Dinar Recaps 20 7/17/23 Dinar Recaps 20 7/17/23

Goldilocks' Comments and Global Economic News for July 17, 2023

Goldilocks' Comments and Global Economic News for July 17, 2023

RJ: Good morning Dinar Recaps,

Goldilocks posted comments and links on today's global financial news:

"India and the United Arab Emirates (UAE) signed agreements on trade settlement in national currencies and setting up a real-time link for cross-border transactions as Prime Minister Narendra Modi visited Abu Dhabi on Saturday to bolster cooperation in areas such as trade, energy and climate action."

The exchange rates between these two countries will no longer be determined by the use of the dollar determining the values placed between them.

The following will determine their exchange rates going forward:

Goldilocks' Comments and Global Economic News for July 17, 2023

RJ: Good morning Dinar Recaps,

Goldilocks posted comments and links on today's global financial news:

The exchange rates between these two countries will no longer be determined by the use of the dollar determining the values placed between them.

The following will determine their exchange rates going forward:

*Differentials in Inflation
*Differentials in Interest Rates
* Current Account Deficits
* Public Debt
* Terms of Trade
* Strong Economic Performance

Are you beginning to understand the role gold will play in the above economic factors that determine an exchange rate? This is why Central Banks are accumulating so much gold.

Gold expands the net worth of a country's economic status. When we have a repricing event in gold, this will minimize many of the exchange pressures listed above allowing the value of a country's wealth to be revalued on every level.

Let's take a closer look at just one of them that seems to be important to many people. Public Debt. Yes, it is one of the factors that determine a country's exchange rate.

Now, are you beginning to see why a jubilee is more than possible? In some countries, it is already happening.

HindustanTimes LINK

https://www.investopedia.com/trading/factors-influence-exchange-rates/

~~~~~~~~~~

Yesterday, the Central Bank of Iraq gave us two articles dealing with external transfers made on electronic trading platforms.

The Trade Bank of Iraq is involved with this as well as the Iraqi Stock Exchange.

Iraq is currently listing their stock market on an international platform that will include various forms of external transfer possibilities. Many of these external transfers you and I are using already.

Now, can you imagine being able to buy and sell Iraqi stock on an app as a retail investor?

Iraq has been given a month from 7/13/2023 to inform the CBI of their procedures.

~~~~~~~~~~

Here is an article from last year to give us an idea where our economy is going.

History has proven that a strong dollar hinders the growth of the crypto space.

A weak dollar gives cryptocurrencies space to grow.

Recently, Frank 26 showed us a video of XRP being pegged to the IQD. This is another indicator that Iraq is currently interfacing the IQD to the QFS.

When two currencies are pegged together, they expand market possibilities showing trust in the exchange.

As we have gone over many times in this room, an increase in demand for a currency increases its value.

~~~~~~~~~~

CFTC Announces Two New Task Forces

"The first, the Cybersecurity and Emerging Technologies Task Force, will focus on cybersecurity and issues associated with emerging technologies including enforcing adequate cybersecurity controls and safeguards, prosecuting technology-related market manipulation and theft of non-public information, exploring the role of technologies like AI and machine learning in regulatory violations, and ensuring proper supervision of emerging technologies use.

The second, the Environmental Fraud Task Force, will tackle fraud and misconduct in regulated derivatives markets and relevant spot markets, including voluntary carbon credit markets and will focus on scrutinizing the claimed environmental benefits of carbon credits and the accuracy of statements regarding ESG products or strategies."

https://www.jdsupra.com/legalnews/cftc-announces-two-new-task-forces-9387985/

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

DINARRECAPS8 7/16/23 DINARRECAPS8 7/16/23

Iraqi News Highlights Sunday Evening 7-16-23

Tlm724 Administrator Bondlady’s Corner

Deputy Governor Of The Central Bank: The Campaign To Support The Dinar Succeeded..And This Is The Evidence

Money and business Economy News – Baghdad On Sunday, the Deputy Governor of the Central Bank, Ammar Khalaf, announced the success of the campaign to support the dinar, and while confirming the application of controls that helped stabilize the exchange rate, he pointed out that there was no problem with the amount of foreign currency supply.

Iraqi News Highlights Sunday Evening 7-16-23

Tlm724 Administrator Bondlady’s Corner

Deputy Governor Of The Central Bank: The Campaign To Support The Dinar Succeeded..And This Is The Evidence

Khalaf told the official news agency, "The Central Bank has supported the stability of the exchange rate with a series of procedures, instructions and controls since the beginning of this year, which included a wide range of transactions to import goods and services by entering the electronic platform."

He added, "This was a key point to include the largest possible number of merchants and individuals who are allowed to obtain foreign currency," explaining that "accelerating procedures was an additional factor in improving confidence in the electronic platform."

He continued, "There is no problem with supply, but rather with demand, as supply exists, and it is intended for the purpose of financing foreign trade through the Central Bank; therefore, I think it is a problem with demand," explaining that "the Central Bank is trying to address problems to facilitate obtaining foreign currency to import goods." Providing services to citizens and travelers for the purpose of treatment in hospitals abroad.

He pointed out that "the campaign to support the dinar succeeded, as evidenced by the fact that there are many goods and services that are now priced in dinars instead of dollars, especially electrical and electronic devices."

And he continued, "Activating electronic payment in all sectors and shops takes some time, and there is a great demand and willingness by public sector companies as well as the private sector," explaining that "there are great preparations and continuous meetings that the Central Bank holds with all concerned parties, as the current period is a phase." Preparing arrangements for the purpose of starting electronic collection by public and private sector companies.

Views 71 Added 07/16/2023 https://economy-news.net/content.php?id=35171

The Central Bank Announces The Success Of The Campaign To Support The Dinar And Clarifies The Issue Of Obtaining The Dollar

Sunday 16 July 2023 19:41 | Economical Number of readings: 109 Baghdad / NINA / - Deputy Governor of the Central Bank, Ammar Khalaf, announced today, Sunday, the success of the campaign to support the dinar, and while confirming the application of controls that helped stabilize the exchange rate, he pointed out that there is no problem with the amount of foreign currency supply.

Khalaf said in a press statement, "The Central Bank has supported the stability of the exchange rate with a series of procedures, instructions and controls since the beginning of this year, which included a wide range of transactions to import goods and services by entering the electronic platform."

And he continued, "Activating electronic payment in all sectors and commercial stores takes some time, and there is a great demand and willingness by public sector companies as well as the private sector," explaining that "there are great preparations and continuous meetings that the Central Bank holds with all concerned parties, as the current period is a phase." Preparing arrangements for the purpose of starting electronic collection by public and private sector companies./ End 8

https://ninanews.com/Website/News/Details?key=1065231

The Investment Authority: Payment Of Dues For The Sale Of Housing Units In Dinars "Exclusively"

Money and business Economy News – Baghdad On Sunday, the Opinion Committee of the Investment Authority voted to oblige investment companies to deal with the official exchange rate and pay dues for the sale of housing units in dinars "exclusively."

The Investment Authority said in a statement, “The head of the commission, Haider Muhammad Makiya, discussed, during his presidency of a meeting of the opinion commission, the cabinet’s decision regarding the commitment of investment companies to the dollar exchange rate according to the official price issued by the Central Bank and the payment of housing units’ dues in Iraqi dinars exclusively.”

Makiya directed "strengthening work mechanisms in the departments and sections of the authority, developing the pace of work in following up projects for companies in various governorates, and identifying problems and challenges facing investment work by adopting policies aimed at simplifying procedures and electronic dealings with transparency in investment agencies in all governorates."

Makiya stressed, "Adherence to the Cabinet's decision regarding the exchange rate of the dollar and according to the official price issued by the Central Bank, and the payment of dues for the sale of housing units in Iraqi dinars exclusively, and controlling the price of units in investment complexes and not allowing speculation and price manipulation, contrary to what was proven in the feasibility study of the project."

The statement added, “The opinion board of the commission discussed a set of issues and voted in approval of the following:

- The commitment of the National Investment Commission to the data of Cabinet Resolution No. (23077) for the year 2023 to oblige investment companies to deal with the official exchange rate and pay dues for selling housing units exclusively in Iraqi dinars.

- The National Commission takes action against investors who violate the decision of the Council of Ministers and the amended provisions of Law No. (13) of 2006 and the regulations and instructions issued pursuant thereto by applying the provisions of Article No. (28) of the Investment Law and blacklisting them in accordance with Controls No. (1) of 2023 approved in this regard.

Considering the special amendments to Resolution (245) of 2019 related to organizing the investment process in Iraq.

And the statement continued, "The members of the opinion committee also discussed the interest of the investment commissions in the governorates in investors and discreet foreign and local companies that are looking for qualitative strategic opportunities to serve the country. The meeting reviewed the investment map for the year 2023 and the articles and paragraphs of the amended Investment Law No. (13) of 2006." Views 19 07/16/2023 - https://economy-news.net/content.php?id=35169

Al-Alaq Directs The Trade Bank Of Iraq To Take Action To Achieve Market Stability And The Exchange Rate

Money and business Economy News – Baghdad Today, Sunday, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, made a field visit to the Iraqi Trade Bank (TBI) and the Industrial Bank.

And the central bank media stated in a statement, that Al-Alaq “met on the sidelines of the visit with the advanced staff of the two banks, listening to the most prominent problems and challenges facing the two banks, directing the necessity of harmonizing banking plans and directives with the program and objectives of the government and the Central Bank of Iraq, stressing work to reform and develop the Iraqi banking sector.” .

Al-Alaq urged "the Iraqi Trade Bank (TBI) to open a permanent and advanced center for conducting commercial transfers to provide its services with speed and accuracy that contribute to the implementation of the largest number of such transfers at low wages, thus contributing to encouraging the entry of merchants into the external transfer system and achieving market stability and the exchange rate."

Al-Alaq directed, "the two banks (the Iraqi Trade and Industrial Bank) to focus their credit and lending policy towards expanding and diversifying the productive base, and supporting the private sector with small and medium enterprise initiatives, because of this's impact on economic growth and reducing unemployment among large groups of society."

Al-Alaq stressed the need to improve the level of customer services and invest in modern financial technologies to develop banking services and attract the public to achieve financial inclusion and enhance capabilities to finance various economic activities.

Views 129 07/16/2023 - https://economy-news.net/content.php?id=35168

The Governor Of The Central Bank Stresses The Need To Improve The Level Of Customer Services And Invest In Modern Financial Technologies

Economy | 05:53 - 07/16/2023 Baghdad - Mawazine News The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, stressed today, Sunday, the need to raise the level of customer services and invest in modern financial technologies.

The central bank said in a statement, "The governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, conducted a field visit to the Trade Bank of Iraq (TBI) and the Industrial Bank, and met on the sidelines of the visit with the advanced staff of the two banks, listening to the most prominent problems and challenges facing the two banks."

Al-Alaq directed, according to the statement, to "the necessity of harmonizing banking plans and directives with the program and objectives of the government and the Central Bank of Iraq," stressing "work to reform and develop the Iraqi banking sector."

He urged the Trade Bank of Iraq (TBI) on "the need to open a permanent and advanced center for conducting commercial transfers to provide its services with speed and accuracy that contribute to the implementation of the largest number of such transfers and at low wages, thus contributing to encouraging the entry of merchants into the external transfer system and achieving market stability and the exchange rate."

The governor directed the two banks (the Iraqi Trade and Industrial Bank) to "focus their credit and lending policy towards expanding and diversifying the productive base, and supporting the private sector with initiatives of small and medium enterprises, due to its impact on economic growth and reducing unemployment among large segments of society," stressing "the need to raise the level of Customer services and investing in modern financial technologies to develop banking services and attract the public to achieve financial inclusion and enhance capabilities to finance various economic activities. https://www.mawazin.net/Details.aspx?jimare=231446

The Governor Of The Central Bank Stresses The Need To Improve The Level Of Customer Services And Invest In Modern Financial Technologies

Economy | 07/16/2023 Baghdad - Mawazine News The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, stressed today, Sunday, the need to raise the level of customer services and invest in modern financial technologies.

A Slight Increase In Iraq's Oil Exports To America Last Week

Sunday 16 July 2023 10:25 | Economical Number of readings: 362 Baghdad / NINA / - The US Energy Information Administration announced today, Sunday, a slight increase in Iraq's oil exports to America during the past week.

The administration said in its schedule, "The average US imports of crude oil during the past week from nine major countries amounted to 5.027 million barrels per day, down by 806 thousand barrels per day from the previous week, which amounted to 5.833 million barrels per day."

She added that the rate of "Iraq's oil exports to America amounted to 134,000 barrels per day last week, rising by 12,000 barrels as a daily rate from the previous week, in which it reached an average of 122,000 barrels per day."

And the administration indicated that "most of America's oil revenues during the past week came from Canada, followed by Mexico, Saudi Arabia, and then Nigeria."

And according to the administration’s schedule, America continued to import crude oil from Colombia, Ecuador, Brazil, and Libya, while it did not import any quantity from Russia.”/ End 11

https://ninanews.com/Website/News/Details?key=1065127

The Rise In Dollar Prices In Baghdad With The Closing Of The Stock Market

Economy Sunday, July 16, Baghdad / The National News Center The exchange rates of the US dollar against the Iraqi dinar rose today, Sunday, on the main stock exchange in the capital, Baghdad.

The correspondent of the National News Center said, “The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded an exchange rate of 148,200 dinars, compared to 100 dollars, while the prices this morning were 147,900 dinars.”

He added, "The buying and selling prices rose in exchange shops in the local markets in Baghdad, where the selling price reached 148,500 dinars, while the purchase price reached 147,500 dinars for every 100 dollars." https://nnciraq.com/216681/

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

https://www.bondladyscorner.com/

Dinar Recaps 20 7/16/23 Dinar Recaps 20 7/16/23

Awake-In-3D: ENDGAME (Part 2) – United States Drowning in Debt Tsunami

Awake-In-3D:

ENDGAME (Part 2) – United States Drowning in Debt Tsunami

On July 15, 2023 By Awake-In-3D

In Fiat Debt System Collapse Articles

[ Continued from: Endgame (Part 1) ]

As interest rates skyrocket and the United States careens towards a debt tsunami, shocking evidence reveals an alarming reality. With a record-breaking $652 billion in gross debt interest already accumulated in just nine months, the nation grapples with a 25% surge compared to the previous year.

The Federal Reserve’s frantic attempts to rectify its past mistakes have only fueled the deficit, with interest rates soaring and borrowing costs escalating. Brace yourself for the catastrophic consequences as interest payments on the staggering $32.3 trillion debt threaten to surpass major government expenditures. The United States stands at the precipice of financial ruin, demanding immediate action to save the sinking ship.

Awake-In-3D:

ENDGAME (Part 2) – United States Drowning in Debt Tsunami

On July 15, 2023 By Awake-In-3D

In Fiat Debt System Collapse Articles

[ Continued from: Endgame (Part 1) ]

What You Will Learn Here in Part 2

The United States is already accumulating a record-breaking $652 billion in gross debt interest in the first nine months of the current fiscal year.
This figure represents a staggering 25% increase compared to the interest expense payment in the same period a year ago, reaching $521 billion.
Soaring interest rates, driven by the Federal Reserve’s attempt to rectify its policy failure of keeping rates at zero for too long while injecting trillions into asset bubbles, have been a key driver of the deficit.
The Federal Reserve has raised its benchmark rate by 5% since March last year, resulting in higher borrowing costs for the US government.
As lower-yielding securities mature, the Treasury faces steady increases in the rates it pays on newly issued debt obligations.
The weighted average interest for total outstanding debt has risen from 1.80% to 2.76% within a year, and it could surpass 4% in one year if rates continue to rise.
If interest rates continue to climb, interest payments on the total US debt of $32.3 trillion could reach $1.3 trillion within 12 months, potentially surpassing other major government expenditures such as social security.

The United States is facing an imminent financial debt disaster, as evidenced by alarming figures in the latest Treasury Monthly Statement. This article delves into the definitive evidence that highlights the severity of the situation. The key factors contributing to the crisis include soaring interest rates, escalating interest payments, and the potential for interest on the debt to surpass other major government expenditures.

Record Accumulation of Gross Debt Interest

In the first nine months of the current fiscal year, the United States has accumulated a record $652 billion in gross debt interest. This figure represents a staggering 25% increase compared to the interest expense payment in the same period a year ago, which amounted to $521 billion. The escalating interest payments indicate the growing burden of servicing the national debt.

Soaring Interest Rates and Federal Reserve Actions

The Federal Reserve’s attempt to reverse its policy failure of 2020 and 2021 has led to soaring interest rates. The Fed’s decision to keep rates at zero for too long while injecting trillions into asset bubbles has contributed to the current crisis. The Federal Reserve has raised its benchmark rate by 5% since March last year, resulting in higher borrowing costs for the US government.

Impact on Deficit and Debt

Soaring interest rates have become a key driver of the budget deficit. As lower-yielding securities mature, the Treasury faces steady increases in the rates it pays on outstanding debt. The weighted average interest for total outstanding debt has risen from 1.80% to 2.76% within a year, and if rates continue to rise, it could surpass 4% in one year.

Implications of Rising Interest Payments

If interest rates continue to climb, interest payments on the total US debt of $32.3 trillion could reach $1.3 trillion within 12 months. This would potentially make interest on the debt the largest government expenditure, surpassing social security payments. The escalating interest payments will have significant implications for the US economy and the federal budget.

Concerns and Arguments

Treasury Secretary Janet Yellen has downplayed concerns about higher rates, highlighting the historically low ratio of interest payments to GDP after adjusting for inflation. However, this argument overlooks the potential decline in GDP after the next recession, while US debt remains high and continues to grow. The statements made by Yellen fail to acknowledge the gravity of the situation and the long-term consequences of the escalating debt burden.

The Only Way Out is Our GCR

The United States is on the brink of a financial debt disaster, with soaring interest rates, escalating interest payments, and the potential for interest on the debt to surpass other major government expenditures. The record accumulation of gross debt interest and the implications for the federal budget are clear signs of the severity of the crisis. It is crucial for the US to address the escalating debt burden and explore sustainable solutions to ensure the stability of the economy and the country’s financial future.

Our GCR is coming straight at us.

Related Ai3D Articles

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

https://ai3d.blog/endgame-part-2-united-states-drowning-in-debt-tsunami/

Dinar Recaps 20 7/16/23 Dinar Recaps 20 7/16/23

More News, Rumors and Opinions Sunday PM 7-16-2023

TNT:

Tishwash: Al-Sudani: The doors of Iraq are open for investment

Today, Sunday, Prime Minister Muhammad Shia' al-Sudani affirmed the agreement with the Syrian side to find coordination mechanisms to confront the prohibitions, and while stressing the need to ensure fair water shares, he pointed out that Iraq's doors are open for investment.

Al-Sudani added, during a press conference he held with Syrian President Bashar al-Assad, in the Syrian capital, Damascus, followed by NRT Arabic, that "Iraq and Syria are interdependent countries with common ties," pointing to "the need for coordination to face the challenges facing Iraq and Syria."

TNT:

Tishwash: Al-Sudani: The doors of Iraq are open for investment

Al-Sudani said, "Security and stability between the two countries are two factors that push towards more interdependence to face the challenges facing our two countries," noting "Iraq's support for Syria."

He said, "The key to regional security and stability is related to the good economic situation," stressing that "Iraq's doors are open for investment."

And he indicated that "there are common challenges with Syria," adding that "the two countries face challenges of water scarcity, and they must cooperate to ensure fair water shares."

He pointed out that "Iraq worked hard to return Syria to its seat in the Arab League," noting that "the pride of the Iraqi people in the steadfastness of the Syrian people in the face of the most severe terrorist attack it was subjected to."

Al-Sudani continued, "Iraq committed itself to returning its citizens from Al-Hol camp." link

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

CandyKisses: The oil and gas law is in the "finishing touches". And the Democrat stresses: We will not compromise this time

Baghdad Today - Kurdistan

Today, Sunday (July 16, 2023), a member of the Kurdistan Democratic Party, Wafaa Muhammad Karim, revealed that the "final touches" to the "controversial" oil and gas bill have been stalled for years due to political differences over it.

Karim told "Baghdad Today" that "Prime Minister Muhammad Shia'a al-Sudani showed full commitment to approving the oil and gas law during the coming period," noting that "the approval of the law in the House of Representatives will not take long, and there is continuous communication between al-Sudani and the President of the Kurdistan Regional Government, pleased Barzani, to put the finishing touches on it.

Karim Ali stressed, "The Democratic Party will not compromise this time on adding amendments and mixing political papers with a technical law," noting that "approving the law will contribute to resolving most of the outstanding disputes between Baghdad and Erbil for years, and we believe that the Sudanese is serious about approving the law despite political pressures." .

It is noteworthy that one of the issues that raised controversy between Erbil and Baghdad for many years is the ratification of the oil and gas law, but it was agreed to approve the draft law between the two parties within the framework of a political agreement that led to the formation of the current government.

The ministerial curriculum of the Sudanese government includes a paragraph stipulating the legislation of the oil and gas law, within a period not exceeding 6 months from the start of its work, which has been delayed for several months now.

The Kurdish blocs in the parliament are seeking to pass the draft oil and gas law by approving it in accordance with Article 112 of the Iraqi constitution, and according to the government platform, the project must be submitted to parliament during the current government period.

The Sudanese Prime Minister has previously considered this law the only way to resolve the outstanding differences and problems with the Kurdistan Regional Government.

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

Courtesy of Dinar Guru

Mnt Goat Article: "IRAQ: REVITALIZING THE STOCK MARKET" Article quotes: "...there is an urgent need to activate the role of the stock market as a mirror reflecting economic activity in the country"; "It is said that the size of the cash block that is hoarded outside the banking circulation space amounts to about 70 percent of the cash issued" Remember a lot of this cash is outside the country in our pockets and they won’t get it unless they reinstate the dinar and we can go to the bank and exchange at a rate we want as investors. Heck they sold us this currency in a time of need and now, as they are so rich, they have to pay us for it with a higher exchange rate.

yada Article: "A statement from the Central Bank regarding the campaign to support the dinar" Quote: "...the Deputy Governor of the Central Bank, Ammar Khalaf, announced the success of the campaign to support the dinar, and while confirming the application of controls that helped stabilize the exchange rate, he pointed out that there is no problem with the
amount of foreign currency supply." This statement will nullify a few in dinarland who think there too much money out there. Fact is, that money in the central banks of other countries will be used to invest and buy in Iraq because they will only be using dinars. We are in the best of positions, the one about to enter the banks.

Wrong economy Iraq CBI will make things strong

Nader: 7-16-2023

https://www.youtube.com/watch?v=QoFxA-x-dOE

Steve Forbes On Recession Warnings, Cure For Inflation, Future Of Media

David Lin: 7-16-2023

Steve Forbes, Chairman of Forbes Media and former Presidential candidate, discusses the state of the economy, entrepreneurship, and media.

0:00 - What caused inflation?

3:00 - Economic growth

4:00 - Flat tax rate

5:05 - Recession 5:55 - Entrepreneurship

10:41 - Media

15:43 - Threats to the U.S.

https://www.youtube.com/watch?v=rpS5FfK4fsU

Dinar Recaps 20 7/16/23 Dinar Recaps 20 7/16/23

Goldilocks' Comments and Global Economic News for July 16, 2023

Goldilocks' Comments and Global Economic News for July 16, 2023

RJ: Good afternoon Dinar Recaps,

Goldilocks posted comments and News links this morning:

"Senator Lummis urges clear crypto regulations after XRP ruling"

Back to work this week on those crypto regulations. We are still looking for regulations that will set a precedence for monetary policies going forward.

Now that Ripple has been declared NOT a security, this changes the landscape on crypto regulations going forward. This is why crypto regulations have been reintroduced in Congress.

Ripple being seen as a commodity and a banking coin at the same time will give us a commodity-based system regulated and run by artificial intelligence through smart contracts.

Goldilocks' Comments and Global Economic News for July 16, 2023

RJ: Good afternoon Dinar Recaps,

Goldilocks posted comments and News links this morning:

"Senator Lummis urges clear crypto regulations after XRP ruling"

Back to work this week on those crypto regulations. We are still looking for regulations that will set a precedence for monetary policies going forward.

Now that Ripple has been declared NOT a security, this changes the landscape on crypto regulations going forward. This is why crypto regulations have been reintroduced in Congress.

Ripple being seen as a commodity and a banking coin at the same time will give us a commodity-based system regulated and run by artificial intelligence through smart contracts.

Put all of this together and you have a gold standard inside a new digital economy that is about to be approved in Congress.

CoinTelegraph LINK

~~~~~~~~~~

Weekly Recap

1) 🇺🇸 US judge rules Ripple XRP is not a security.

2) 🇺🇸 US inflation falls to 3%, lower than expectations.

3) 🇪🇺 Europe to launch first spot Bitcoin ETF this month.

4) 🇺🇸 Former SEC Chairman says Spot Bitcoin ETFs should be approved.

5) Coinbase relists Ripple XRP.

6) $9 trillion asset manager BlackRock CEO says crypto will transcend international currencies due to global demand.

7) 🇺🇸 SEC acknowledges BlackRock's Spot Bitcoin ETF application.

8) 🇺🇸 SEC acknowledges Fidelity, VanEck, WidsomTree, and Invesco Spot Bitcoin ETF applications.

9) 🇺�� Bank of America ordered to pay $250 million for charging illegal fees and opening credit-card accounts without customer consent.

10) 🇦🇺 Australian Securities Exchange receives its first spot Bitcoin ETF application.

@WatcherGuru

~~~~~~~~~~

The US dollar as a World Reserve Status currency is not expected to be a swift transition.

The dollar is expected to have rapid downturns with small upturns before it makes its next moves down until it finds its real value. This is just what happens when you enter into a bear market.

Central banks are reducing the percentages they hold of the US dollar around the world and including other foreign currency reserves to slowly replace the dollar's dominance.

The other major currencies sharing a percentage of holdings in Central Banks around the world include: the euro, the yen, the pound, and the renminbi.

"The other currencies in the pile at the bottom: Canadian dollar (2.43%, up a hair), Australian dollar (1.98%, up a hair), and Swiss franc (0.25%, up a hair). The other currencies, each with a share even smaller than the Swiss franc’s share, have a combined share of 3.65%."

Wolfstreet LINK

~~~~~~~~~~

"DeFi applications are built on open and permissionless. This means anyone can deploy a transparent code and users can interact with each other through computer code without the need for intermediaries such as banks, brokers and lawyers, etc."

Currently, people are using applications on their phones or computer to trade in the markets through coinbase, lobstr, uphold, and more. In other words, we are moving from a centralized trading system to a decentralized trading system.

This will allow more people to get involved with the new digital economy without going through the expense of having a brokered account.

FutureLearn LINK

~~~~~~~~~~

From RJ -- In case you are not familiar with the term DeFi, like me, here is a little info on it from the above article.

Decentralized Finance, or DeFi for short, represents a system of financial products built on top of decentralized and open-source blockchains.

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Q & A Room

https://t.me/+gqQYBsK0ZCpkMDg5

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Dinar Recaps 20 7/16/23 Dinar Recaps 20 7/16/23

"Tidbits From TNT" Sunday 7-16-2023

TNT:

4Abba: Chase bank story

Went to my private banker with $500M bolivar.

He investigated the exchange amount and it was $ .3531 which was $17.5M. He checked the banned list to see if it could be exchanged. It was not on that list.

Then he checked the second list to see if the bank had a restriction and it was restricted.

I told him hopefully it will not be restricted next week. He put it on his watch list and as soon as the restrictions were lifted, he would call me.

TNT:

4Abba: Chase bank story

Went to my private banker with $500M bolivar.

He investigated the exchange amount and it was $ .3531 which was $17.5M. He checked the banned list to see if it could be exchanged. It was not on that list.

Then he checked the second list to see if the bank had a restriction and it was restricted.

I told him hopefully it will not be restricted next week. He put it on his watch list and as soon as the restrictions were lifted, he would call me.

CandyKisses: Astronomical research: the first of the month of Muharram and the beginning of the new Hijri year next Wednesday

Baghdad - NAS

Dr. Gad Al-Qadi, President of the National Institute for Astronomical and Geophysical Research, and President of the Arab Association for Astronomy and Space Sciences, revealed that according to astronomical calculations carried out by the Solar Research Laboratory at the Institute, the crescent of the month of Muharram immediately after the conjunction occurred at 8:33 pm local Cairo time tomorrow, Monday, 29 Dhu al-Hijjah 1444 AH corresponding to 17/7/2023 AD (Vision Day).

It is noted that the new moon will not yet have been born at sunset on the day of visibility in the city of Cairo as well as in the vast majority of Arab and Islamic capitals and cities.

It is noted that there is a period of time for the crescent to stay above the horizon after sunset on that day (the day of visibility) in some Arab and Islamic countries, although the conjunction occurs after sunset on that day, as the crescent sets after sunset on that day, and this period of stay is not considered because the conjunction occurs after sunset on that day.

Thus, Tuesday, July 18, 2023 AD will be the completion of the month of Dhu al-Hijjah 1444 AH, and the first of the month of Muharram 1445 AH and the beginning of the new Hijri year will be astronomically next Wednesday, July 19, 2023 AD.

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

Tishwash: Deputy: America is the first source of threat to Iraq with its disgraceful interventions

On Sunday, the representative of the Al-Sadiqun Parliamentary Bloc, Ali Turki Al-Jamali, called on the legislative and executive authorities to take a serious stance against the American side for its disgraceful threats to Iraq's sovereignty.

Al-Jamali said in an interview with Al-Maalouma agency, "The blatant American interference has begun to negatively affect the citizen," noting that "America continues its interference in the internal affairs of Iraq in various security and economic fields."

He added, "The American interference is still present, and the government and parliament must realize that," stressing "the need to respond categorically to the American interventions under the pretext of protecting Iraqi funds."

He pointed out that "America used the dollar as a weapon in its hand against Iraq and its people, and today it is trying to use the electricity file to stir up the Iraqi street."

A member of the Al-Fateh Alliance, Uday Abdul-Hadi, had accused America of pressure to thwart the oil agreement with Iran in exchange for gas. link

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

Tishwash: The Central Bank reveals Iraq's cash reserves of hard currency

The Central Bank announced an increase in cash reserves of hard currency to 113 billion dollars, confirming the serious trend towards strengthening the electronic payment project, at a time when the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, believes that Iraq is witnessing transformations and developments in the financial sector and banking services.

Yesterday, Saturday, the activities of the sixth annual exhibition and conference for finance and banking services kicked off, with the wide participation of public and private banks, and was attended by Al-Sabah. Representative Muhammad Nuri delivered the speech of the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, during the conference, in which he stated that

“The Sixth Conference on Finance and Banking Services in Iraq is a prominent event that brings together academic, banking and specialists minds, and comes at an important time when the country is witnessing transformations and developments in the financial sector and services.” banking and contribute to sustainable development.

Al-Mandalawi added, "Financial and banking services play an important role in the Iraqi economy, and we realize the importance of sectors in supporting the economy," pointing out that "providing financing and credit for small and medium-sized companies and large projects contributes to the development of the business sector and the creation of new opportunities, which enhances economic growth and reduces Unemployment, in addition to the fact that the banking sector plays an important role in improving the lives of citizens and providing banking services that are widely spread.

And he continued, "We have to focus on important issues that you provide, from providing financial and banking services to enhancing financial stability and combating corruption by enhancing transparency and improving the financial and banking system."

He pointed out that "the conference is an important opportunity to promote the development of banking and financial services, and we in the legislative authority are working to strengthen the banking and financial infrastructure and develop modern and innovative means to serve citizens."

The Director of Al-Rashid Bank, Muhammad Samir, also delivered the speech of the Minister of Finance, Taif Sami, in which he stated that “convening the conference is important, as it provided an opportunity to announce our steps in the Ministry of Finance to support the government program through a well-studied approach that pushes the wheel of economic advancement and provides opportunities for sustainable development, which will be reflected in To provide the best services to citizens through the banking sector, as it is one of the pillars supporting any stable and vital economy, and plays a pivotal and major role in supporting the economic industrial renaissance process by providing absolute support to the productive sectors of the owners of small and medium local projects.

For his part, the Deputy Governor of the Central Bank of Iraq, Ammar Khalaf, said that the bank's hard currency reserves rose to $113 billion, describing it as a positive and reassuring matter.

During the conference, he said: "We focused on the importance of moving towards electronic payment, and we saw today that electronic payment tools were owned by the public and private sectors, and this is very important," pointing out that "the number of electronic cards increased from 6 to 16 million cards, while electronic wallets have touched 3 million wallets, and the Central Bank is serious about possessing the appropriate monetary policy tools.

Chairman of the Securities Commission, Faisal Al-Haimus, confirmed that the conference is an opportunity to discuss the financial reality in the country while reviewing the Commission's development plan for the next three years, as work is underway to create an ideal investment environment and to adopt electronic systems in line with the goals of financial inclusion.

In turn, the director of the Iraq Gate Company organizing the exhibition, Ahmed Al-Jader, explained that the exhibition comes to keep pace with global developments in the financial sector, and to expand the dissemination of the culture of financial inclusion.

He said: "During the past period, we have seen the seriousness and great desire of the banking system in all its aspects, including banks and companies specialized in the financial sector, to participate in this conference to discuss banking affairs closely, and to discuss mechanisms for advancing the reality of electronic payment and a serious shift towards the cashless stage, which represents the government's goal for the next stage." ".

Financial expert Hassan Ali Abd said: "The money houses represent the starting point for achieving economic development, and in Iraq we have money houses that need to be developed more than they are now, as it is necessary today to reactivate the central initiatives after they stopped, as well as opening bank branches in all regions." The country so that everyone can obtain credit, which is part of the financial inclusion that provides financial services to the largest number of citizens.

The representative of the Global Smart Card Company, Ghazi Al-Kinani, stressed "the need for us to work to attract electronic payment technologies that carry advantages that help achieve a benefit for the citizen to be fully convinced of the shift towards electronic transactions," as we realize that the citizen has begun to interact with electronic payment products, and this facilitates the Duties of those in charge of the banking system. link

Mot ..... Soooo how Ya Doing - during This RV Wait?? - wellll heres Me!!!!

Mot: .... YEEEEEESSSSSSS! -- I'm Soooooooo Ready!!!!!!

DINARRECAPS8 7/16/23 DINARRECAPS8 7/16/23

Sunday Afternoon Iraq Economic News Highlights 7-16-23

How Do You Settle Prices?

Economical 2023/07/16 Yasser Al-Mutwali In a situation like the one the Iraqi economy is going through from structural distortions due to the ineffectiveness of the productive sectors in industry and agriculture and its dependence on oil as a single source, the issue of controlling prices seems very difficult, or as it seems to some, uncontrollable.

It is useful here to focus on necessary consumer goods, especially food, whose prices affect the poorest and most vulnerable groups, and we do not exclude the middle class from its side effects when measuring welfare rates in a country.

Sunday Afternoon Iraq Economic News Highlights 7-16-23

How Do You Settle Prices?

Although the ration card system, whose vocabulary has been somewhat improved, under the direction of the prime minister, is still ambiguous in its inclusion of not a few numbers of non-eligible target groups, and this requires the exclusion of those who do not meet the conditions.

Here, it is surprising that the Ministry of Commerce, which is sovereign and enjoys large allocations from the public budget, is unable to reach the stability of food prices and even other consumer goods, according to the size of the allocations.

The solution is simply summarized by the intervention of the Prime Minister by restoring the system of consumer cooperative societies according to modern foundations and mechanisms adopted in developed countries through the system of allocating colored cards according to living standards to include vulnerable groups and the middle classes, thus controlling prices.

I believe that cooperative societies have an important economic feasibility, including the employment of unemployed hands, and secondly, the allocation of shares for workers in cooperative societies to share the profits, thus achieving prosperity for these groups, and in order for the ration card to remain exclusively for the poorest classes and those unable to work.

The Ministry of Commerce has the infrastructure ready to achieve this economic feasibility in addressing the issue of price stability because it owns the largest complexes, which are the central markets spread throughout Iraq, which are now subject to suspicious and useless investment.

It, i.e. the Ministry, is also the largest importer of most commodities and consumer goods according to its import allocations.

Simply put, the process of stabilizing food and consumer prices is possible if the government is able to revive consumer cooperative societies in the form of private cooperative companies whose capital is shares for its employees and not state employees.

Thus, the speculators in the exchange rates will lose one of the most important justifications for the fluctuation of exchange rates under the pretexts of extensive imports of food commodities.

And in the event that the state controls the prices of necessary consumer goods, the exchange rate will be determined and the volatility will recede, so the official price will balance with the parallel price, meaning that the cooperative societies will be a reason to reduce the intensity of competition between the two prices and achieve price stability. https://alsabaah.iq/80706-.html

Sudanese Advisor: Oil Price Rates For The Current And Next Years Will Not Be Less Than $77

Energy Economy News – Baghdad On Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified two factors that play their role in ensuring the sustainability of the demand for Iraqi oil for the coming years, while noting that the oil resource constitutes the base of the tripartite budget revenues by 90%.

Saleh said, "There are two factors that play their role in ensuring the sustainability of demand for Iraqi crude oil for the coming years, and that global crude oil price rates during the current and next years will not be less than an average of $77 a barrel, and for two central reasons surrounding the global economy," according to the official news agency. .

He explained, "The first reason is that India and China are still reaping the highest economic growth rates in the world, and they are on their way to leading the global economy in a sustainable manner in the next two decades without a doubt, which increases their demand for crude oil to sustain the wheels of industrial production in them and strongly, just as Their demand for the oil of the West Asian markets, which is the closest and truly abundant, will continue because of the large reserves that are close to half of the world’s oil reserves and the abundance of production, and with this the two countries (India and China) will constitute the safety valve in stopping the advance of global inflationary depression that is expanding through the symbolic markets of the Western industrial world now. .

He pointed out that "there is a positive relationship between the high rates of economic growth and the high demand for energy resources, specifically crude oil, as the Indian and Chinese markets constitute the main import center for the oils of the Gulf region within the growing economies of Asia on the one hand, and the oil of Iraq in particular on the other hand, and India is And China is the two largest customers in importing Iraqi oil, and they constitute the center of gravity in the two movements of the Iraqi trade balance now.

He continued, "As for the second and important reason or factor in the conditions of the global energy market, it is represented by the continuation of the war in Ukraine on the one hand, and the world's high needs for crude oil on the other hand, and oil prices will not fall below an annual rate that, in our estimate for the current and next years, is not less than $77 a barrel." On average, as we mentioned, that is as long as the Ukrainian-Russian war continues and affects Russia's energy supplies.

And he added, "Especially since Russia, in which oil and gas production constitutes the second position in the world, is in a difficult position in marketing energy products and exporting them globally at equilibrium prices,

which means that the Ukrainian war and Russia's blockade of Western countries is still blocking the regular flow of oil and gas resources from Those countries to the markets of the West, in order to meet the increasing demand for energy resources, which made reliance on alternative energy production centers, but at a high cost, specifically the American oil market,

meaning that the lack of Russian oil and gas has raised the cost of producing alternatives in the world and set minimum costs that will make oil prices It fluctuates between 77-87 dollars per barrel as long as the war is raging in Ukraine until now.”

He concluded by saying: "In light of the foregoing, and since the oil resource constitutes the base of the tripartite budget revenues by nearly 90%, there is a positive bet on the regularity of funding the federal general budget from the oil resource exported to world markets without stumbling blocks that lead to resorting to borrowing or any financing methods that represent A burden on the tripartite budget or the country's financial strengthening. Views 106 07/15/2023 https://economy-news.net/content.php?id=35155

Where do Iraqis spend their money?

2023-07-16 Shafaq News/ According to a report published by the "Numbio" website, which deals with the standard of living of the countries of the world, Iraqis spend their money mainly on markets.

The report stated, according to the latest update in July 2023, seen by Shafaq News Agency; "Expenses of the Iraqi family are distributed among markets at a rate of 31.4%, followed by monthly rent at a rate of 20% and transportation at a rate of 13.3%, followed by monthly services at a rate of 12.3%."

And she continued, "The family also spends its expenses on restaurants at a rate of 12.2%, on sports and leisure at a rate of 8.2%, and on shoes and clothes at a rate of 2.6%." LINK

Deputy: America Is The First Source Of Threat To Iraq With Its Disgraceful Interventions

Information / Baghdad.. On Sunday, the representative of the Al-Sadiqun Parliamentary Bloc, Ali Turki Al-Jamali, called on the legislative and executive authorities to take a serious stance against the American side for its disgraceful threats to Iraq's sovereignty.

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

He pointed out that "America used the dollar as a weapon in its hand against Iraq and its people, and today it is trying to use the electricity file to stir up the Iraqi street."

A member of the Al-Fatah Alliance, Uday Abdul-Hadi, had accused America of pressure to thwart the oil agreement with Iran in exchange for gas. LINK

The Minister Of Communications Is Discussing With Spacex The Introduction Of Satellite Internet To Iraq

Economy 2023/07/16 readings: 117 Baghdad-Iraq today: The Iraqi Ministry of Communications announced that a meeting was held between its Minister, Hayam Al-Yasiri, and representatives of the "SpaceX" company, with the aim of introducing Internet service through space to Iraq.

And a press release stated, "Al-Yasiri met for the second time with representatives of the international company SpaceX, who came to Baghdad to discuss the details of the project to introduce Internet service through space to Iraq."

He added, "During the meeting, the technical and security designs of the project were discussed and discussed, as well as the approved mechanism for providing citizens with Internet service, in line with the ministry's aspirations to improve the level of services provided."

Al-Yasiri expressed her keenness to provide the service at the lowest possible prices compared to the prices offered by SpaceX in other countries.

Al-Yasiri confirmed her keen interest in the ministry's vision of the security and legal measures that must be adopted in the project before contracting with international companies that provide this service, according to the statement. LINK

Parliamentary Finance: The Government Will Challenge A New Batch Of Budget Items

2023/07/16 Omar Abdul Latif The Finance Committee in the House of Representatives suggested that the government submit another appeal against the 2023 budget.

Committee member Muhammad Nuri told Al-Sabah: “The government filed a lawsuit with the Federal Court, as the appeal included paragraphs within 12 legal articles in The budget is Articles 2, 16, 20, 28, 62, 63, 65, 70, 71, 72, and 75, which are related to contracts, appointments, compensation, and salary deductions. which the government submitted to Parliament, in addition to the fact that the additions and amendments to the budget items have a financial side and are inconsistent with the government program.

Nuri added, "This was the first round of appeals, and we expect that there will be other appeals by the government for a set of other materials that have been added," indicating that his committee "is awaiting instructions for implementing the budget, after issuing a state order with a group of materials from the Federal Court to stop the implementation of these articles."

Regarding past appeals to the budget, the deputy explained that it "will affect the budget in a specific way and not in all aspects, but the most prominent is what is related to contracts, additions and financial costs, while there is no impact on the region development program and the basics of budget work in both its investment and operational parts." Edited by: Ali Abdel-Khalek https://alsabaah.iq/80728-.html

Parliamentary Legislature Warns Against Rushing To Approve Oil And Gas

Political | 09:27 - 07/16/2023 Baghdad - Mawazine News A deputy in the Parliamentary Legal Committee warned against rushing to deal with the oil and gas law, as it is a controversial law and needs mature formulations, as its hasty approval will leave a negative impact.

Committee member Omid Muhammad explained, "There are controversial and non-controversial laws and political laws, and the oil and gas law is one of these laws that need time and negotiations between the political blocs, the Kurdistan region, and the federal government."

Muhammad added, "The legislation of the oil and gas law will solve many outstanding problems between the region and Baghdad in the first place, and other problems pending in Baghdad itself, as it is considered one of the pending political laws, so the legislation of the law is important, but its formulation is more important."

The deputy pointed out the need to "avoid speeding up the legislation of the law without studying it, as the draft needs a clear legal formulation that is acceptable to all and can be properly applied on the ground." https://www.mawazin.net/Details.aspx?jimare=231412

DINARRECAPS8 7/16/23 DINARRECAPS8 7/16/23

Iraqi News Highlights Late Saturday Evening 7-15-23

Tlm724 Administrator Bondlady’s Corner

Economist: Bartering Iraqi Oil For Iranian Gas Will Contribute To Preserving The Hard Currency And Relieving Pressure On The Dollar

Saturday 15 July 2023 12:10 | Economical Number of readings: 304 Baghdad / NINA / - The expert on economic affairs, Safwan Qusay, confirmed: "The barter of Iraqi oil for Iranian gas will contribute to preserving the hard currency, relieving pressure on the dollar, and the possibility of expanding the circle of settlement of dues towards the Iranian side."

Qusai said in a statement to the National Iraqi News Agency ( NINA ): "In light of the US allowing Iraq to buy gas and not allowing it to pay in dollars, the Iraqi government found that the most appropriate is to pay with black oil, which represents a need for the Iranian side to operate asphalt plants and other factories that operate."

Iraqi News Highlights Late Saturday Evening 7-15-23

Tlm724 Administrator Bondlady’s Corner

Economist: Bartering Iraqi Oil For Iranian Gas Will Contribute To Preserving The Hard Currency And Relieving Pressure On The Dollar

With black oil, which will replace gas for consumption purposes on the Iranian side, and thus will provide an alternative through which gas consumption can be reduced and its pressure maintained, and thus the possibility of stabilizing its exports to the Iraqi side.

He pointed out, "This agreement will enable Iraq to preserve the hard currency, relieve pressure on the dollar, and the possibility of expanding the circle of settlement of dues towards the Iranian side, whether governmental or private, through the same context, with the possibility of opening a window for exporting Internet capacities and humanitarian materials to the Iranian side and at international prices for settlement." Dues for importing gas, electricity and other commodities from the Iranian side.

And the economist continued: "This issue (the agreement) is supposed to take place in consultation with the US Federal Reserve to facilitate the task of implementation and not to anger the US side."

Prime Minister Muhammad Shia' al-Sudani had announced earlier an Iraqi-Iranian agreement on oil, black and Iranian gas.

Al-Sudani said last week that Iraq would start bartering crude oil for Iranian gas to end the recurring delay in payments due to Tehran because of the need to obtain US approval for such transactions.

On the other hand, US officials and specialists said: The barter will likely conflict with US sanctions, according to Reuters.

"Making this kind of trade-off with Iran would be a violation of US sanctions unless a US national security exception is issued," said Richard Goldberg of the Foundation for Defense of Democracies think tank.

While an official at the US State Department stated that Anthony Blinken, Secretary of State, issued an exception on March 21 for a period of 120 days, allowing Iraq to pay Iran for electricity imports only, not for natural gas used to generate electricity in Iraq.

A former US official said the Treasury Department, which oversees most US sanctions against Iran, defines the term "transaction" broadly, possibly including barter.

The former official added that this may provide "enough room for maneuver ... for the United States to turn a blind eye, but it is a political decision, not a legal issue."

And he added, "From a purely legal angle, it (the barter) certainly violates US sanctions."/ End 8

https://ninanews.com/Website/News/Details?Key=1064993

The Iraqi Central Bank Announces The Increase In The Volume Of Internal Debt To 70 Trillion Dinars

Economy | 03:12 - 07/15/2023 Baghdad - Mawazine News Today, Saturday, the Central Bank of Iraq indicated a group of opportunities and challenges facing the Iraqi economy, while announcing that the volume of internal debt had risen to about 70 trillion dinars, and the volume of foreign reserves to 113 billion dollars.

The Deputy Governor of the Central Bank, Ammar Khalaf, said in a speech during the Sixth Annual Conference on Finance and Banking Services, "The Central Bank of Iraq has a fundamental role in financial and economic stability, as this year witnessed many and many changes to contribute towards achieving stability in Iraq."

Khalaf added, "There are many opportunities for the Iraqi economy, the central bank, all ministries, and the private sector, including the growth of gross domestic product, the achievement of a surplus in the general budget law affected by global oil prices, and an increase in the volume of deposits and credit in general, as well as the increase in foreign reserves to 113 billion dollars." ".

He pointed out that “despite these opportunities, there are challenges, including the approval of the budget law of a very large size, in which public expenditures reach 198 billion, as planned for this year, and also with a fiscal deficit amounting to 64 trillion dinars, and this in itself represents a challenge for the economy and the central bank.” Iraq in particular.

He pointed out that "there is another challenge, which is the increase in the domestic debt, which amounted to about 70 trillion dinars, and this represents a challenge to the monetary authority, as well as the financial authority in the mechanism of managing this debt, because it represents great pressure on the various monetary policy tools."

He continued: "In the previous edition of the Fifth Conference, we mentioned the importance of electronic payment and the important performance it represents to achieve economic growth, financial inclusion and financial depth, and we emphasized that there must be a compulsion to adopt its tools, as it was achieved this year through the great support of The current Iraqi government and the great efforts launched by the Central Bank of Iraq, and we have recently witnessed a great movement by the public as well as the private sector in adopting electronic payment tools, and this is a very important thing for achieving economic growth and financial affairs in Iraq.

Automated teller machines (ATMs) from 656 machines to more than 2000 machines, and they are constantly increasing. There is also an increase in the number of open and effective electronic wallets from 222 thousand wallets to more than 3 million wallets, and this represents a real transition for the sector.

He stressed that "the Central Bank of Iraq has sufficient flexibility in adopting appropriate monetary policies, as it worked this year on a number of changes in various monetary policy tools, for example, it raised the policy rate from 4-7.5%, as well as raising the interest rate on central bank tools." Iraqi from 3-4 until it reached 7.5%, as well as raising the legal reserve ratio from 15-18%,” pointing out that “all these different tools seek to manage excess cash liquidity in addition to what the electronic platform is doing by achieving the surplus liquidity resulting from Increasing public spending.” Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=231370

Finance Minister: Iraq Possesses The Requirements Of A Strong Economy

Money and business Economy News – Baghdad Minister of Finance, Taif Sami, confirmed, on Saturday, that the Ministry of Finance has been activating bilateral agreements with various international financial institutions that support the establishment of a balanced and sustainable financial and economic system, noting that the Ministry is taking steady steps towards optimal development of economic goals.

The Director of Al-Rashid Bank, Muhammad Samir, delivered the speech of the Minister of Finance, Taif Sami, during the sixth annual conference on finance and banking services, according to the official news agency, in which he stated that “convening the conference is important because it provided an opportunity to announce our steps in the Ministry of Finance to support the government program through a well-studied platform that pays The wheel of economic advancement and the provision of opportunities for sustainable development, which is reflected in the provision of the best services to citizens through the banking sector, as it is one of the pillars supporting any stable and vital economy, and plays a pivotal and major role in supporting the process of economic industrial renaissance by providing absolute support to the productive sectors of the owners of small and medium local projects ".

And the Minister of Finance added, in her speech: "The ministry has also been activating bilateral agreements between Iraq and various international financial institutions that support the consolidation of a balanced and sustainable financial and economic system, since Iraq possesses the requirements of a strong economy."

And she continued: "Therefore, the Ministry of Finance is moving steadily towards optimal development of economic goals by promoting optimal opportunities to attract investment from infrastructure projects and correcting the course of fiscal policy in light of the current economic challenges."

Views 8 Added 07/15/2023 - https://economy-news.net/content.php?id=35152

Central Bank: The Volume Of Foreign Reserves Increased To 113 Billion Dollars

Money and business Economy News – Baghdad Today, Saturday, the Central Bank of Iraq announced that the volume of internal debt has risen to about 70 trillion dinars, and the volume of foreign reserves to 113 billion dollars.

The Deputy Governor of the Central Bank, Ammar Khalaf, said in a speech during the sixth annual conference on finance and banking services, that "the Central Bank of Iraq has a fundamental role in financial and economic stability, as this year witnessed many and many changes to contribute towards achieving stability in Iraq."

And he added, "In this field, we notice an increase in electronic payment tools. For example, the number of different cards increased from 6 million cards to 16 million, as well as the number of payment devices from 918 devices to more than 10 thousand devices, as well as an increase in the number of electronic payment devices." Automated teller machines (ATMs) from 656 machines to more than 2000 machines, and they are constantly increasing. There is also an increase in the number of open and effective electronic wallets from 222 thousand wallets to more than 3 million wallets, and this represents a real transition for the sector.

Iraqi from 3-4 until it reached 7.5%, as well as raising the legal reserve ratio from 15-18%,” pointing out that “all these different tools seek to manage excess cash liquidity in addition to what the electronic platform is doing by achieving the surplus liquidity resulting from Increase public spending.

Views 68 07/15/2023 - https://economy-news.net/content.php?id=35151

Al-Halbousi Stresses The Importance Of The Role Of The Financial Supervision Bureau In Combating Administrative And Financial Corruption And Preserving Public Money

Saturday 15 July 2023 17:35 | political Number of readings: 111 Baghdad / NINA / - Parliament Speaker Muhammad Al-Halbousi stressed the importance of the role of the Financial Supervision Bureau in combating administrative and financial corruption and preserving public money.

The media office stated in a statement: “Al-Halbousi met today with the new head of the Federal Bureau of Financial Supervision, Ammar Sobhi Khalaf, in the presence of the heads of the parliamentary integrity and finance committees, to discuss a number of issues related to the work of the Bureau and its oversight activities during the coming period.” Al-Halbousi confirmed, during the meeting,

The importance of the role of the Office of Financial Supervision in combating administrative and financial corruption and preserving public money, and the need to make more efforts in this regard, referring to the support of the House of Representatives to the Bureau in order to achieve its goals and perform its tasks./ End https://ninanews.com/Website/News/Details?key=1065061

The Decline In Dollar Prices In Baghdad With The Closing Of The Stock Market

Economy Saturday, July 15, 2023 Baghdad / The National News Center The exchange rates of the US dollar decreased against the Iraqi dinar, today, Saturday, on the main stock exchange in the capital, Baghdad.

The correspondent of the National News Center said, “The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded an exchange rate of 147,900 dinars, compared to 100 dollars, while the prices this morning were 148,200 dinars.”

He added, "The buying and selling prices decreased in the exchange shops in the local markets in Baghdad, where the selling price reached 148,500 dinars, while the purchase prices amounted to 147,500 dinars per 100 dollars." https://nnciraq.com/216485/

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

https://www.bondladyscorner.com/

Dinar Recaps 20 7/16/23 Dinar Recaps 20 7/16/23

MilitiaMan and Crew: Iraq Dinar - Valuation Budget Allocations - Launch Sunday- Massive

Iraq Dinar - Valuation Budget Allocations - Launch Sunday- Massive

MilitiaMan and Crew: 7-15-2023

MM: The ministry of Finance today announced “Iraq possesses the requirements of a strong economy” We all know that must be the case especially with all the business they have been having and all the contracts they have been dealing with.

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

Please listen to entire video for all the news……..

Iraq Dinar - Valuation Budget Allocations - Launch Sunday- Massive

MilitiaMan and Crew: 7-15-2023

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

Please listen to entire video for all the news……..

https://www.youtube.com/watch?v=yJpUCAkF3ig

Dinar Recaps 20 7/15/23 Dinar Recaps 20 7/15/23

Same "Saturday News" Posted by KTFA Members 7-15-2023

KTFA:

Clare: An upcoming government announcement to disrupt working hours next Wednesday

7/14/2023 Baghdad

A government source said today, Friday, that the government is heading to announce the suspension of working hours next Wednesday.

The source told "Baghdad Today" that the government will announce the suspension of official working hours next Wednesday.

He added that "working hours will be suspended on the occasion of the first of the holy month of Muharram." LINK

Paulette: And there it is.....Islamic New Year Holiday

KTFA:

Clare: An upcoming government announcement to disrupt working hours next Wednesday

7/14/2023 Baghdad

A government source said today, Friday, that the government is heading to announce the suspension of working hours next Wednesday.

The source told "Baghdad Today" that the government will announce the suspension of official working hours next Wednesday.

He added that "working hours will be suspended on the occasion of the first of the holy month of Muharram." LINK

Paulette: And there it is.....Islamic New Year Holiday

Henig: Parliamentary Finance: Tomorrow will witness the launch of provincial allocations within the budget

Today 12:37 Information/ Baghdad.

A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, confirmed the launch of provincial allocations tomorrow, Sunday.

Al-Kazemi said in a televised interview followed by Al-Maalouma that "the allocations of ministries and governorates from the budget are scheduled to be launched tomorrow, Sunday."

He added that "the budget is under implementation, with the exception of some articles against which the state order was issued, and it was frozen until the final decision was issued."

Al-Kazemi pointed out that "the Presidency of Parliament assigned the Parliamentary Legal Committee to cooperate with the Finance Committee to provide the necessary clarifications to the Federal Court on the state decision." LINK

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

Clare: Finance Minister: Iraq possesses the requirements of a strong economy

7/15/2023

Today,
Saturday, the Minister of Finance, Taif Sami, summarized the ministry's steps to support the government program and advance the Iraqi economy, while noting that the Ministry of Finance has been activating bilateral agreements with various international financial institutions that support the establishment of a balanced and sustainable financial and economic system.

And the Director of Al-Rashid Bank, Muhammad Samir, delivered the speech of the Minister of Finance, Taif Sami, during the sixth annual conference on finance and banking services, which was attended by the correspondent of the Iraqi News Agency (INA), in which he stated that “convening the conference is of importance because it provided an opportunity to announce our steps in the Ministry of Finance to support the program.”

The government through a well-thought-out approach that pushes the wheel of economic advancement and provides opportunities for sustainable development, which is reflected in the provision of the best services to citizens through the banking sector, as it is one of the pillars supporting any stable and vibrant economy, and plays a pivotal and major role in supporting the process of economic industrial renaissance by providing absolute support to the productive sectors of Owners of small and medium local projects.

In her speech, the Minister of Finance added:
And she continued: "Therefore, the Ministry of Finance is moving steadily towards optimal development of economic goals by promoting optimal opportunities to attract investment from infrastructure projects and correcting the course of fiscal policy in light of the current economic challenges." LINK

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

Clare: The Central Bank of Iraq participates in the opening of the Sixth Annual Conference on Finance and Banking Services

July 15, 2023

Today, Saturday, the Central Bank of Iraq participated in the opening of the sixth annual conference on finance and banking services, which was held at the Baghdad International Fair.

The Deputy Governor, Dr. Ammar Khalaf, in his speech during the opening ceremony, emphasized the role of the Central Bank of Iraq in achieving financial and economic stability in the country, stressing the existence of changes in the various monetary policy tools in line with the challenges of the stage.

The deputy noted an increase in electronic payment tools in the period between 2017-2022, as today the number of different cards has reached 16 million, with the number of payment devices increasing from 918 devices to more than 10 thousand devices, in addition to the increase in the number of ATMs from 656 devices. To more than 2000 devices, and it is subject to increase during the coming period.

Accompanied by the invitees, Mr. Representative toured the corridors of the exhibition, which ends on the 17th of this month, and was briefed on the latest services and benefits offered by banks to the public.

The Central Bank of Iraq,
Media Office,
July 15, 2023

https://cbi.iq/news/view/2378

Clare: The Central Bank indicates two challenges with more than 130 trillion dinars facing the Iraqi economy

7/15/2023

Deputy Governor of the Central Bank, Ammar Hamad considered, on Saturday, that the financial deficit in the budget and the internal debt, which amount to more than 130 trillion dinars, represent two challenges facing the country's economy.

Hamad said in a speech during the Sixth Annual Conference on Finance and Banking Services, which was attended by the Shafaq News Agency correspondent, that the Central Bank of Iraq has an essential role to cover the economy and financial and economic stability, which this year witnessed many and many changes to contribute towards achieving stability in Iraq.

He added that there are great opportunities for the economy, including the gross domestic product and the surplus in the budget law and international oil prices, and despite these opportunities, there are challenges, including the approval of the budget law in a very large size, with public expenditures reaching 198 trillion dinars as planned for this year, with a fiscal deficit. It amounted to 64 trillion dinars, and this in itself is a challenge for the economy and the Central Bank of Iraq in particular.

And Hamad added that there is another challenge, which is the internal debt, which amounted to about 70 trillion dinars. The challenge is facing the monetary authority, as well as the financial mechanism for managing this debt, because it represents great pressure on the various monetary policy tools.

He also said that in the previous edition of the conference, we mentioned the importance of electronic payment and represented it from an important performance to achieve economic growth, financial inclusion and financial depth, and we mentioned that there must be a compulsion to adopt its tools, as it was achieved this year through the great support of the current Iraqi government and efforts Launched by the Central Bank of Iraq, and as you know many of them, especially forcing public and private institutions to use electronic payment tools.

And the Deputy Governor of the Central Bank increased by saying: We have recently witnessed a great movement by the public sector as well as the private sector in adopting electronic payment tools, and this is a very important thing for achieving economic growth and financial affairs in Iraq.

He also pointed out that in this regard, we note that there is an increase and rise in electronic payment tools, various cards, from 6 million cards to 16 million cards, as well as an increase in the number of payment devices from 918 devices to more than 10 thousand devices.

He noted the increase in the number of automated teller machines (ITMs) from 656 to more than 2,000, which is constantly increasing. Also, there is an increase in the number of open and active electronic wallets from 222,000 to more than 3 million, which represents a real shift for the sector.

For his part, Representative Muhammad Nuri said in a speech on behalf of the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, during the same conference, “This conference is a prominent event that brings together academic, banking and specialists minds to come at an important time when the country is witnessing transformations and developments in the financial sector and banking services and contributes to development.” sustainable.”

He added that "financial and banking services play an important role in the Iraqi economy, and we realize the importance of sectors in supporting the economy."

In his speech, Mandalawi stated that "providing financing and credit for small and medium-sized companies and large projects contributes to the development of the business sector and the creation of new opportunities, which enhances economic growth and reduces unemployment, in addition to the banking sector playing an important role in improving the lives of citizens and providing banking services that are widely spread."

He continued, saying, "We have to focus on important issues by providing financial and banking services to enhance financial stability and combat corruption by enhancing transparency and improving the financial and banking system," noting that "the conference is an important opportunity to enhance the development of offering banking and financial services, and we in the legislative authority are working to strengthen the infrastructure Banking and finance and developing modern and innovative means to serve citizens. LINK

DINARRECAPS8 7/15/23 DINARRECAPS8 7/15/23

Saturday Afternoon Iraq Economic News Highlights 7-15-23

Away From The Dollar.. America Is Besieged And The Government Is Rising Up To Ensure The Future Of Energy

Today 15:45 Information / Baghdad... The idea of oil for gas was not on the table for Iraqi governments over the past years in which Iraq suffers from weakness and lack of hours of electricity supply, especially with the lack of sufficient quantities of gas to operate power stations, as the US blockade imposed on Iran, which prevented according to it, the Iranian gas dues were sent from Baghdad to Tehran, prompting the government of Muhammad Shia'a al-Suwadni to search for the best solution, after discussions with the Islamic Republic, to ensure access to gas and the flow of Iraqi oil towards Iranian territory, without using the dollar or entering the maze of sanctions.

Saturday Afternoon Iraq Economic News Highlights 7-15-23

Away From The Dollar.. America Is Besieged And The Government Is Rising Up To Ensure The Future Of Energy

Suhaila Al-Sultani, a member of the Al-Fateh Alliance, told Al-Maalouma, “All Iranian gas money will return to the government, as the money will not be transferred to other ministries or classified without rehabilitation or development in the electricity sector.” , and there is a move by the government to invest gas money in starting operations.” Developing alternative energy mechanisms, as well as contracting with companies to establish new power stations.

And she added, "The barter agreement with Iran will end all obstacles set by the United States of America to send gas money that causes the annual electricity crisis," noting that "the government decided to invest the money that was allocated in the budget to develop the electricity sector."

On the other hand, a member of the Oil and Natural Resources Committee, Ali Al-Mashkoor, said during a televised interview followed by Al-Maalouma, that “exchanging oil for gas is a positive step to solve all problems, since most of the Iranian stations use and work with black oil, as Iraq will be profitable from this agreement and that the government has put out incentives for the return of the popular movement by barter.

He explained that "the fears of mortgaging Iraqi oil are completely unjustified, and the mortgaging of Iraqi oil has nothing to do with bartering oil with gas," stressing that "the government has shortened many stages and will save the gas money that was previously paid .”

On a related level, a member of the Parliamentary Oil Committee, Kazem Al-Touki, confirmed to Al-Maalouma, that "Iraq needs 5-6 thousand fuel tanks in order to cover the actual need and operate power plants that operate on this fuel." , as Iraq's total production of gas that stations need Electricity amounted to about 1,000 cubic meters, which is a quantity that is not enough for the stations except after it is supported by more than 4,000 cubic meters of gas fuel,”

noting that “the associated gas investment operations that were referred to some companies need two or three years in order to obtain this fuel.Unable to cover the actual need for gas," explaining that "the need is covered through the projects of the sixth licensing round, which can reap its fruits after 6 years, which include exploration fields in Anbar, Nineveh,and Najaf.” LINK

Bartering Iraqi Oil For Iranian Gas Would Likely Violate US Sanctions

Posted On2023-07-15 By Sotaliraq By Arshad Mohammed WASHINGTON (Reuters) - A deal to swap Iranian natural gas for Iraqi oil under the deal announced by Iraqi Prime Minister Mohammed Shia al-Sudani earlier this week would violate US sanctions against Tehran unless the United States issues a waiver allowing so.

Al-Sudani said on Tuesday that Iraq would start bartering crude oil for Iranian gas to end repeated delays in payments due to Tehran due to the need to obtain US approval for such transactions.[/size]

Al-Sudani added that Iran had cut its gas exports to Iraq by more than half until the first of July due to Baghdad's inability to obtain US approval to pay dues, but Tehran agreed to resume pumping gas exports in exchange for crude oil.

Few details were announced about the possible barter agreement that would contribute to defusing a political problem faced by Al-Sudani due to power outages during the sweltering summer in Iraq, when temperatures exceed 50 degrees Celsius.

But three former US officials said the quid pro quo would likely run counter to US sanctions.

Making this kind of trade-off with Iran would be a violation of US sanctions unless a US national security exception is issued," said Richard Goldberg of the Foundation for Defense of Democracies think tank.

This would be prohibited by the Iran Freedom and Nuclear Non-Proliferation Act, which prohibits any energy-related transactions with Iran," added Goldberg, who served on the National Security Council staff in the administration of former US President Donald Trump.

A US State Department official said Secretary of State Antony Blinken issued an exception on March 21 for a period of 120 days allowing Iraq to pay Iran only for electricity imports, not for natural gas used to generate electricity in Iraq.

The March 2023 exception granted by the foreign minister allows Iraq to buy electricity from Iran,” the official added, on condition of anonymity. And nothing else.” The State Department announced the exception on March 31.

There is speculation that the exception may be modified to allow barter, a matter the official refused to discuss.

We are not in a position to review any future decisions related to the exception," the official said. We have no comment at this time regarding reports regarding bartering arrangements between Iraq and Iran.”

The Iraqi embassy in Washington has not yet responded to a request for comment.

Former US officials said the Treasury Department, which oversees most US sanctions against Iran, defines the term "transaction" broadly, possibly including barter.

What is important here is whether the transaction was 'significant'," said a former senior Treasury official, speaking on condition of anonymity. And it does not matter if it will be conducted in one currency or another or if … it is a barter.”

The former official added that this may provide "enough room for maneuver ... for the United States to turn a blind eye, but it is a political decision, not a legal issue."

And he added, "From a purely legal point of view, it (the barter) definitely violates US sanctions." LINK

SOMO: Iraq's Production May Be Affected By The Oil-For-Gas Agreement

Shafaq News/ A source from the state oil marketing company, SOMO, said that Iraq's oil production may be affected by an agreement to pay for Iranian gas imports by bartering fuel oil and crude oil from Baghdad, even as the second largest oil producer in OPEC is struggling with the continued suspension of oil. North.

Iraqi Prime Minister Muhammad al-Sudani said in a live press conference on July 11 that Iraq and Iran signed an agreement to swap crude oil and fuel from Baghdad for gas and electricity imported from Tehran due to difficulties in paying the country under US sanctions.

He said SOMO would handle the sales of crude oil and fuel to the nominated companies from Iran.

And according to Standard & Poor's Global, quoting a source in SOMO, in a report seen by Shafaq News Agency, although the implementation of the oil and gas barter deal will take time, Iraq will likely try to increase production from its huge southern fields to compensate for the loss of production and the continuation of Suspension of exports through the Turkish port of Ceyhan.

The source said that SOMO has not yet received details about the start of the barter deal, the amount of crude oil and fuel oil that will be exported to Iran, or the crude grades that will be sold.

Besides the suspension of oil exports from the north, the source said, rampant power outages in the Federal District due to reduced Iranian gas supplies have plunged large swaths of the country into darkness, affecting oil production.

The source said production at the giant Zubair fields in the south, operated by Eni, and Rumaila, operated by BP, was affected by the power outage that began at the end of June.

Once Iran's gas supplies are fully restored, the source said, the power outages will likely stop and help restore production in the southern fields to normal levels.

Iraq pumped 3.985 million bpd in June, less than the 4.22 million bpd of OPEC+ quotas.

This is slightly higher than the 3.955 million bpd it pumped in May, when Iraq joined several OPEC+ countries in implementing a total of 1.66 million bpd of voluntary cuts that will continue through the end of 2024.

These voluntary cuts come on top of the 2 million bpd OPEC+ restrictions that began in November and will continue through the end of 2024.

Three former US officials told Reuters that swapping Iranian natural gas for Iraqi oil under the deal announced by Iraqi Prime Minister Mohammed Shia al-Sudani earlier this week would violate US sanctions against Tehran unless the United States issued a waiver to do so. LINK

A Parliamentary Committee Comments On The Oil And Gas Agreement Between Iraq And Iran

Today, Saturday, the Oil, Gas and Natural Resources Committee in the House of Representatives considered that the agreement to swap black oil for Iranian gas will benefit Iraq and Iran.

Committee member Ali al-Mashkoor said, "The decision to exchange black oil for Iranian gas is a bold and appropriate decision for both parties."

Al-Mashkoor added, "Iraq needed such decisions in order to eliminate all excuses that could lead to power outages for citizens."

He continued, "The financial problem between Iraq and Iran due to the sanctions imposed by America on Iran and Iraq's inability to transfer Iranian gas money imported from Iran has become an eternal problem, and alternative solutions had to be found."

The member of the committee pointed out that “exchanging black oil for Iranian gas is suitable for both parties, as the Iranian side can achieve the benefit by operating its electrical stations because according to the information available to us, most of the electrical stations in Iran operate on black oil, and at the same time it is a good thing for Iraq, since the problem is always It was the reason why gas supplies did not arrive to operate our power stations.”

And al-Mashkoor stated, “Iran would have preferred that the payment be in hard currency due to its need for this currency, but this decision went to find solutions to the problems, which are fair solutions.”

The member of Parliament explained, “The barter did not take place with crude oil or crude oil, but rather with black oil, and that Iraq needs any means that allow the achievement of prosperity for the Iraqi citizen, especially as we are currently going through the months of intense heat and heat, and it is not possible to stand before solutions that do justice to the people, so it is possible that We waste part in order to achieve the largest part, and the government went in this direction.

https://takadum-news.com/archives/173783

Parliamentary Committee: The Oil And Gas Law Will See The Light Soon

Information/Baghdad.. The Oil, Gas and Natural Resources Committee confirmed, on Saturday, Parliament's intention to legislate the oil and gas law during the current session, while noting that the adoption of the law will contribute to resolving the problems between Baghdad and Erbil.

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

Committee member Alaa Al-Haidari said in an interview with Al-Maalouma agency, "According to the government program and what was agreed upon by the state administration coalition, the oil and gas law will be legislated soon."

He added, "The legislation of such a law is an urgent necessity, as it regulates the method of extracting oil and minerals throughout Iraq, including the Kurdistan region, as well as regulating oil revenues."

He pointed out that "the oil and gas draft law is of economic importance, and it is obligatory to deliver oil revenues through the Federal Oil Marketing Company, as well as knowing the quantities exported."

He pointed out that "there is an agreement between Baghdad and Erbil to legislate the federal oil and gas law," stressing that "the House of Representatives will work to legislate it during the next stage."

And the rapporteur of the Patriotic Union of Kurdistan Parliamentary Bloc, Karwan Ali Yarouis, revealed earlier that there was a political agreement to pass the oil and gas law in parliament, stressing that "discussions regarding it will start after the end of the legislative recess." LINK