturday Afternoon Iraq Economic News Highlights 7-8-23

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

Parliamentary Finance Committee: The Government Will Win The Appeals Case Against The Budget Law

Policy 2023/07/07 21:06 Number of readings: 426 Baghdad - Iraq today: The Parliamentary Finance Committee confirmed, today, Friday, that the government's appeals against the budget law are realistic, especially in some paragraphs in which the House of Representatives exceeded its powers by placing it.

Committee member Jamal Cougar said in a press interview, “The government's approach to the Federal Court to challenge some budget articles takes place in all countries of the world, and that the House of Representatives has the right to legislate what it deems appropriate from laws, and other authorities, whether executive or judicial, have the right to appeal.” In it, and this is what happened to the 12 articles and paragraphs that were included by the House of Representatives in the Financial Budget Law.

Cougar added, "The government's appeals are realistic, because the House of Representatives exceeded its powers in some paragraphs, especially in the articles that were challenged, adding that there was no consensus in the Finance Committee on those paragraphs, but they were passed by a simple majority vote.”

He pointed out that "the government relied on two issues, namely the government program that Parliament voted on and turned into something like a law, as well as the issue of separation of powers, which means that any paragraph that has a financial cost is exclusively within the powers of the executive body.”

And Cougar suggested that "the government will win all appeals, because" unfortunately, the deputy's job has become to make promises to his fans about appointments and jobs, and this is not his prerogative. Therefore, resorting to the Federal Court is the right way before the government. LINK

Parliamentary Planning Constitutes A Committee To Monitor The Implementation Of The General Budget

Iraq 11:06 - 2023-07-08 The Parliamentary Strategic Planning Committee confirmed, on Saturday, the formation of a committee to monitor the implementation of the provisions of the federal general budget and the government program during the next six months.

"A directive was issued by the committee's presidency to monitor and evaluate the implementation of the ministerial program directly and continuously by following up on the implementation and disbursement of the federal budget to avoid wasting it," Deputy Chairman of the committee, MP Muhammad Karim, said in a press interview.

Karim added, "Monitoring and evaluating the ministerial program and the general budget is the responsibility of the Strategic Planning and Federal Service Committee during the coming period."

He pointed out that "the Parliamentary Integrity Committee and the Bureau of Financial Supervision are working on sectoral follow-up by distributing committees to every ministry or government institution that is not linked to a ministry."

Karim pointed out that "the Planning Committee is directly responsible for monitoring and evaluating the ministerial curriculum," noting that "the reports of the sectoral authorities are submitted to the committee for the purpose of evaluation." https://kirkuktv.net/AR/Details/16165

The Minister Of Commerce Directs The Advanced Staff To Work All Days Of The Week, In The Morning And Evening

FRI, 07-07-2023, TAYSEER AL-ASADI Today, Friday, the Minister of Commerce, Atheer Daoud Al-Ghurairy, directed the advanced staff to work throughout the week, morning and evening.

The ministry stated in a press statement, "According to the directives of the Prime Minister during the cabinet meeting, the Minister of Commerce, Atheer Dawood Al-Ghurairy, directed the advanced cadres in the ministry, that working hours should be throughout the week, in the form (morning and evening), with what they need from the cadres of departments and companies."

The ministry said, "Minister Al-Ghurairy's directive came out of keenness to take advantage of the time in implementing the government program and to make every effort to achieve what we promised our people in providing the best services." https://non14.net/public/158319

Serious Steps To Reduce Currency Smuggling

Iraq 2023/07/08 Baghdad: Muhannad Abdel- Wahhab Politicians and experts said that the Ministry of Interior is working to follow up the currency market to limit currency smuggling operations that take place through the issuance of credit cards, and the steps of the executive agencies coincide with the implementation of the instructions of the Central Bank of Iraq in this regard.

A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, told Al-Sabah: “When the central bank system allowed the transfer of funds through (MasterCard) to travelers, there was support for this step that would serve the traveler, but it was circumvented by collecting hundreds of cards.”

Or issuing it illegally by some private banks, then the currency difference in other countries is benefited through one person who travels with hundreds of cards, so the government and the central bank paid attention to this fraudulent process.

He added, "The government has taken appropriate legal measures with regard to smuggling through cards, and the most important thing is the smuggling of money or what is transferred in transfers of tens of millions of dollars for which the required goods do not come, or that what is given to banks is not transferred in a proper manner," stressing that "The government will control this dilemma over time, and the price of the parallel dollar will be close to the official rate."

For his part, the spokesman for the Ministry of Interior, Khaled Al-Muhanna, stated that "there are procedures for the Ministry of the Interior through auditing and raising awareness that dealing is in the Iraqi dinar and following the contexts and laws of the Central Bank of Iraq,"

and he added in an interview with "Al-Sabah", that "the second part is to carry out campaigns To circulate these internal messages to include the largest number of traders, and there will be accountability for everyone who deals outside the framework of the law in foreign currencies.

In the meantime, the Rafidain and Al-Rasheed banks decided to raise the ceiling for the exchange of dollars for travelers to the amount of 3 thousand dollars, starting tomorrow, Sunday, in order to contribute to strengthening the stability of exchange rates.

In addition, the economic expert, Dr. Majid Al-Suri, explained, in an interview with "Al-Sabah", that "the economic chaos that Iraq has suffered from during the last three decades and was rooted after the occupation in 2003, the opening of border crossings wide, the absence of a clear economic policy, the confusion in financial policy and the expansion of Operational expenses and lack of interest in economic and social development,

while encouraging the free market economy policy and not applying the constitution and the laws in force, all of this, has made Iraq a great hotbed of administrative and financial corruption, speculation and unregulated behavior in economic operations in general and commercial in particular.

And he continued: “There are efforts made and are being made by the Central Bank in controlling foreign trade through monetary policy measures as a result of local and international requirements and the government’s efforts to help achieve this with cooperation to support the Iraqi dinar, and an attempt to reduce the monetary circulation of the dinar, and encourage electronic trading,

which is an experience that is not In the old days in Iraq, all of these measures led to pressure on the forces supporting the old directions," stressing that "the old guard worked and is working to defend its gains and will continue to work in all legal and illegal ways and resort to circumventing the law and the instructions that were issued."

He added, "The fact that the Ministry of the Interior is grateful for the disclosure of currency smuggling operations through credit cards and others is part of the efforts made by the government to control the implementation of the law and fight corruption and corrupt behaviors by stakeholders who will defend their gains in every way,

but such operations Unilateral measures cannot eliminate all these manifestations as long as the border crossings are not regulated by the existence of administrative and financial corruption, as long as foreign and internal trade procedures are not integrated, as long as currency speculation is present, and as long as economic and social development is not achieved and dependence on the global market is reduced in securing needs. the Iraqian people".

Edited by: Muhammad Al-Ansari https://www.patreon.com/posts/85774435?pr=true

Burning A Quarter Of A Million Barrels Per Day At The Height Of Summer

The first 2023/07/08 Rula Wathiq The Committee on Oil, Gas and Natural Resources in the House of Representatives revealed that Iraq burns nearly a quarter of a million barrels per day at the height of the summer season.

Committee member Kazem Al-Touki told Al-Sabah that "the quantity is distributed between crude fuel, fuel oil and gas oil," noting that "the shift towards clean energy saves Iraq from burning these quantities."

Al-Touki added, "The Organization of Petroleum Exporting Countries (OPEC) is not limited to the quantities exported only, but even the oil used in the production of electricity, packaging and internal consumption of countries, including Iraq."

He pointed out that "the entry of cars into the country exceeded the natural growth, and this affected the need for daily consumption," noting that Iraq "will need 40 million liters of gasoline per day by the year 2035, after its consumption has so far reached 28 million liters per day of gasoline. It requires the establishment and development of many refineries to meet the current and future needs. https://alsabaah.iq/80173-.html

Oil: The National Strategy Aims To Invest In Free And Associated Gas

Iraq 2023/07/08 Al-Sabah, Oil Minister Hayan Abdul-Ghani discussed, yesterday, Friday, with the Secretary-General of the Gas Exporting Countries Forum, Muhammad Hamel, developments in the growth of the gas sector in Iraq.

A statement of the ministry stated, “The Minister of Oil met in Vienna with the Secretary-General of the Gas Exporting Countries Forum, and they discussed During the meeting, they discussed developments in the growth of the gas sector in the world, 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, "The Minister of Oil 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 strengthening related industries."

The Minister of Oil referred, according to the statement, 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." Meanwhile, the Minister of Oil confirmed that the ministry aims to produce 1,500 million cubic feet of natural gas.

Abdul-Ghani said, in a press statement, on the sidelines of the activities of the Eighth International OPEC Conference in Vienna: “Iraq has offered two rounds of licensing for exploration of oil and gas fields, and the fifth is the complementary one that included more than 10 oil and gas fields in western Iraq, and the sixth includes 13 fields and exploratory sites.”

It is located on the western borders of Iraq, which enables us to produce more than 1,500 million cubic feet of gas, with the aim of achieving self-sufficiency over the next five years.

He added, "Iraq has large oil reserves amounting to 144.5 billion cubic meters of oil, and more than 133 trillion standard cubic feet of gas," noting that "Iraq has many fields that produce large quantities of oil and gas through cooperation with many countries." of international companies. The minister touched on the oil production capacity, and said:

"The oil production capacity in Iraq currently reaches 5 million and 400 thousand barrels per day, while the current total production under OPEC's share reaches 4 million and 430 thousand barrels per day, with our aspiration within promising plans to raise production capacity to 6 million barrels per day, through licensing contracts concluded with companies during the next stage. https://alsabaah.iq/80157-.html