Iraqi News Highlights Late Sunday Evening 7-23-23

Iraqi News Highlights Late Sunday Evening  7-23-23

Tlm724 Administrator Bondlady’s Corner

Iraq Announces Compensation To Citizens And Companies Who Buy Dollars At The Unofficial Rate

Economy      Dollar prices     breaking  2023-07-23T18:20:50+00:00  Shafaq News / The Iraqi Prime Minister, Muhammad Shia'a al-Sudani, directed the Central Bank of Iraq to compensate citizens and companies who buy dollars at the unofficial price, by deducting the financial difference from banks and exchange companies that sold the dollar at more than the price set in the bank.

This came during a meeting of the Prime Minister with the Governor of the Central Bank, Ali Mohsen Al-Alaq, in the presence of the advisors and the Director General of Investment in the bank.

The measures taken by the Central Bank regarding the stability of the currency in the Iraqi market were discussed, and

the most prominent plans prepared for reforming, developing and enabling the banking sector were discussed. To take its role in achieving sustainable development and facing challenges.

According to a statement received by Shafaq News agency,

Al-Sudani listened to clarifications about the most important facilities provided by the Central Bank, which include allowing small merchants and importing individuals to finance their imports without the need to establish a company, and that is through government and private banks that have direct relations with correspondent banks.

In this regard, the Prime Minister directed that greater efforts be made to simplify procedures for citizens, as emphasis was placed on implementing the content of the Council of Ministers' decision regarding the payment of investment project installments by allowing citizens to pay in Iraqi dinars for the values of housing units that they previously purchased in foreign currency.

Al-Sudani also ordered the application of Article 48 of the Federal General Budget Law, to unify and simplify tax procedures on the one hand, and not link them to external transfers on the other hand.  And

he stressed the continuation of the measures that the Central Bank will take, related to compensating citizens and companies who buy dollars at the unofficial rate, through the Central Bank deducting the financial difference from banks and exchange companies that sold the dollar at more than its price specified in the bank, after the purchase from those companies is proven.

For his part, the Governor of the Central Bank, Ali Al-Alaq, revealed during the meeting the bank's intention to resume selling cash dollars through licensed banks in Nineveh Governorate.

https://www.shafaq.com/ar/اقتصـاد/العراق-يعلن-تعويضا-للمواطنين-والشركات-مم-ن-يشترون-الدولار-بالسعر-غير-الرسمي

Keywords: The Central Bank Intends To Resume Selling Dollar Cash Through Licensed Banks In Nineveh

Political      Yesterday, 21:20   Baghdad – conscious  Today, Sunday, Prime Minister Muhammad Shia al-Sudani directed the central bank to make greater efforts to simplify procedures for citizens, while the governor of the central bank, Ali Al-Alaq, stressed the tendency to resume the sale of cash dollars through licensed banks in Nineveh Governorate.

The media office of the Prime Minister said, in a statement received by the Iraqi News Agency (INA), that

"Prime Minister Muhammad Shia' al-Sudani met today with the Governor of the Central Bank, Ali Mohsen Al-Alaq, in the presence of the advisors and the Director General of Investment in the bank," noting that

"during the meeting, the measures taken by the Central Bank were discussed regarding the

stability of the currency in the Iraqi market, and the

most prominent plans prepared to reform, develop and enable the banking sector;

to take its role in achieving sustainable development and facing challenges."  He added,

"The Prime Minister listened to clarifications about the most important facilities provided by the Central Bank, which include allowing small merchants and importing individuals to finance their imports without the need to establish a company, and that this be through government and private banks that have direct relations with correspondent banks."  The Prime Minister directed,

"The Central Bank to make greater efforts to simplify procedures for citizens, as it was stressed on implementing the content of the Council of Ministers' decision regarding the payment of installments for investment projects by allowing citizens to pay in Iraqi dinars for the values of housing units that they previously purchased in foreign currency."

The meeting witnessed an emphasis on proceeding with the measures that the Central Bank will take, related to compensating citizens and companies who buy dollars at the unofficial rate, through the Central Bank deducting the financial difference from banks and exchange companies that sold dollars at more than the price set in the bank, after the purchase from those companies is proven.

And revealed the central bank governor during the meeting, "the bank's intention to resume the sale of cash dollars through licensed banks in the province of Nineveh."  https://www.ina.iq/190045--.html

Sumer Bank: We Work According To The Laws And Rules In Force In Order To Achieve The Interests Of Customers And Shareholders And The Interest Of The Iraqi Economy

Sunday 23 July 2023 17:59 | Economical     Number of readings: 623    Baghdad / NINA / The Sumer Commercial Bank expressed its keenness to protect and care for the interests of its customers, stressing that all customer deposits are fully covered and there is nothing to prevent the customer from his deposit.

He would like to clarify the following: ..

The Sumer Commercial Bank, since its establishment in 1999, has been operating in accordance with the laws and rules in force in order to achieve the interests of customers and shareholders and the interest of the Iraqi economy in general, and is keen to protect and care for the interests of its customers, and

we confirm that all customer deposits are fully covered and there is nothing that prevents the customer from his deposit...

Sumer Commercial Bank is working to overcome this crisis as soon as possible in cooperation with and under the supervision of the regulatory authorities..

And while Sumer Commercial Bank works in accordance with the rules of governance in order to achieve the interests of all relevant parties, it affirms its commitment in all its transactions to the relevant controls and instructions.

We are convinced that depriving the bank of dollar transactions is a temporary issue, and it will be able to overcome this fleeting crisis as soon as possible.  The bank concluded its statement by saying,

“We emphasize the smoothness of work in all of our branches, and we call on our customers to be reassured and assure them of the continuation of our services to them as usual.”

https://ninanews.net/Website/News/Details?key=1066592

Iraq And Successful Economies

Economical 2023/07/22  Yasser Al-Metwally,  with a simple definition, means that successful economies are those countries in which the size of the impact of financial and economic crises is little, and it is almost non-existent in some countries.

Here, the criterion is determined according to countries that are considered emerging, that is, their rapid growth rates in their various economic sectors.

Most of these emerging economies are those that have transformed from their totalitarian system to a free economy and their countries have left the management of productive and economic activities to the private sector.

Their impact on the global economy is also small.

While countries with developed economies have a large impact when they go through financial or economic crises on the global economy, such as the American, European and Japanese economies.

As for the emerging economies, the size of their financial crises will have a much less impact on the global economy, except for China.

If it is exposed to an economic crisis, it affects the entire international environment, given the volume of dealings with China, and we noticed the effects of the Covid-19 (Corona) crisis, how severe its impact was on the global economy.

It is important to mention that emerging countries are the ones whose growth history is close and not far, and China is among them.

As for the fragile and weak economies, if they are exposed to any crisis, they have no effect on the global economy.

Likewise, emerging countries, if one of their countries is exposed, can be pulled out by other emerging countries, with the exception of China, as you indicated.

And the biggest indicator of the exposure of large economies and its impact on the global economy was devastating, as the global financial crisis in 2008 still has its effects remaining and affecting, and it was a lesson that emerging countries benefited from in their dealings, dealings, and self-reliance.

Therefore, emerging countries are considered among the successful economies.

We don't care where Iraq is from these economies?

Unfortunately, the Iraqi economy has not been classified as one of the emerging economies, despite its possession of diverse and enormous wealth, but it is not invested properly.

The biggest indicator of this is that the distorted balance of payments tends to favor imports at the expense of exports, with the exception of oil exports, which is the secret of the delay in classifying Iraq into emerging countries, which makes Iraq resistant to crises.

But here lies the danger and what we always warn about of the risks of price fluctuation because expectations are not often accurate if we take into account the international changes and their economic challenges.

This article is part of our attempts to spread economic culture and benefit from global analyzes and experiences, hoping that our message will reach.

When will Iraq be among the countries with successful economies?

When reviewing the reality of the productive sectors, relying on their capabilities, and activating the role of the private sector in them.    https://alsabaah.iq/80938-.html

The Prime Minister Stresses The Need To Review And Develop The Oil Export System

 political     Yesterday, 19:05   Baghdad – conscious  Today, Sunday, the Prime Minister, Muhammad Shia'a Al-Sudani, stressed the need to review and develop the oil export system.

The media office of the Prime Minister said, in a statement received by the Iraqi News Agency (INA), that

"Prime Minister Muhammad Shia' al-Sudani chaired a meeting devoted to discussing the progress of implementing the strategic projects of the Ministry of Oil, in the presence of the Minister of Oil and the advanced staff in the ministry."  He added,

"The meeting discussed the

progress of work in completing licensing rounds, practical steps in gas and energy projects, and the

progress of efforts in the field of attracting investments for these economic sectors, and

creating the optimal conditions and environment for the settlement of investment in Iraq.

It also reviewed ways to expand cooperation with major specialized international companies, and promote development in the oil sector."

The Prime Minister referred to "the importance of these projects, which represent the backbone of the national economy," indicating "the need to review and develop the export system."  He stressed,

"The continuation of these meetings periodically, for the purpose of closely following up the progress in implementing projects, and the government will work to prepare appropriate decisions in the Council of Ministers, which will facilitate the completion of these projects."

https://www.ina.iq/190033--.html

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

Bond Ladys Corner

Goldilocks' Comments and Global Economic News for July 23, 2023

Goldilocks' Comments and Global Economic News for July 23, 2023

RJ: Good afternoon Dinar Recaps,

Goldilocks posted comments and links on the global financial system:

We have several things going on this week. We have earnings reports coming out for the markets. This gives us an idea of where we are as an economy. We have an FOMC meeting that determines monetary policies coming out this week. And, we have a Basel 3 proposal being implemented on July 27th.

A proposal is a plan to be implemented. Once they discuss this plan on July 27th, it will be ready to activate. So here, we have our markets, our monetary policies, and our readiness for Basel 3 transition closing out the month.

Stablecoins and crypto clarity has been reintroduced and can come out at any moment to guide our new digital economy.

It is a big week, but there are still some things that need to be done as we have discussed in previous articles.

I think you can see from how things are developing that we are putting some final touches on our new economy.

© Goldilocks

https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm

https://www.investopedia.com/ask/answers/08/earnings-season.asp#:~:text=In%20general%2C%20each%20earnings%20season,April%2C%20July%2C%20and%20October.

https://www.americanbanker.com/news/fed-to-hold-open-meeting-on-basel-iii-endgame-proposal

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"The Financial Conduct Authority (FCA) has launched a permanent digital sandbox to support firms at the early stages of product development. It will go live 1 August 2023."

The FCA is a UK regulator that helps company startups collect data on their platform and build customers with their guidance.

It is a permanent platform that is being used to help startup companies create a foundation in our new digital economy on the QFS.

We are seeing the mobilization of our tokenized assets being given direction to move their products forward. These tokenized assets represent a company's offerings with real values.

These setups are part of the process that leads to the activation of Protocol 20 as Quantum Technologies merge together to form networks and partnerships going forward.

© Goldilocks

https://www.assetservicingtimes.com/assetservicesnews/regulationarticle.php?article_id=14632&navigationaction=regulationnews&newssection=Regulation

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The BRICS Summit is this week. "One of the crucial topics the BRICS nations will discuss at their summit next month is the long-term payment systems for cross-border commerce."

Russia has already been cut off from Western Payment Mechanisms, and the development of building up the worth and demand of national currencies is a priority in this meeting.

The de-dollarisation process continues in the East. And, the development of a one common Trading Currency is coming, but their focus in this meeting is the clarification and movement forward with payment mechanisms that will give rise to the values of their National Currencies.

Once their natural currencies are given the support they need through Basel 3 accords activation, we will see a release of caps on the commodity market or a repricing event give liquidity to their currencies.

Remember though, we are operating inside a QFS going forward, and the activation of Protocol 20 integrating Quantum Technologies will give us the green light on digital/currency revaluations.

One step at a time my friends. It is all coming together in a way that has never been seen before on this ride.

© Goldilocks

https://www.awazthevoice.in/world-news/brics-leaders-to-discuss-sustainable-payment-system-22822.html

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By the way, everything I just posted today is about Protocol 20.

Anyone who tells you there just isn't enough information on that yet needs to be in this room because going forward it's all we're talking about for the most part.

We just need to see it's activation. Protocol 20 activates all Quantum Technologies, and not, just the economy.

There is a Network Upgrade that will help with that transition and revaluation of all assets. Once all assets are locked into this upgrade, it will have the capacity to move up and down through scalable prices being determined by supply and demand. More on this later.

Wiley Morgan has a Q&A room to help break down many of the concepts we go over in this room.

Other members of the Seeds of Wisdom Team are in that room to help along with members like you and others seeking to understand where we are going in our new economy.

You Are Not Alone.

© Goldilocks

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Stellar is Leader in Tokenization with Franklin Templeton, WisdomTree

https://www.crypto-news-flash.com/stellar-emerges-as-leader-in-tokenization-franklin-templeton-and-wisdomtree-issue-300m-in-digital-funds/

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Before our time together ends, I am going to take you inside "the computer program" that will change your life forever. And, I plan to explain to you how the QFS will revalue everything.

You do not want to miss this event. You have waited so long for this to happen, and you might as well try to understand what will take place to manifest your dreams.

It is a transformative explanation that will change us in every way.

You don't want to miss it.

© Goldilocks

~~~~~~~~~~

If you want to know when the RV is going to take place, all you have to do is look for the Bretton Woods 3 Announcement.

© Goldilocks

~~~~~~~~~~

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

Iraqi News Highlights Sunday Afternoon 7-23-23

Iraqi News Highlights Sunday Afternoon 7-23-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Confirms That It Will Continue To Sell The Dollar At The Official Rate
political  | 07:01 - 07/23/2023  Baghdad - Mawazine News  The Central Bank confirmed, today, Sunday, that it will continue to sell the dollar at the official rate set for the beneficiary, which amounts to (1320) dinars.  The Central Bank said in a statement that it "continues to meet the legitimate requests for the US dollar from the official outlets licensed by it and at the official rate set for the beneficiary, which amounts to (1320) dinars to the dollar."

And he called for “reporting a case of paying a price higher than the official rate set above,” pointing out that “the account of the bank or exchange company with this bank bears compensation for those affected by the price difference, through the following e-mail: (banking.awareness@cbi.iq) or calling the following numbers   07809224663   07853330555   07721111418

https://www.mawazin.net/Details.aspx?jimare=231921

A New Update.. Learn About The Exchange Rate Of The Dollar Against The Dinar In The Iraqi Markets

Economy | 10:16 - 07/23/2023  Baghdad - Mawazine News  The exchange rate of the dollar continued, on Sunday, to rise in the Iraqi markets.  The selling price of 100 dollars was recorded for 153 thousand dinars.  The purchase price was recorded at 151 thousand dinars, compared to 100 dollars. Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=231876

The United Nations Reassures The Iraqis About The Mosul Dam: It Is Safe And The Water Level Can Be Raised

Local  | 03:15 - 07/23/2023   Baghdad - Mawazine News  Today, Sunday, the United Nations Industrial Development Organization (UNIDO) outlined the details of its support for Iraq with the water file, while noting that the Mosul Dam is safe and the water level can be raised.

"The organization's project in Iraq focuses on raising and developing the capabilities of workers in the Dams Authority of the Ministry of Water Resources, and in various dam projects in Iraq," said Harry Beechcroft, the organization's associate project manager.

Beechcroft added, "Another goal of the organization is to provide dam projects and the Dam Safety Unit, which has now become the Dam Safety Department in Baghdad, with the necessary equipment to sustain its work."

He pointed out that "an international council of experts was summoned to the Mosul Dam for the purpose of evaluation, and the results were very reassuring, and it recommended in its last visit to raise the level to 325 meters above sea level, and this means that the dam is safe and the water level can be raised without any problems."

He stressed, "The recommendation of the Council of Experts to raise the water level in the dam was very welcomed by the Ministry of Water Resources." https://www.mawazin.net/Details.aspx?jimare=231907

Al-Sudani And Al-Hakim Stress The Need To Support The Government's Measures In Implementing Economic Reforms

political | 04:39 - 07/23/2023  Baghdad - Mawazine News,  Prime Minister Muhammad Shia' al-Sudani, and the head of the Wisdom Movement, Sayyid Ammar al-Hakim, stressed today, Sunday, the need to support the government's measures in implementing economic reforms.

The media office of the Prime Minister stated in a statement, that "Prime Minister Muhammad Shia'a al-Sudani received the head of the Wisdom Movement, Mr. Ammar al-Hakim, and during the meeting they discussed developments in the general situation in the country, and the need to support the government's measures in implementing economic reforms, and meeting the needs of citizens for services in various basic sectors."

He added, "The meeting witnessed an emphasis on attributing the government's steps to stabilize stability, and the importance of concerted efforts in order to face challenges in all their forms, with the aim of providing the guarantee environment for the success of investment plans and achieving sustainable development."   https://www.mawazin.net/Details.aspx?jimare=231916

Iraq Reduces Its Holdings Of US Bonds To 8 And A Half Billion Dollars

Sunday 23 July 2023 10:23 | Economical Number of readings: 399  Baghdad / NINA / - The US Treasury announced, on Sunday, that Iraq had reduced its holdings of US bonds to 8 and a half billion dollars during the first five months of the year 2023.

The Treasury said in a schedule, that "Iraq reduced its holdings of bonds during the first five months of this year, starting from January to May, to 8.5 billion dollars, to reach the 36th rank among the countries with the largest possession of US treasury bonds, of the 38 countries included in the table of countries.

And she added, "Iraq's possession of US bonds in January amounted to 41.2 billion dollars, to decrease to 40.7 billion dollars in February, and to decrease to 39.3 billion dollars in March, after which it decreased again in April to 34.8 billion dollars, and decreased in May to 32.7 billion dollars," noting that "Iraq's possession of US bonds in January of the year 2022 amounted to 40.8 billion dollars."

And she indicated that "Iraq came as the fourth largest Arab country in the largest possession of US bonds, after Saudi Arabia, the Emirates and Kuwait."/ End 11

https://ninanews.com/Website/News/Details?key=1066497

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

Bond Ladys Corner

"Tidbits From TNT" Sundday 7-23-2023

TNT:

CandyKisses:  MP expects to finalize an important law during the current parliamentary session and comments on general amnesty

Political: Euphrates News} MP for the Fatah Alliance, Ali Turki, expected the resolution of the oil and gas law during this current parliamentary session.

Turki told Al-Furat News that "the parliamentary energy committee is meeting and discussing in order to follow up on the oil and gas law in all its details, and we expect this file to be resolved during this parliamentary session and it will be approved."

He added: "As for the general amnesty law, it is a law among the political deals that are developed with each government in order to have a general amnesty, which is among the Sunni requirements and harmonious for the public to be demanding this law."

He continued: "This law cannot proceed in its current form from removing terrorists or suspending the anti-terrorism or drug law, so it is not possible to legislate a law that allows the exit of these groups."

CandyKisses:  Baghdad has not calmed down since last night. A new demonstration in Al-Jadriya to protest the burning of the Qur’an

Shafaq News / Demonstrations condemning the burning of the Holy Quran and Iraqi flag in Sweden and Denmark were launched in the Jadiriyah area in the center of the capital Baghdad on Saturday.

A correspondent for Shafaq News Agency said that hundreds of protesters gathered at Freedom Square in the Jadiriyah area and towards the suspension bridge in protest against the burning of the Holy Quran and the Iraqi flag in front of the embassies of Iraq in Sweden and Denmark.

Our correspondent pointed out that the demonstrators raised copies of the Holy Quran and the Iraqi flag.

Earlier on Saturday, security forces blocked roads leading to Freedom Square, starting from the suspension bridge to Cordoba Square towards the aviation square.

From dawn yesterday, Thursday, until dawn on Saturday, the capital Baghdad and several other provinces witnessed mass demonstrations condemning the Swedish authorities' repeated permission of Iraqi refugee Silwan Momica to burn a copy of the Iraqi Quran and flag in front of the Iraqi embassy in the capital Stockholm.

Supporters of the Sadrist movement at dawn on Thursday attacked the Swedish embassy in the capital Baghdad and set fire to it in condemning the allowing for a demonstration in Stockholm that witnessed the desecration of the Qur'an and the Iraqi flag in front of the Iraqi embassy there.

After that, the Iraqi government decided to sever its diplomatic relations with Sweden in protest against the repeated abuse of Muslims' first holy sanctuary, the Holy Quran.

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

Tishwash:  Iraq is focusing on the "most powerful country in the European Union" and is planning a military and economic "alliance"

Today, Sunday (July 23, 2023), the Parliamentary Foreign Relations Committee described France as one of the strongest countries of the European Union allied to Iraq, while indicating that Baghdad is planning joint security, military and economic action with Paris.

A member of the committee, Amer Al-Fayez, told "Baghdad Today" that "France is considered one of the strongest countries of the European Union, an ally of Iraq, and there is a joint security and military work between the two countries, in addition to economic files that concern the conditions of the region in general, as there is joint coordination between Baghdad and Paris."

And Al-Fayez stated, "The visit of French Defense Minister Sebastien Lecorno to Iraq a few days ago comes to strengthen security and military cooperation between the two countries, especially since Iraq has worked greatly to remove the threat of terrorism from the world by fighting and defeating the terrorist organization ISIS, and this visit comes as a complement to the Iraqi Prime Minister's visit to Paris, to complete the discussion of files with a security and military dimension."

On Wednesday (July 19, 2023), the Iraqi Prime Minister, Muhammad Shia'a al-Sudani, received the Minister of the French Armies, Sebastien Licorno, and his accompanying delegation.

According to a statement issued by Al-Sudani's office, which was received by "Baghdad Al-Youm", the meeting witnessed a discussion of bilateral relations between the two countries, and prospects for developing them at the security level, within the scope of the international coalition, and within the framework of advice and training to raise the performance of the Iraqi security forces, and an emphasis on continuing bilateral cooperation to continue training, cooperation in the field of armaments, and exchange of information   link

Mot: .... Just Saying ...........

Mot ..... Fly Swatter Season it is!!! ~~~~

Sunday Morning Iraq Economic News Highlights 7-23-23

Sunday Morning Iraq Economic News Highlights 7-23-23

An Economist Rules Out Approving The Oil And Gas Law.. And The Region Accuses Baghdad Of Trying To Impose Centralization

Oil expert Mazen Al-Aboudi confirmed that the oil and gas law is one of the most controversial laws and is the backbone of all disputes between the region and the federal government, ruling out the possibility of passing it soon, ruling out the possibility of its approval soon.  Al-Aboudi said in a press interview seen by Taqaddam that “there is difficulty in passing the law, and it is not as some imagine,” noting that “the real dilemma behind the delay in its approval is who has the right to invest, revenues, and management.”

He added, "The investment law in the Kurdistan region differs from the federal law, and the licensing rounds are also different," ruling out "the possibility of its approval simply and easily."

The Oil, Gas and Natural Resources Committee pledged passing the oil law to achieving consensus and removing many obstacles, and urged seeking to create the appropriate environment to solve some of the accumulated problems to advance the legislation of the law during the current parliamentary session.

And the Kurdistan Regional Government returned to accuse the federal government of trying to impose centralization through its insistence on managing the region's oil.

“The Iraqi government claims that the Kurdistan region does not know how to control the oil file and spend its financial revenues,” said the Minister of Awqaf and Religious Affairs in the Kurdistan Region, Peshtuan Sadiq, in a speech he delivered among crowds of clerics in the administration of the Soran region.  The Kurdish minister regrets that “federalism has not been achieved in any way.”

https://takadum-news.com/archives/175000

Iraq Reduces Its Holdings Of US Bonds To More Than $8 Billion

2023-07-23 Shafaq News / The US Treasury announced, on Sunday, that Iraq has reduced its holdings of US bonds to more than $8 billion during the first five months of 2023.

The treasury said in its latest table seen by Shafaq News Agency, "Iraq reduced its holdings of bonds during the first five months of this year, starting from January to May, by $8.5 billion, to reach the 36th rank among the countries with the largest holdings of US treasury bonds, of the 38 countries listed in the table of countries."

And she added, "Iraq's possession of US bonds in January amounted to 41.2 billion dollars, to decrease to 40.7 billion dollars in February, and to decrease to 39.3 billion dollars in March, after which it decreased again in April to 34.8 billion dollars, and decreased in May to 32.7 billion dollars," noting that "Iraq's possession of US bonds in January of the year 2022 amounted to 40.8 billion dollars."

She pointed out that "Iraq was the fourth largest Arab country in the largest possession of US bonds, after Saudi Arabia, the UAE and Kuwait."   LINK

Oil Sets The Year 2030 As The Date For Ending The Associated Gas File

Money  and business  Economy News – Baghdad   Yesterday, Saturday, the Ministry of Oil set the date for ending the associated gas burning file and achieving self-sufficiency, while indicating the desire of Arab and foreign companies to invest in the associated gas file.

The Undersecretary of the Ministry of Oil for Extraction Affairs, Bassem Muhammad Khudair, told the Iraqi News Agency (INA), followed by "Al-Iqtisad News", that "the contracts are continuing, as the fifth round and its appendix and the sixth round were announced, and there are plans to fully exploit and develop the fields in order to increase oil and gas production capacity."

He added, "American, Arab, Saudi and Qatari international companies have made technical and commercial offers and wish to participate in gas investment in Iraq," noting that "there are ongoing discussions with Aramco regarding the Crutch field."

He pointed out, "The ministry is working within successive steps to end the associated gas flaring file and achieve self-sufficiency in gas, and it is hoped to complete the file in 2030."

Views 12   07/23/2023 -  https://economy-news.net/content.php?id=35266

Exchange Rates Rise Again Above 150 Thousand Dinars Per 100 Dollars

2023-07-23 | 2,601 views   Economy   Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets for Sunday, July 23, 2023.

In Baghdad:   the purchase price of the dollar is 152,500 for every 100 dollars, an increase of 500 dinars from yesterday.  The selling price of the dollar is 150,500 per 100 dollars

in the north:   the buying price of the dollar is 152,750 per 100 dollars, an increase of 750 dinars from yesterday.   The selling price of the dollar is 150,750 per 100 dollars

in the south:   the buying price of the dollar is 152,500 per 100 dollars, an increase of 500 dinars from yesterday.   The selling price of the dollar is 150,500 per 100 dollars LINK

Retirement Authority: 820 Billion Dinars Were Spent To Non-Eligible Persons In Anbar Governorate

SUNDAY, 07-23-2023, TAYSEER AL-ASADI  The National Retirement Authority addressed the competent official authorities to recover 820 billion dinars that were spent as pension salaries and differences for people who are not eligible for inclusion in Anbar Governorate.

The head of the authority, Maher Hussein Rashid Al-Bayati, said in an interview with Al-Sabah newspaper, "The number of completed retirement transactions has reached 46,942, since Prime Minister Muhammad Shia'a Al-Sudani launched the support package for retirees in February of this year, which includes 13 points with the aim of removing injustice from them."

He added that "his department is communicating with the concerned authorities to retrieve more than 820 billion dinars that had been spent as pension salaries and financial differences for people whose inclusion in the law of the Martyrs and Prisoners Institutions was found to be incorrect," noting that "the canceled entries amounted to 16,717 entries as retirement files, and 22,910 as retirement records within the Martyrs' Foundation and the retirement of Anbar Governorate."

Al-Bayati revealed "the approach of the Supreme Judicial Council, the Presidency of the Public Prosecution Office, the Office of Financial Supervision and the Office of the Prime Minister, for joint cooperation on the issue of recovering the spent amounts, and taking all legal measures against all participants by promoting transactions in order to disburse their amounts."  http://non14.net/public/158705

Maabar Tweets In Defiance Of The Law.. Who Will Stop The Bleeding Of Industries In Kurdistan?

Localities / Economy |Baghdad today – Sulaymaniyah   The economic crisis in Kurdistan did not stop at the limits of cutting salaries and a decline in the standard of living only, but reached to include all sectors and chapters of life in the region, which remained dominant for several years over the security, political and financial scene in Iraq, until the industry in it became almost paralyzed a decade ago due to the accumulation of economic and political crises in it, and the flight of capital from it.

And with the region entering the gateway to crises in 2013, coinciding with the cutting of the budget for it following political differences with the federal government in Baghdad, the industrial sector in it became one of the most affected sectors by recording a significant decline in its activity and performance.

Like Iraq, the region relies heavily on imported goods, especially from Iran and Turkey, despite the presence of hundreds of small and large factories in the cities of Kurdistan.

Close And Lay Off

The head of the Statistics Authority in the region, Sirwan Muhammad, regrets the closure of hundreds of factories with the dismissal of dozens of workers from them with the emergence of the financial crisis and the decline in economic levels in it, in conjunction with the delay in the distribution of salaries.

In an exclusive interview with "Baghdad Today", the head of the region's census revealed that there are about 600 large and medium factories that are in service, "the majority of which are specialized in foodstuffs, plastics and building materials, and they have more than 12,000 workers."

He says, "The economic crisis and failure to distribute employees' salaries on time caused the layoffs of thousands of workers and the closure of hundreds of large and small factories, workshops and factories, pending an improvement in financial conditions."

Treatments

In turn, the economist Hiwa Rasheed reveals the closure of about 420 factories with the dismissal of more than 20 thousand workers in the industrial sector due to the economic crises that hit this sector in Kurdistan.

Here, he means that the region faces an opportunity that can be described as a "mission" to activate the industrial sector and reduce dependence on the importer, the most prominent of which the economist defines as "imposing high fees on the imported product, and preventing the import of materials in the region that have an abundance that meets the needs of all citizens, as well as the industrial sector by facilitating the license for the investor and obliging ministries and government institutions to buy the local product."

Unofficial Crossings

Based on the statistics published on the website of the Ministry of Industry and Trade in the Kurdistan Regional Government, the factories were classified into ten categories, which are "construction industries, food industries, spinning and weaving, metallurgical, chemical, plastic, cellulosic industries, equipment and tools factories, furniture and services."

The ministry's data indicates that the factories established in recent years were 74 for plastic industries, 66 for food industries, 60 for construction industries, 57 for metal industries, 50 for furniture, 44 for chemical industries, 39 service factories, 29 cellulosic industries, as well as three hardware and tools factories, and two spinning and weaving factories.

Specialists believe that the main reason for the inactivity of the industrial sector in Kurdistan is due to the existence of unofficial crossings that provide facilities for the entry of imported goods into the cities of Kurdistan.

And the Ministry of Industry and Trade in the regional government announced earlier in the day the start of establishing three advanced industrial zones in Kurdistan, while indicating that its "ambition" exceeds this number.

The ministry's advisor, Fathi Muhammad, said, "The region's plan includes the establishment of 11 advanced industrial zones in various regions of Kurdistan, but the costs of establishing these regions require huge budgets, and for this reason, three of them will be established this year."  LINK

90% Of The Displaced Homes Are Unfit For Living

The first  2023/07/23  The Parliamentary Committee for Migration, Displacement and Community Reconciliation revealed that about 90 percent of the homes of the displaced within their liberated areas are unfit for living. The head of the committee, Sharif Suleiman, told Al-Sabah:

Most of the displaced families living in the displacement camps hope to return to their homes, but the vast majority of them were destroyed and lack various services at a rate of about 90 percent, forcing those who returned or wished to return to change their decision.

And he indicated that the committee is working in coordination with the concerned authorities to improve the status of the liberated areas, in order to contribute to the return of the displaced to them, proposing to compensate the displaced with financial grants and aid after assessing the extent of the destruction of their homes, which were destroyed by the terrorist gangs of "ISIS", in order to enable them to rehabilitate them.    https://alsabaah.iq/81025-.html

Iraq Is Focusing On The "Most Powerful Country In The European Union" And Is Planning A Military And Economic "Alliance".

Policy  |Today   Baghdad today - Baghdad   Today, Sunday (July 23, 2023), the Parliamentary Foreign Relations Committee described France as one of the strongest countries of the European Union allied to Iraq, while indicating that Baghdad is planning joint security, military and economic action with Paris.

A member of the committee, Amer Al-Fayez, told "Baghdad Today" that "France is considered one of the strongest countries of the European Union, an ally of Iraq, and there is a joint security and military work between the two countries, in addition to economic files that concern the conditions of the region in general, as there is joint coordination between Baghdad and Paris."

And Al-Fayez stated, "The visit of French Defense Minister Sebastien Lecorno to Iraq a few days ago comes to strengthen security and military cooperation between the two countries, especially since Iraq has worked greatly to remove the threat of terrorism from the world by fighting and defeating the terrorist organization ISIS, and this visit comes as a complement to the Iraqi Prime Minister's visit to Paris, to complete the discussion of files with a security and military dimension."

On Wednesday (July 19, 2023), the Iraqi Prime Minister, Muhammad Shia'a al-Sudani, received the Minister of the French Armies, Sebastien Licorno, and his accompanying delegation.

According to a statement issued by Al-Sudani's office, which was received by "Baghdad Al-Youm", the meeting witnessed a discussion of bilateral relations between the two countries, and prospects for developing them at the security level, within the scope of the international coalition, and within the framework of advice and training to raise the performance of the Iraqi security forces, and an emphasis on continuing bilateral cooperation to continue training, cooperation in the field of armaments, and exchange of information.

During the meeting, the Prime Minister praised France's support for the Iraqi forces, referring to the (strategic partnership agreement) that was signed during his visit to France last January, which represents a clear action map for the development of Iraqi-French relations in the fields of economy, security, energy, culture, education, and others.

Al-Sudani stressed, according to the statement, that the government is working to organize the relationship with the international coalition in Iraq, in a way that is commensurate with the post-war phase against the terrorist gangs of ISIS, as this phase is witnessing a significant growth in the capabilities of the Iraqi security forces in their various types of military.

Armament File Is Present

Al-Sudani spoke about the government's interest in the issue of training and arming, and the desire to cooperate with French companies in this regard, especially in the field of air force, defense system and military industrialization, stressing that cooperation with France is not limited to the security aspect only, but also extends to several fields, in light of the availability of real opportunities for an enhanced partnership of integration between the two countries.

For his part, the French Minister of Armies conveyed the greetings of French President Emmanuel Macron to the Prime Minister, and affirmed the French government's readiness to cooperate with Iraq in the field of training, armament and capacity development. He also indicated the seriousness of his country's government in providing everything Iraq needs and developing real partnerships with it.

On Wednesday (July 19, 2023), an official source in the Kurdistan region stated that the French Defense Minister, Sebastien Licorno, will arrive in Erbil today, coming from the capital, Baghdad, to meet with officials in the region.

The source said in an interview with "Baghdad Today": that Licorno will visit Erbil, coming from the capital, Baghdad, through its international airport, and will hold a series of expanded meetings with the head of the Kurdistan Democratic Party, Massoud Barzani, and the president of the region, Nechirvan Barzani.

According to the source, the French Minister of Defense will discuss strengthening and increasing coordination between the international coalition forces with the Iraqi forces and the Peshmerga forces.

Regional Security

The French Minister of Defense began a visit to Baghdad on Tuesday (July 18, 2023), with a meeting with his Iraqi counterpart to discuss the French arming of Iraq and confirm his country's position in helping it fight terrorism and drug smuggling.

Iraq is focusing on the "most powerful country in the European Union" and is planning a military and Iraqi Defense Minister Thabet al-Abbasi said after his meeting at his ministry's headquarters in Baghdad with his French counterpart, Sebastien Licorne, in a tweet on "Twitter": I received the French Minister of Armies, Sebastien Licorne, where we held bilateral talks on regional security and joint cooperation between the two countries.  LINK

MilitiaMan and Crew: Iraq Dinar - Implementation started - Big Dinar Money

Iraq Dinar - Implementation started - Big Dinar Money

MilitiaMan and Crew:  7-22-2023

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

14 Iraq Bank sanctions, value of the dinar against the dollar, and much more…….

Please listen to the entire video for all the news

https://www.youtube.com/watch?v=QDH6fj_oltc 

Iraqi News Highlights Saturday Evening 7-22-23

Iraqi News Highlights Saturday Evening 7-22-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Confirms The Safety And Accuracy Of External Transfer Operations On The Electronic Platform In 2023

Sameer Al-Nusairi  Against the backdrop of media news that some banks were denied dealing in US dollars due to their violation of international standards for foreign transfers in 2022. The Central Bank confirmed that the implementation of its instructions issued in 2023 for external transfers using the electronic platform will ensure the safety and accuracy of external transfers and achieve benefit for its dealers from dealing at the official fixed price, which is 1320 dinars.

The important thing is that dealing by entering the electronic platform will protect our banks and financial institutions from penalties later.

And that the US Federal Reserve and the US Treasury, while praising and supporting the central bank’s commitment to using the platform, had previously warned last year that it was conducting an audit of banks’ dealings with foreign transfers of the US dollar, and news came out at the time from US media sources confirming this, and indeed it turned out that the news was correct and the fourteen banks were actually included not to deal in their national currency, which is of wide international use.

Although the restricted banks from dealing constitute only 8% of their dealings, this will not affect the dealings of our other banks, and the manipulation of speculators in the black market in manipulating the exchange rate of the Iraqi dinar will not continue and will stop soon due to the central bank’s call to the government to the necessity of monitoring, auditing, and establishing a mechanism to link the imports entering Iraq and what proves the existence of a fundamental and sound external transfer corresponding to its value in order to prevent the use of the black market to obtain cash dollars, which is the only source in which manipulation of the exchange rate occurs after using the electronic platform because remittances Foreign affairs and the opening of documentary credits and cash dollars through them are at the official rate.

Therefore, I call on our banks, all exchange and money transfer companies, all financial institutions and related parties to encourage and motivate their customers, especially merchants and businessmen, to enter the electronic platform in order to ensure that they are not later deprived of dealing in US dollars because the recent sanctions of banks confirm the soundness of the Central Bank’s procedures to preserve the Iraqi banking system. In addition to the subjection of dealers to obtain dollars from the black market under Iraqi law   Views 52 07/22/2023   https://economy-news.net/content.php?id=35260 

Continuous Rise.. Learn About The Exchange Rate Of The Dollar Against The Dinar In The Iraqi Markets

Economy |  07/22/2023   Baghdad - Mawazine News  The exchange rate of the dollar continued, on Saturday, to rise in the Iraqi markets.

The selling price of 100 dollars was recorded for 152 thousand dinars.

The purchase price was recorded at 150,000 dinars, compared to 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=231811

Al-Sudani: The Development Path Project Will Transform Iraq Into A Country Open To The World

political |  07/22/2023  Baghdad - Mawazine News,   Prime Minister Muhammad Shia Al-Sudani affirmed today, Saturday, that the development path project will transform Iraq into a country open to the world.

The media office of the Prime Minister said in a statement, a copy of which was received by Mawazine News, that "Prime Minister Muhammad Shia' al-Sudani chaired a meeting that included a number of businessmen and investors from the Iraqi private sector."

The statement added, "The meeting discussed ways to remove obstacles that hinder the work of the private sector, and support it to contribute to the implementation of the government's plans for development and investment."

Al-Sudani referred to "the government's vision of supporting the private sector, which was embodied in a package of cabinet decisions and measures that serve this sector, stressing the government's adoption of the Iraq Fund for Development and major projects, as the development path, which represent important paths to reforming the economic situation, addressing the unilateral economy and creating the investment environment."

Al-Sudani stressed, according to the statement, that "the development path project will transform Iraq into a country open to the world, which is what made financial and economic institutions deal with the project, which does not stop at regional countries but rather links global countries and economies such as China and Europe, with its integrated projects, such as the port of Faw and the major industrial city, and the creation of large industries that cover the needs of Iraq and the region."

Al-Sudani said: "The government has launched major projects, such as manufacturing projects, petrochemicals, and fertilizers, and there are serious requests from local and regional companies to invest in gas, phosphate and sulfur, as well as integrated residential city projects, which include all economic activities.

Five cities have been announced, and we are in the process of preparing the second meal in order to prepare them for investment," stressing, "The private sector is a partner in the correct implementation of projects that address pressing service crises in all sectors."

Al-Sudani directed, according to the statement, "to hold specialized meetings between representatives of the private sector and officials in the state, to find a package of measures that contribute to facilitating the work of the private sector in Iraq." https://www.mawazin.net/Details.aspx?jimare=231849

Oil Prices Rose For The Fourth Consecutive Week

Saturday 22 July 2023 | EconomicalNumber of readings: 470  Baghdad / NINA / - Oil prices recorded an increase of more than a dollar per barrel, supported by fears of a shortage of supplies in the coming months, and the intensification of the conflict between Russia and Ukraine, which would lead to a continued decline in supplies.

Brent crude futures rose $1.24, or 1.6 percent, to $80.88 a barrel, while US West Texas Intermediate crude futures rose $1.28, or 1.7 percent, to $76.93 a barrel.

And the US Energy Information Administration said, last Wednesday, that crude oil stocks shrank amid a jump in crude exports and increased use of refineries, and economic data from China pressed on oil prices throughout the past week after the world’s second largest oil consumer announced disappointing growth in gross domestic product for the second quarter of this year, which increases the possibility of failure to achieve the government’s target for annual economic growth of 5 percent

https://ninanews.com/Website/News/Details?key=1066291

Signing An Agreement With Italy To Support The Iraqi Industrial Private Sector

Iraq   The technical advisor to the Prime Minister, Muhammad Sahib Al-Darraji, signed an important agreement with the CEO of the Italian Export Credit Agency "Saschi" Alessandra Ricci, which includes a business matching initiative with the Supreme Committee for Export Credit in the Republic of Iraq to support cooperation between the two countries.

Al-Darraji said, in a statement, that "the initiative aims to enhance cooperation in a variety of industrial sectors with a social impact, which include pharmaceutical industries, glass production, food, and construction industries."

He added, "After signing, Sachi hosted a business matching meeting for 25 companies operating in Iraq, the Iraqi government delegation, the Commercial Bank and more than 40 Italian companies working in the value chain included in the agreement - infrastructure, medicine, glass production, food and housing," stressing that "the initiative is a new step forward in cooperation between Italy and Iraq.

This initiative is considered the first in the history of Iraq in which the government guarantees the private sector as a sovereign guarantee in return for importing factories that employ Iraqi workers, in implementation of the 2023 budget law." ".  https://www.radionawa.com/all-detail.aspx?jimare=35154

Al-Sudani: The Private Sector Is A Partner In The Correct Implementation Of Projects That Address Service Crises

Iraq  Saturday, July 22, 2023 Baghdad / The National News Center, Prime Minister Muhammad Shayaa Al-Sudani affirmed today, Saturday, that the development path project will transform Iraq into a country open to the world.

A statement from his office, received by the National News Center, stated that "Prime Minister Muhammad Shia'a al-Sudani chaired today, Saturday, a meeting that included a number of businessmen and investors from the Iraqi private sector."

And the statement continued, "The meeting discussed ways to remove obstacles that hinder the work of the private sector, and support it so that it contributes to implementing the government's plans for development and investment."

Al-Sudani referred to "the government's vision of supporting the private sector, which was embodied in a package of cabinet decisions and measures that serve this sector," stressing, "The government's adoption of the Iraq Fund for Development and major projects, as a path to development, which represent important paths to reforming the economic situation, addressing the unilateral economy and creating the investment environment."

He stressed that “the development path project will transform Iraq into a country open to the world, which is what made financial and economic institutions deal with the project, which does not stop at regional countries but rather links global countries and economies such as China and Europe, with its integrated projects, such as the port of Faw and the major industrial city, and the creation of large industries that cover the needs of Iraq and the region.”

Al-Sudani said, “The government has launched major projects, such as manufacturing projects, petrochemicals, and fertilizers, and there are serious requests from local and regional companies to invest in gas, phosphate and sulfur, as well as integrated residential city projects, which include all economic activities.

Al-Sudani directed, “to hold specialized meetings between representatives of the private sector and officials in the state; To find a package of measures that contribute to facilitating the work of the private sector in Iraq.   https://nnciraq.com/217811/

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

https://www.bondladyscorner.com/

Goldilocks' Comments and Global Economic News for July 22, 2023

Goldilocks' Comments and Global Economic News for July 22, 2023

RJ:  Good afternoon Dinar Recaps,

Goldilocks posted comments and links on global economics:

The QFS has so many components to it. What supports it is far more than just one or two assets.

We already know they are about to apply Basel 3 requirements to our banks increasing the amount of gold they hold inside their Capital requirements. This extends the net worth a bank holds to fulfill loans, investments, and payments.

Going forward, "all assets" in the market and available opportunities inside banks are tokenized and supported by various forms of rare earth minerals, gold, silver, oil, and other forms of collateral.

These asset-based opportunities extend beyond the banking system. Their inflows and outflows of economic activity creates opportunities for the growth of money are being decentralized and monetized through Basel 3 requirements.

Our banks and markets are inseparable institutions creating a self-sustaining flow of money through economic movement of money.

On July 27th, Basel 3 compliance will be implemented. This will create shocks and adjustments in our markets and payment systems as they find equilibrium or move into a real value.

"The Federal Reserve will hold an open meeting July 27 to discuss the central bank's Basel III endgame capital proposal, which is slated to be released earlier that day."
© Bloomberg News

Before the end of the year, Protocol 20 will activate digital tokens backed by assets inside the QFS. The combination of these two forms of payments will create new standardized practices forming new protocols inside Quantum Technologies.

© Goldilocks

https://www.americanbanker.com/news/fed-to-hold-open-meeting-on-basel-iii-endgame-proposal

https://www.pwc.com/us/en/services/digital-assets.html

https://www.investopedia.com/ask/answers/09/gold-standard.asp

~~~~~~~~~~

"Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with Minister of Finance of Vietnam Ho Duc Phuc"

The US is deepening their relationship with Vietnam and creating a bilateral agreement to engage in more economic partnerships.

This is coming at a time when they have just recently been through an Article 4 consultation with the IMF ensuring they are Basel 3 compliant and capable of ensuring the fulfillment of both sides of a trade.  Look for this partnership to create more money flow between our

countries, and the demand on these new payment sources will increase the value of each other's currencies.

© Goldilocks

https://home.treasury.gov/news/press-releases/jy1640

~~~~~~~~~~

This is the gold price set up going into the Fed meeting next week | Kitco News

Kitco LINK

~~~~~~~~~~

Entire Housing Market, Buyers and Sellers, May Have Shrunk by 20% to 25% because of the 3% Mortgages | Wolf Street

WolfStreet  LINK

~~~~~~~~~~

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Thank you Dinar Recaps

Thank you Dinar Recaps

Zimbabwe, Indonisia and Vietnam News Posted by Harambe at TNT

TNT:

Harambe:  Reserve Bank Of Zimbabwe Owes Over $4bn For Goods And Services | Pindula (7/22/23)

The Reserve Bank of Zimbabwe owes more than $4 billion to banks and companies, including commodities giant Trafigura Group and South African Airways, for fuel, corn, and other goods and services.

Private credit has saved Zimbabwe’s economy from total collapse, according to John Mangudya, the central bank’s governor. He told Bloomberg:

The creditors were supplying Zimbabwe in good faith, supplying things like fuel in advance, which was consumed by Zimbabweans. It’s only right that the country repays.

Trafigura is Zimbabwe’s second-largest private creditor, owed $66 million, behind Holbud, which is owed $85 million. SAA is owed $61 million for airline services. Mangudya expects the recent appreciation of the Zimbabwean dollar against the greenback to continue, which should alleviate pricing pressures.

John Mangudya expects the recent appreciation of the Zimbabwean dollar against the US dollar to continue, which he believes will alleviate pricing pressures. He also expects to see negative month-on-month inflation in July.

The central bank’s quasi-fiscal activities have been criticised by the International Monetary Fund, which has urged authorities to end them. Zimbabwe cannot access credit from international financial institutions as it is already $17 billion in arrears. Zimbabwe’s Treasury plans to seek lawmaker approval to assume the central bank’s external obligations.

Former Finance Minister Tendai Biti is also on record criticising the central government for off-budget spending such as subsidies, loan guarantees, and tax exemptions, as well as the accumulation of off-budget debts or other financial obligations and sidelining of Parliament in key economic policy decisions.

 Biti argues that laws affecting the economy have mostly been made through Statutory Instruments and the Presidential Powers (Temporary Measures) Act, bypassing the role of Parliament. He argues that Parliament should take back its powers to act on policies that affect the economy to prevent negative consequences for millions of people, particularly pensioners. 

https://www.pindula.co.zw/2023/07/22/reserve-bank-of-zimbabwe-owes-over-4bn-for-goods-and-services/

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Harambe:  Indonesia launches a national exchange and clearing house as it steps up crypto regulation (7/21/23)

Indonesia has jumped on the crypto regulation bandwagon. As interest in crypto keeps growing worldwide, governments are trying to figure out how to handle these digital assets well. In this way, Indonesia has made a big step forward by opening its national crypto market and clearing house. 

By making a platform for trading cryptos that is safe and regulated, Indonesia hopes to boost investor trust, attract foreign investments, and stop illegal activities that are linked to cryptos. 

Indonesia’s crypto regulation launch

According to a statement released Thursday by the nation’s commodities regulator, Indonesia’s stock market and clearing house for digital assets are now functioning after numerous delays.

In the past few years, Indonesia has become one of the crypto markets with the fastest growth. Many people in the country know a lot about technology, and many people who don’t have bank accounts but want other financial services have helped coins spread quickly. 

However,  the crypto business couldn’t grow well because there weren’t any clear rules, and there was a chance of scams.

Indonesia has a unique connection to crypto. Investment in these digital assets is permissible, but their usage as a method of exchange is not.

Throughout the outbreak in Indonesia, crypto coins became increasingly popular as investments. Additionally, as of June, more than 17.54 million people in the nation had invested in digital assets. This number far exceeded the total number of investors registered with the local stock exchange.

However, recent developments in the world economy, including the increase in interest rates, have tempered public interest in cryptos. Crypto transactions in Indonesia between January and June were 66.44 trillion rupiah ($4.42 billion), down 68.7% from last year.

Previously, it was reported that Bappebti would restrict the sale of cryptos to local transactions while maintaining them in line with global market developments. There will be a one-month window for licensed merchants to join the exchange.

According to Bappebti, the top five most traded cryptos were Tether, Bitcoin, Ethereum, Ripple, and Binance Coin.

As of at least December 2021, development on the project had begun. In September 2022, Pang Hue Kai, CEO of one of Indonesia’s 25 licensed crypto exchanges, Tokokrypto (partially controlled by Binance), hailed the endeavor as “a catalyst for the Indonesian crypto ecosystem.”

Because of the time it takes to evaluate prospective exchange members, the original launch date of December 2022 has been pushed back to June 2023. Trade Minister Zulkifli Hasan announced at the time, welcoming all operational crypto exchanges with national registration.

Crypto asset exchange: Investor and regulator sanctuary?

Indonesia’s recently formed crypto asset exchange will be a platform for authorized crypto businesses, such as Binance’s Tokocrypto and Indodax. This step effectively unifies all domestic crypto trading, giving regulators a single point of access to track and keep track of transaction data.

Each executive is liable for a portion of the national exchange and clearing house’s launch. PT Bursa Komoditi Nusantara will manage the exchange, while PT Kliring Berjangka Indonesia will resolve transactions.

The director of Bappebti, PT Tennet Depository Indonesia, has been appointed as the manager of crypto asset storage, according to a statement by Didid Noordiantmoko.

A new law enacted earlier this year facilitates this transition in the country’s crypto regulatory environment. The bill stipulates a two-year transition period for transmitting crypto regulation, supervision, and oversight from Bappebti to the Financial Services Authorities.

The crypto market’s development in Indonesia will benefit greatly from creating a centralized exchange and clearing house for digital assets. The government’s goal to provide more transparency and safety to the financial industry is evidenced by its dedication to strengthening investor protection and regulatory monitoring.

As global interest in crypto investments continues to grow, other nations will likely adopt Indonesia’s regulatory strategy as a model for their own.

In the meantime, the global crypto market has experienced a decline of nearly 1% over the past day. At the time of writing, the total value of the cryptocurrency market is $1,162 trillion.

https://www.cryptopolitan.com/indonesias-national-exchange-clearing-house/

Harambe:  Vietnam, US talk climate finance solutions  | Vietnam+ (7/22/23)

Vietnamese and US officials discussed economic outlook and climate financeat a meeting held by the State Bank of Vietnam(SBV) and the Foreign Trade University (FTU) in Hanoi on July 21.

The event was part of an official visit to Vietnam by US Secretary of the Treasury Janet Yellen.

Speakers at the meeting pointed out that the world economy is still facing numerous difficulties in the post-COVID-19 pandemic period, including high and persistent inflation, the trend of tightening monetary policies, disrupted supply chains, growth slowdown, and recession risks. Besides, countries also have had to cope with challenges posed by climate change.

These problems have been negatively affecting enterprises' production and business activities as well as people’s life quality, they said.

SBV Governor Nguyen Thi Hong said the central bank of Vietnam is always steadfast in the target of controlling inflation, stabilising the macro-economy, and ensuring safety for the banking system. To that end, it has kept a close watch on the situation, proactively used measures and tools at appropriate levels and points of time, identified the focus of each period to take suitable actions, and closely coordinated the monetary policy with the fiscal and other macro-economic policies.

Meanwhile, Yellen said the US is pursuing policy priorities that aims to strengthen the resilience of supply chains and promote strong and comprehensive growth, and that it is ready to cooperate with Vietnam to overcome challenges and develop their economies.

Talking about climate change response measures, Vietnamese Minister of Natural Resources and Environment Dang Quoc Khanh described climate change as an irreversible trend and the most serious challenge to humanity at present. Climate change response therefore is becoming one of the priorities of all development decisions in the world.

As one of the countries hit hardest by climate change, Vietnam has played an active and responsible role in reducing greenhouse gas emissions and adapting to this global phenomenon. It has also taken steps to adopt a green development model. The country made a commitment to achieving net zero emissions by 2050 at the 26th UN Climate Change Conference (COP26) and recently approved a political declaration on the establishment of the Just Energy Transition Partnership (JETP) with G7 and non-G7 partners, he went on.

Yellen held that to minimise adverse impacts of climate change, countries will need a lot of time and resources, adding the US attaches importance to the role of multilateral development banks (MDBs) and the private sector in mobilising finance for climate change response projects and programmes.

Meanwhile, Hong noted as an important source of finance for the economy, the banking sector of Vietnam is always aware of its role in providing funding for the realisation of the Sustainable Development Goals.

She shared Yellen’s view that countries can diversify capital sources for “green” projects through MDBs like the World Bank (WB) and the Asian Development Bank (ADB) to use long-term loans with reasonable costs to resolve climate change challenges.

The meeting, which attracted over 300 participants including many female officials and FTU students, affirmed women’s role and attention as well as young people’s awareness and determination to join hands to cope with such global challenges as climate change to achieve a greener society and a sustainable and prosperous future for all.

https://en.vietnamplus.vn/vietnam-us-talk-climate-finance-solutions/260821.vnp

"Tidbits From TNT" Saturday 7-22-2023

TNT:

CandyKisses:  ICT Minister: We are Working to Complete the Procedures for Iraq's Accession to the Digital Cooperation Organization

Economy News _ Baghdad

Minister of Communications Hiam Al-Yasiri confirmed on Friday work to complete the procedures for Iraq's accession to the Digital Cooperation Organization.

According to a statement by the Ministry of Communications received by Al-Eqtesad News, "Al-Yasiri met via video conference with the Secretary-General of the Digital Cooperation Organization, Dima Al-Yahya, and discussed with her the completion of the procedures related to Iraq's accession to the Digital Cooperation Organization and the services that the organization can provide to Iraq in the field of digitization."

Al-Yasiri stressed that "Iraq seeks to be an active member of the organization, which is one of the specialized organizations concerned with advancing the reality of communications and informatics and transferring advanced expertise to the countries organizing it, which contributes to strengthening digital cooperation between these countries."

For her part, the Secretary-General of the Digital Cooperation Organization expressed her "great welcome to Iraq's desire to join the organization," stressing that "the organization will support Iraq in its efforts for digital transformation, e-governance, investments in the digital field, and benefiting from international expertise and experiences in this field

Tishwash:  With the exacerbation of the dollar crisis.. Parliament hosts the central governor

The House of Representatives intends to host the Governor of the Central Bank, Ali Al-Alaq, and the Minister of Finance, Taif Sami, during the current week, to find out the reasons for the lack of control over the parallel exchange rate.

The parallel price means the exchange rate of the dollar in the market and exchange offices, and not the official rate set at 1132 dinars per dollar, according to the decision of the Board of Directors of the Central Bank of Iraq, which was approved by the Council of Ministers.

The exchange rates of the US dollar against the Iraqi dinar rose in Baghdad markets, after Washington imposed sanctions on 14 Iraqi banks, to reach 152 thousand dinars per hundred dollars yesterday, Friday.

Member of the Finance Committee, Representative Mueen Al-Kadhimi, said in a press statement: "The government tried to control the exchange rate, by reducing the dollar from 145 to 130, and was able to provide remittances to countries to which remittances can be sent."

Al-Kadhimi added, "However, there are other countries from which Iraqi merchants import, and US sanctions prevent sending these remittances, forcing these merchants to obtain dollars from the parallel market."

He explains, "Which leads to the dollar's price remaining high in this market, and the recent measures of the US Federal Reserve not to deal with a number of private banks had an impact on the rise in the dollar's price."

Regarding the procedures of the Finance Committee in this regard, Al-Kazemi confirms, "There will be a hosting of the Governor of the Central Bank and the Minister of Finance this week, to find out the real reasons for the inability to control the parallel price."

For his part, the specialist in economic affairs, Dr. Ahmed Al-Rawi, told Al-Sabah that “the approval of the current budget with large allocations for spending will lead to an increase in demand for the dollar, and despite the central bank’s measures to mitigate the official price difference from the parallel, all these measures only affect a few percentages in this difference. ink

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Tishwash:  US sanctions confuse Iraq's finances, suggesting a "scarcity" of the dollar and a new crisis

The decision of the US Treasury Department to impose new sanctions on 14 Iraqi banks, months after imposing similar sanctions on 4 important banks due to financial dealings with Iran and others related to money laundering operations, caused a rapid reaction inside Iraq, as it led to a decline in the value of the dinar against the dollar, along with the influx of depositors to the punished banks to withdraw their money deposited in dollars.

And the Iraqi dinar on the Baghdad and Erbil stock exchanges recorded a sharp decline by 1520 dinars per dollar, after it was between 1450 and 1460 dinars on Wednesday. The Wall Street Journal, on Wednesday, quoted US officials as saying that the United States had prevented 14 Iraqi banks from conducting transactions in dollars.

The newspaper's report stated that the ban, imposed by the Treasury Department and the Federal Reserve Bank, is part of "a comprehensive campaign against the transfer of US currency to Iran."

The newspaper added that the United States revealed information that Iraqi banks were involved in money laundering and fraudulent transactions, some of which may have involved sanctioned individuals, and raised concerns that Iran might benefit from these transactions.

Local penalties

An official source in the Central Bank of Iraq said, “The bank’s management has officially received the imposition of US sanctions on a number of banks, which included each of the Islamic Advisor Bank for Investment and Finance, Al-Qartas Islamic Bank for Investment and Finance, Taif Iraq Company, Elaf Bank, Erbil Bank for Investment and Finance, International Islamic Bank, Trans-Iraq Bank, Mosul Bank for Development and Investment, Al-Rajih Bank, Sumer Commercial Bank, Trust International Islamic Bank, Ur Islamic Bank, Islamic World Bank for Investment and Finance, Zain Iraq Islamic Bank for Investment and Finance.

And the source continued: "The central bank administration worked to stop all transactions in dollars with those banks and prevent them from entering the currency auction on Thursday."

And the source, who asked not to be named, indicated that the penalties are local, pointing out that the latter "will not stop all of these banks' work, but will only prevent them from dealing in dollars, while other banking operations will not be affected by the imposed penalties, especially since those banks have bank accounts for citizens worth billions of dinars, and those banks also have many employees' salaries that are localized in them, so these businesses will continue normally."

He added, "Imposing US sanctions on 14 Iraqi banks will have a significant impact on the Iraqi economic and financial situation, and these sanctions will have repercussions on raising the exchange rate of the dollar in the local market. Preventing these banks from dealing in dollars will cause a new scarcity in the US currency, and there will be a new resort to buying the dollar and withdrawing it from the market, which raises its value."

The official source in the Central Bank of Iraq concluded, "According to information received from the US Treasury, there is another group of Iraqi banks that may be subject to sanctions during the coming period, due to monitoring their illegal activities in sending currency to Iran, especially since money transfers in dollars are all closely monitored by the US Treasury and the US Federal Bank."

Gradual rise 

For his part, a member of the Finance Committee in the Iraqi parliament, Mustafa Al-Karawi, said, "Great economic repercussions will be witnessed by the Iraqi financial market, due to the imposition of sanctions by the United States on a number of banks, including the rise in the exchange rate of the dollar, which witnessed a rapid rise a few hours after the imposition of those sanctions."

Al-Karawi warned that "the rise in the exchange rate of the dollar will not stop and there will be a gradual rise every day, and this matter requires a real government stance and measures to address this matter, which could turn into a cash crisis like the one that occurred during the past months with the beginning of the formation of the new government, and this matter requires Iraqi diplomatic movement towards the US Treasury and the US Federal Reserve."

He added, "The Finance Committee in the Iraqi parliament will work to host the responsible figures and authorities in the Central Bank, to discuss the repercussions of imposing sanctions on a number of private Iraqi banks, and to find out what the bank's procedures are to address the significant increase in the exchange rate in the local market."

On the other hand, Mustafa Akram Hantoush, an expert in financial and economic affairs, told Al-Araby Al-Jadeed that “the imposition of US sanctions will restore the crisis of a significant increase in the exchange rate of the dollar in the local market. It will also have an impact on the reputation of the Iraqi banking sector in front of the international community. These sanctions confirm the involvement of these banks in acts that violate international laws.”

And Hantoush indicated that "the imposition of US sanctions on some banks confirms the lack of Iraqi control by the Central Bank on the work of the sector, in contrast to the US control over the work of banks, which indicates the difficulty of removing any dollar from Iraq towards the US-sanctioned countries, led by Iran."

Not the last

Hanoush stressed that "US sanctions against Iraqi banks are not the first, and most likely will not be the last, and this matter requires an Iraqi government position to stop the sanctions on the remaining local banks, and monitor the work of banks regarding preventing dealing in dollars with Iran, Syria, Lebanon and Russia."

In turn, an official at Elaf Bank, one of the banks included in the US sanctions list, said that the bank had received a notice banning its dealings in dollars, stressing in a phone call that "the banks will continue to operate in the local currency," refusing to comment on the US decision regarding the involvement of the sanctioned banks in "suspicious" financial transactions.

And the Iraqi financial expert, Ahmed Al-Janabi, considered that the private banks had failed to implement the Central Bank's instructions, and had become a burden on the Iraqi economy. Pointing out that there are several reasons for the failure of these banks, most notably their reliance on quick profits in the currency auction, without significant financial risks, their inability to attract and develop deposits, and the failure to achieve investment goals due to the failure of private banks to attract real capital and employ them in the economic fields.

Despite the Iraqi government's approval of a package of financial measures, the most prominent of which was fixing the exchange rate of the Iraqi dinar at 1,320 dinars against one dollar, despite the fact that several months have passed since this decision, the difference is still large between the official exchange rate approved by the Central Bank of Iraq and the parallel market.   link

Mot:  .. and How Bout YOU!!!???? 

Mot:  ... I Had to LOL on This un!!! 

Saturday Morning Iraq Economic News Highlights 7-22-23

Saturday Morning Iraq Economic News Highlights 7-22-23

US Sanctions Confuse Iraq's Finances, Suggesting A "Scarcity" Of The Dollar And A New Crisis

Economy  | Baghdad today - follow-up  The decision of the US Treasury Department to impose new sanctions on 14 Iraqi banks, months after imposing similar sanctions on 4 important banks due to financial dealings with Iran and others related to money laundering operations, caused a rapid reaction inside Iraq, as it led to a decline in the value of the dinar against the dollar, in addition to the influx of depositors to the punished banks to withdraw their money deposited in dollars.

And the Iraqi dinar on the Baghdad and Erbil stock exchanges recorded a sharp decline by 1520 dinars per dollar, after it was between 1450 and 1460 dinars on Wednesday. The Wall Street Journal, on Wednesday, quoted US officials as saying that the United States had prevented 14 Iraqi banks from conducting transactions in dollars.

The newspaper's report stated that the ban, imposed by the Treasury Department and the Federal Reserve Bank, is part of "a comprehensive campaign against the transfer of US currency to Iran."

The newspaper added that the United States revealed information that Iraqi banks were involved in money laundering and fraudulent transactions, some of which may have involved sanctioned individuals, and raised concerns that Iran might benefit from these transactions.

Local Penalties

An official source in the Central Bank of Iraq said, “The bank’s management has officially received the imposition of US sanctions on a number of banks, which included each of the Islamic Advisor Bank for Investment and Finance, Al-Qartas Islamic Bank for Investment and Finance, Taif Iraq Company, Elaf Bank, Erbil Bank for Investment and Finance, International Islamic Bank, Trans-Iraq Bank, Mosul Bank for Development and Investment, Al-Rajih Bank, Sumer Commercial Bank, Trust International Islamic Bank, Ur Islamic Bank, Islamic World Bank for Investment and Finance, Zain Iraq Islamic Bank for Investment and Finance.

The source continued: "The central bank administration worked to stop all transactions in dollars with those banks and prevent them from entering the currency auction on Thursday."

And the source, who asked not to be named, indicated that the penalties are local, pointing out that the latter "will not stop all of these banks' work, but will only prevent them from dealing in dollars, while other banking operations will not be affected by the imposed penalties, especially since those banks have bank accounts for citizens worth billions of dinars, and those banks also have many employees' salaries that are localized in them, so this business will continue normally."

He added, "The imposition of US sanctions on 14 Iraqi banks will have a significant impact on the Iraqi economic and financial situation, and these sanctions will have repercussions on raising the exchange rate of the dollar in the local market. Preventing these banks from dealing in dollars will cause a new scarcity in the US currency, and there will be a new resort to buying the dollar and withdrawing it from the market, which raises its value."

The official source in the Central Bank of Iraq concluded, "According to information received from the US Treasury, there is another group of Iraqi banks that may be subject to sanctions during the coming period, due to the monitoring of their illegal activities in sending currency to Iran, especially since money transfers in dollars are all closely monitored by the US Treasury and the US Federal Bank."

Gradual Rise

For his part, a member of the Finance Committee in the Iraqi parliament, Mustafa Al-Karawi, said, "Great economic repercussions will be witnessed by the Iraqi financial market, due to the imposition of sanctions by the United States on a number of banks, including the rise in the exchange rate of the dollar, which witnessed a rapid rise a few hours after the imposition of those sanctions."

Al-Karawi warned that "the rise in the exchange rate of the dollar will not stop and there will be a gradual rise every day, and this matter requires a real government stance and measures to address this matter, which could turn into a cash crisis like the one that occurred during the past months with the beginning of the formation of the new government, and this matter requires Iraqi diplomatic movement towards the US Treasury and the US Federal Reserve."

He added, "The Finance Committee in the Iraqi parliament will work to host the responsible figures and authorities in the Central Bank, to discuss the repercussions of imposing sanctions on a number of private Iraqi banks, and to find out what the bank's procedures are to address the significant increase in the exchange rate in the local market."

On the other hand, Mustafa Akram Hantoush, an expert in financial and economic affairs, told Al-Araby Al-Jadeed that “the imposition of US sanctions will restore the crisis of a significant increase in the exchange rate of the dollar in the local market. It will also have an impact on the reputation of the Iraqi banking sector in front of the international community. These sanctions confirm the involvement of these banks in acts that violate international laws.”

And Hantoush indicated that "the imposition of US sanctions on some banks confirms the lack of Iraqi control by the Central Bank on the work of the sector, in contrast to the US control over the work of banks, which indicates the difficulty of removing any dollar from Iraq towards the US-sanctioned countries, led by Iran."

Not The Last

Hanoush stressed that "US sanctions against Iraqi banks are not the first, and most likely they will not be the last, and this matter requires an Iraqi government position to stop the sanctions on the remaining local banks, and monitor the work of banks regarding preventing dealing in dollars with Iran, Syria, Lebanon and Russia."

In turn, an official at Elaf Bank, one of the banks included in the US sanctions list, said that the bank had received a notice banning its dealings in dollars, stressing in a phone call that "the banks will continue to operate in the local currency," refusing to comment on the US decision regarding the involvement of the sanctioned banks in "suspicious" financial transactions.

And the Iraqi financial expert, Ahmed Al-Janabi, considered that the private banks had failed to implement the Central Bank's instructions, and had become a burden on the Iraqi economy. Pointing out that there are several reasons for the failure of these banks, most notably their reliance on quick profits in the currency auction, without significant financial risks, their inability to attract and develop deposits, and the failure to achieve investment goals due to the failure of private banks to attract real capital and employ them in the economic fields.

Despite the Iraqi government's approval of a package of financial measures, the most prominent of which was fixing the exchange rate of the Iraqi dinar at 1,320 dinars against one dollar, despite the fact that several months have passed since this decision, the difference is still large between the official exchange rate approved by the Central Bank of Iraq and the parallel market.

 Source: "The New Arab"   LINK

Once Again... Exchange Rates Exceed The Threshold Of 150,000 For Every Hundred Dollars

2023-07-22 | 3,009 views  Alsumaria News - Economy

Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets, for today, Saturday, July 22, 2023.

According to the "Iraq Stock Exchange website", the exchange rates were as follows:

Offered: 152,000 Wanted: 150,000 South

Offered: 152,000 Wanted: 150,000 North

Baghdad   Shown: 152,000   Wanted: 150,000 

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

Al-Tamimi: The Oil And Gas Law Needs To Include The Decisions Of The Federal Court

Legal expert Ali Al-Tamimi stressed the importance of not violating the decisions of the Federal Court when moving towards approving the oil and gas law, especially since its decisions are final and binding.

Al-Tamimi said in a press interview seen by “Takadum” that “the draft oil and gas law consists of 53 articles, as it required the establishment of the Federal Oil Council, which is chaired by the Prime Minister, and the membership of the Minister of Oil and Finance, the Governor of the Central Bank, a representative of the producing provinces and regions, and experts in oil.

Representing the components of the Iraqi people, setting petroleum policies, issuing instructions for implementing contracts, approving exploration, development and production, approving contracts and other terms of reference stipulated in the project.

He added, "The signing of the contracts is by the Federal Ministry of Oil, provided that it is approved by the Federal Oil Council within 3 months, and it is referred to the Council, otherwise it is considered null and void. The first is that it be service contracts only, not participation.

And he indicated that “the law needs to be imposed on contracting companies to employ Iraqis exclusively, as self-producing countries do, and this is important, in addition to the issue of previous contracts to legislate the law, so it must be stipulated, and the problem with contracting companies other than the constitution and decisions of the Federal Court should be resolved according to the principle of joint management of the two parties, i.e.

The federal government and the region, with the exclusive right to dispose of the federal government in accordance with Article 135 of the Civil Code, which states (whoever disposes of the property of others, his disposition is dependent on the permission of the owner).

He pointed out that “the law needs to explicitly stipulate the penalties that affect the parties that conclude contracts in violation of this law, as well as specifying the oversight bodies that have the right to view these contracts, in addition to its need to stipulate the rest of the oil products, not just oil and gas.”

Al-Tamimi stressed, “The need for the draft law to include the decisions of the Federal Court, especially since these decisions are final and binding on all authorities, according to Article 94 of the Constitution.”

https://takadum-news.com/archives/174698#hathalyoum 

Parliamentary Energy Expects To Resolve The Oil And Gas Law After The Decision Of The International Court In Paris

July 21, 2023  Baghdad / Obelisk Al-Hadath: A member of the Parliamentary Energy Committee expected to “resolve” the draft oil and gas law that has been stalled for years in the House of Representatives due to political differences over it.

Kazem Toki said in a statement, "The legislation of the oil and gas law will be decided because, after the decision of the International Court in Paris, the Kurdish side will leave the political conditions that it clung to and delayed approving the oil and gas law."

He added, "There are also moves by the Oil and Gas Committee and the Prime Minister to complete this issue."

The Kurdistan Regional Government announced Thursday that it had delivered the region's production of crude oil to the federal government since last month.

Omid Sabah, the head of the office of the regional council of ministers, who heads the Kurdish delegation, said in a press conference held in Baghdad, that: “The Kurdistan Regional Government has shown its commitment since the date of last June 25 until today, as the federal government receives 50 to 60 thousand barrels of crude oil per day. Today, the Ministry of Oil confirmed this in the final minutes.

https://almasalah.com/archives/59701

Amber May Disappear.. Drought Is Hardening The Agricultural Plan In Iraq

2023-07-22 | 05:21  Alsumaria News – Local  A landmark of Iraq, the Iraqi amber rice, will leave the provinces that were famous for its cultivation, namely Najaf, Diwaniyah and Muthanna, after drought and water scarcity forced a change in the country's agricultural plan.

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An agricultural life with pale features, a green spirit that migrated, agricultural symbols in grains that their owners weep dry, and a season that will leave the land of Mesopotamia, chasing away with it the hopes and livelihoods of entire families and farmers who used to grow amber rice with areas of about three hundred to four hundred thousand dunums each year, will be idle and outside the agricultural plan for the current season, which threatens the loss of at least 300 thousand tons of the amber rice crop, which is known for its high quality. and its distinctive scent.

President of the local union of cooperative agricultural associations  in Double Awad Atshan Al-Ajibi, explained that "the announced agricultural plan seems fragile and the future of some types of crops, such as rice, for example, has become frustrating for farmers who live on this crop."

He added, "Ministry of Water Resources  She became helpless and idly in front of the dryness of the rivers in which he lives Iraq And agricultural lands will lose their yields, and rice cultivation will be limited to seeds, which means that some governorates will be affected, especially Euphrates Middle kNajaf And Diwaniyah And Double According to the official newspaper.

For his part, the farmer drew Hussein  Abbas Al-Absawy  He pointed out that "the effects of water scarcity will not be limited to the rice crop only, but will extend to many other crops, such as vegetables, fruits, and horticulture of all kinds, and fish lakes will also be affected."

He stressed the importance of finding quick solutions, such as expanding the uses of groundwater or artificial seeding and the use of modern irrigation methods to reduce waste and the like.

The three governorates have become victims of an agricultural plan that does not allow cultivation, but will take care of drinking water first through its reliance on groundwater, he says.  

Khaled North  Spokesperson for  Ministry of Water Resources  "All the current indicators do not allow the implementation of a summer agricultural plan as we used to implement it in previous periods,"

 he added, "will depend on the priorities of raw water processing, the first priority is the priority of drinking water, and the second priority is the provision of water for domestic, health, environmental and industrial uses, while the third priority will be in the agricultural sector and the preservation of orchards and fruitful areas and some simple fruits and vegetables as well as preserving some types of seeds and crop varieties," according to the newspaper.

Negotiations and official and technical discussions are continuing with neighborsTurkeyandIran, but there are no positive signs or features of agreements between the three countries, while the Ministry of Water Resources is calling for a strong government position, devoid of courtesies, in order to seek to save the two great rivers that belong to all humanity, according to the specialists.

The rice cultivation season in Iraq requires flooded water in large quantities, amounting to about 12 billion cubic meters annually, while drought and evaporation made the country's strategic storage of water decline by about 7 billion cubic meters compared to the previous summer season. Therefore, rice cultivation was excluded except for very small areas (from 350,000 acres to less than 10,000 acres only) in order to preserve the seeds of this crop, which would cost farmers and farmers tens of millions of dollars, according to experts.   LINK

Political Warnings From The Legislation Of The Oil And Gas Law Before Resolving The File With The Kurds

Political analyst Hazem Al-Bawi warned, today, Friday, against going towards legislation of the oil and gas law before resolving the file with the Kurds in terms of the violations that occurred and the control of some oil fields by the region.

Al-Bawi said in a press interview seen by “Takadum” that “the Iraqi people know very well that Kurdish parties are the ones that obstructed the course of approving this important law, which has been stalled since many parliamentary sessions, for well-known reasons.”

He added, "The adoption of this law will strike more concessions that the Kurdish authorities unjustly take from the oil file," noting that "most of these concessions relate to the administrative side of the fields, especially those that lie outside the borders of the region in the provinces neighboring Kurdistan, which were seized by the region's authorities inadvertently."

And he stressed that "approving this law in a scientific and sober legal manner will be the factor in fairness to the oil-producing provinces that suffer from poverty and deprivation in the center and south."    https://takadum-news.com/archives/174883