Goldilocks' Comments and Global Economic News for July 25, 2023

Goldilocks' Comments and Global Economic News for July 25, 2023

Good afternoon Dinar Recaps,

Goldilocks posted comments and links on the global financial system:

Based on the decision of the Board of Directors of this bank No. (121) for the year 2023, approval was obtained to renew the license granted to the National Gate Company for Electronic Payment and Financial Services Ltd. based on the provisions of Article (7/Second) of the Electronic Payment Services for Funds Regulation No. (3) for the year 2014, provided that its provisions, instructions and controls issued by this bank are adhered to.

https://cbi.iq/news/view/2391

"Changera will now allow both cash-in services in Canada, Senegal, Uganda and Kenya and cash-out services using Circle’s stablecoin, USDC, via the Stellar blockchain network, at participating MoneyGram locations across 180+ countries."

Changera is expanding. It is a network that is interfacing with MoneyGram giving people the ability to exchange currencies Globally inside the Stellar Network.

The Stellar Network is simply incorporating all forms of payment services we never thought was possible.

© Goldilocks

https://technext24.com/2023/07/24/changera-moneygram-exchange-globally/

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Currently, the QFS is engaged in tokenizing every single asset on the market and inside the banking system. These assets are for public and private use.

You are very familiar with these assets as they are from the Traditional Market. ‘

Each token is given a real value based on a commodity asset that backs it.

"Stellar Lumens is leading the charge towards this potential $16 trillion market." You will begin to hear that name more and more as we get closer to this activation of the new monetary system.

This asset tokenization is well on its way. Public awareness and regulatory guidance are key in the acceptance of these final stages.

© Goldilocks

https://www.ethnews.com/in-stellar-lumens-we-trust-tokenizing-assets-into-a-16-trillion-future/

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"Yuan exceeds dollar in China's bilateral trade for first time" - Nikkei Asia

What makes this important is that the Chinese Yuan is backed by gold. Russia is helping to change this trend with their bilateral trades with China.

Much of the Middle East and Eastern half of our world are also engaged in settling their trades with the Chinese Yuan.

This is why we are witnessing the changing role of the dollar and the introduction of H.R.556 - 21st Century Dollar Act.

© Goldilocks

https://www.congress.gov/bill/118th-congress/house-bill/556?q=%7B%22search%22%3A%5B%22the+21st+Century+Act%22%5D%7D&s=1&r=6

https://asia.nikkei.com/Business/Markets/Currencies/Yuan-exceeds-dollar-in-China-s-bilateral-trade-for-first-time

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"In a recent development, Patrick McHenry, the Chairman of the US House Financial Services Committee (FSC), made an announcement regarding the markup of several legislations aimed at providing regulatory clarity for the digital asset ecosystem.

The DoJ will merge two existing teams, the Computer Crime and Intellectual Property Section (CCIPS) and the National Cryptocurrency Enforcement Team (NCET), into a single, larger structure with additional resources."

https://www.cryptopolitan.com/us-to-unleash-crypto-clarity-revolution/

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"The Universal Postal Union will evaluate UPI for integrating the unified payment interface with cross-border remittances using global postal network, an official release said."

The Unified Payments Interface is expanding into the Global Postal Network.

Their ability to utilize Cross-Border International Payments at the push of a button creates more speed and efficiency in the movement of mail around the world.

This is one of many Quantum Technologies that will be activated in Protocol 20. We literally have thousands of technicians working on various networks to combine themselves into a huge Quantum Technological Database.

We are literally turning into an asset-based economy run through digital technological advances unlike anything we have ever seen in our history.

© Goldilocks

https://indianexpress.com/article/business/banking-and-finance/universal-postal-union-evaluate-upi-platform-cross-border-remittances-8847603/

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BREAKING NEWS

CHINA'S MAJOR STATE-OWNED BANKS ARE SELLING U.S. DOLLARS TO BUY YUAN IN BOTH ONSHORE AND OFFSHORE SPOT MARKETS

Here we go?

Read: https://twitter.com/goldtelegraph_/status/1683797548861988864?s=46

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"The NGO for the Stellar (XLM) network, the Stellar Development Foundation (SDF), launched its new funding initiative. It encourages Stellar developers to work on the Soroban smart contract platform."

The Soroban Network is encouraging financial services to develop their products on the Stellar Network through a smart contract ecosystem.

Smart contracts ensure funds are available on both sides of a trade and executed through artificial intelligence transactions.

Tokenized assets are continuing to be built on the QFS, and their full integration is still in the making.

© Goldilocks

https://www.cryptopolitan.com/stellar-xlm-and-binance-bnb-investors-pump-money-to-tradecurve-presale-we-find-out-why/

https://www.investopedia.com/terms/s/smart-contracts.asp#:~:text=Smart%20contracts%20are%20scripts%20that,when%20specified%20conditions%20are%20met.

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Thank you Dinar Recaps

"Tidbits From TNT" Tuesday 7-25-2023

TNT:

Tishwash:  Expert: The exchange rate of the dollar depends on a political decision, not an economic one

 Strategist Mahmoud Dagher emphasized the difficulty of monetary policy keeping pace with the criteria of political opinions without disturbing the dinar's relationship with the dollar.

Dagher indicated in his tweet that reviewing the figures for dollar sales on the one hand, and comparing them with the level of domestic demand for remittances and cash, shows the existence of a gap that indicates that demand exceeds supply.

He added, when analyzing what is offered through the platform, it is sufficient for remittances and credits. As for the money supply, it does not cover the official demand for travel, whether for study, or exchanges between speculative local merchants, which are all legitimate, noting that there is an informal demand related to covering large border trade that may annually reach $10 billion.

And Dagher expressed his perception that the decision, according to these data, is possible to cover remittances and regular credits that are in conformity with the platform and rules that make Iraq sound, and it is also possible to cover the official cash demand only to keep Iraq sound.

He continued by saying that it is not possible to cover the unofficial cash demand that violates the rules due to its large size and its violation of the rules, explaining that the result of this will be a decrease in the value of the dinar by the amount of not covering the informal cash demand, that is, in the language of the market, the rise of the dollar.

He pointed out that here monetary policy decisions differ with political opinions, the first is consistent with the previous analysis, while the second (political opinions) seeks to cover all official and unofficial monetary demand and at the same time keeps the value of the dinar to the dollar stable so as not to lose its audience on the one hand and its allies on the other hand.

And he stressed that logic says, “It is difficult to keep pace with monetary policy with the criteria of political opinions without disturbing the relationship of the dinar with the dollar,” noting that the matter remains subject to the political decision, not the economic one. link

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

CandyKisses:  Central Bank takes action to get out of dollar crisis

Baghdad - NAS  2023.07.25 - 09:07

Only days after the United States imposed sanctions on fourteen Iraqi banks, the market became inflamed and the crisis of the dollar's exchange rate rising against the dinar came to the fore again.      

In an attempt to cover rising demand and oversupply, the central bank decided on Monday to allow exchange companies of categories A and B to open deposit accounts to subscribe to a window for the sale and purchase of foreign currency.  

According to a document issued by the central bank, this measure comes within the framework of facilitating the sale of cash in US dollars to travelers.  

The Finance Committee, headed by Atwan Al-Atwani and attended by its members yesterday, hosted the Governor of the Central Bank Ali Al-Alaq, to discuss the banking sector and the rise in the exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks.  

Al-Atwani said that there is optimism in the process of reforming the economic reality, managing funds, and the path of controlling the exchange rate, adding, "We hope to achieve economic stability and improve performance."  

He pointed out that there is a problem related to the existence of sanctions imposed on some banks, which leads to challenges that must be faced and measures must be found to control the labor market and the exchange rate.  

For his part, Ali Al-Alaq reviewed a number of issues related to the work of the Central Bank and monetary policy, indicating that the mission of the Central Bank is to achieve monetary stability and control prices.  

He stressed the need to strike a balance between supply and demand for foreign currency, and to monitor the cash currency entering and leaving through ports and emphasizing its entry in a fundamental manner, adding that the general principle of monetary stability is the link between the exchange rate and cash.  

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Tishwash:  The President of the Republic: Establishing security and stability in Iraq is a priority in the government program

The President of the Republic, Dr. Abdul Latif Jamal Rashid, confirmed today, Tuesday, during his meeting with the Prime Minister of the Hashemite Kingdom of Jordan, Bishr Al-Khasawneh, that the consolidation of security and stability in Iraq is a priority in the government program.

The media office of the President of the Republic stated in a statement received by Earth News Agency, that the latter "received, at the Baghdad Palace, the Prime Minister of the Hashemite Kingdom of Jordan, Bishr Al-Khasawneh, who is visiting the country at the head of a high-level delegation, stressing" the depth of historical relations and common bonds that bind the Iraqi and Jordanian peoples, and the need to work to improve and develop them to serve the aspirations and interests of the two countries.

The President of the Republic stated that “establishing security and stability in Iraq occupies a priority in the government program, as it is an important factor for the future of the country and an urgent necessity for the stability of the region, and in this context he also expressed his optimism about the government program and its focus on basic goals.”

He praised "plans and good management of water resources, health, and the pharmaceutical industry in the Kingdom of Jordan," stressing "the need to benefit from Jordanian experiences and expertise in this regard."

Rashid pointed out that "Iraq is looking forward to more coordination and economic cooperation to enhance joint work in order to complete joint projects between the two countries, especially in the fields of energy, industry and investment."

In turn, the Jordanian Prime Minister renewed his country's support for Iraq in its continuous efforts to strengthen security and stability, stressing that Iraq's security is a fundamental factor for the security of the region.

The Prime Minister expressed his "thanks and appreciation to the President and the First Lady for attending the wedding ceremony of Crown Prince Hussein bin Abdullah II."

He pointed to "the importance of strengthening brotherly relations between the two countries and expanding horizons of constructive cooperation in the fields of energy, economy and industry in order to serve the common interests of the two brotherly peoples," stressing that "Iraq and Jordan participate in efforts to confront terrorism, expressing his appreciation for Iraq's role in confronting terrorist gangs."

The Prime Minister reviewed his talks with the Prime Minister and the agreements signed between the two sides. He also touched on the positive developments in Iraq and what he felt of the return of normal life in Baghdad while touring the streets of the capital.

The meeting was attended on the Iraqi side by His Excellency the Minister of Interior, Abdul Amir Al-Shammari, while on the Jordanian side, His Excellency the Minister of Interior, Mazen Al-Faraya, and the Ambassador of the Hashemite Kingdom of Jordan to Iraq, Muntaser Al-Zoubi, in addition to a number of officials and advisors in the two countries.  link

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Tuesday Morning Iraq Economic News Highlights 7-25-23

Tuesday Morning Iraq Economic News Highlights 7-25-23

The Iraqi Dinar Is Declining Due To US Sanctions Affecting Local Banks

WRITTEN BY: CAIROEDITOR  07-24-2023  The exchange of the Iraqi dinar declined against the US dollar in the parallel local market transactions, in light of US sanctions against Iraqi banks, claiming violations related to the leakage of the dollar to penalized countries.  The Wall Street Journal reported on Wednesday, quoting US officials, that Washington imposed sanctions on 14 Iraqi banks by preventing them from conducting transactions in dollars, as part of a comprehensive campaign to combat the diversion of green currency to Iran and other countries subject to sanctions in the Middle East.

And the Central Bank of Iraq confirmed that local banks deprived of dealing in dollars constitute only 8% of the total foreign transfers.

This morning, one of the owners of exchange shops in Baghdad told Al-Sharq, “The exchange rates of the dollar against the dinar rose remarkably, as the exchange rate recorded this morning, Monday, 154.5 thousand dinars for every 100 dollars, an increase of more than 16% from the official price, while the prices recorded yesterday, Sunday, in the parallel market 151.65 thousand dinars for every 100 dollars.”

He explained, "The reason for the rise is due to the lack of supply of the dollar in the markets in conjunction with the increase in demand to cover commercial transactions, as well as the procedures towards the central bank's application of the electronic platform for dollar demand."

The exchange rate of the dollar against the Iraqi dinar in exchange shops, known as the “parallel rate”, has witnessed stability during the past weeks, between 147 and 148 thousand dinars per 100 dollars, while the official rate approved by the Iraqi government is 132 thousand dinars.

For its part, the Central Bank of Iraq confirmed, in a statement yesterday, Sunday, that it would continue to meet legitimate requests for the dollar from the official and licensed outlets by it and at the official rate set, while calling for reporting a case of paying a price higher than the official price, so that the bank account or the exchange company with the bank bears compensation for the damage from the price difference.   LINK

Parliament Conducts A Comprehensive Assessment Of The Parallel Dollar Market

Today 13:56  Information / Baghdad ..A member of the Parliamentary Finance Committee, Youssef Al-Kalabi, accused the advanced staff of the Central Bank of Iraq of failing to perform his duty in dealing with the dollar crisis.

 Al-Kalabi said, in a televised interview followed by Al-Maalouma, that "the advanced cadre in the Central Bank has been nesting for years and should be reviewed and replaced."

 He added, "The dollar crisis is great and cannot be tolerated, and there will be a detailed report on the failure of the Central Bank of Iraq towards addressing the rise in dollar prices."

 He pointed out, "It is not possible to keep much silence about the insane rise of the dollar in the parallel market and the citizen's burden of additional expenses to meet needs." LINK

Obelisk Clock: The Burning Of Embassies Is One Of The Reasons For The High Price Of The Dollar

July 24, 2023  Baghdad / Obelisk Al-Hadath: The Obelisk publishes the most prominent interactions of TV dialogues: 

Chairman of the Securities Commission, Faisal Al-Haimus, during a televised interview:

- The stock market works to reduce illegal transactions

- The Central Bank is required to address the reasons that led to the punishment of banks

- The government seeks to strengthen the value of the Iraqi dinar

- The government is committed to economic reforms and the Iraqi banking sector

- We need to accelerate the pace of reforms in the banking sector -

There is no solution for Iraq except by privatizing government companies and creating incentives for the private sector

 - The government of Sudan has taken it upon itself to activate investments

- The government has challenged articles that are difficult to implement in the budget

- Submission of supporting documents has led to some problems in the electronic platform

- The Central Bank continues to communicate with the US Treasury to overcome obstacles

- the proposed Securities Commission law determines the percentage of foreign participation

- Iraq has reached significant trading levels now

The unfortunate events of burning the Holy Qur’an will not affect economic relations with the European Union

. The volume of trade exchange with Sweden is less than China, America and Turkey.

Head of the New Generation Parliamentary Bloc, Sarwa Abdel Wahed, during a televised interview:

– The worst country in the world does not allow the presence of banks operating in Iraq

– Iraq lacks a financial and monetary policy

– ​​fake bills still exist and there is no control over the dollar

– the Kurdistan region is a “balwa”

Representative of the State of Law Coalition, Firas Al-Maslamawi, during a televised interview:

– The framework restored the state from a government of “no state”

– America’s policy in Iraq relies on “adequate nutrition and distraction”

– external and internal factors caused the dollar’s​​exchange rate to rise

– the government is considering reducing taxes on merchants

– merchants resorted to unofficial methods that caused the dollar to rise –

Parliamentary Finance formed a sub-committee to follow up on the work of banks

– the 14 banks are banned from dollars only and can operate in other currencies

– the Americans are tired of following up on multiple merchants’ transfers

– the plot is serial, starting from Iranian gas and passing through dollars And water

- the burning of embassies may be one of the reasons for raising the dollar

- Arab and Islamic countries had to take a position similar to Iraq

- the Sudanese government tried to build good regional and international relations

The state administration coalition works to make the government a success

https://almasalah.com/archives/60122

More Than A Billion Dollars Of Iraqi Exports Of Petroleum Products During The First Quarter Of 2023

2023-07-25 01:18  Shafaq News/ Iraq exported more than one billion dollars for three oil products during the first quarter of 2023, according to the Oil Marketing Company "SOMO".

"SOMO" said, according to a table seen by Shafaq News, that "Iraq exported, during the quarter of the year 2023, three oil derivatives at an amount of one billion and 113 million, 220 thousand and 43 dollars, with a quantity of two million, 636 thousand and 736 tons."

He added that the quantity of derivatives exported from natural gasoline amounted to 3 thousand and 191 tons at an amount of one million and 769 thousand and 453 dollars, while the exported derivatives of "naphtha" amounted to 317 thousand and 825 tons at an amount of 148 million and 205 thousand and 865 dollars.

It added that "the quantity of Iraq's exports of 'fuel oil' amounted to 2,315,720 tons, at an amount of 927,244,725 dollars."

Iraq exports some oil derivatives, such as regular gasoline, and imports the improved one.

Rather, it is a mixture of several types. The types of naphtha are divided into two parts: light naphtha and heavy naphtha. It is used primarily in the production of motor gasoline and is also used in chemical industries such as the preparation of ethylene and propylene. These products are used in the manufacture of plastics such as polyethylene and polypropylene.

As for fuel oil, it is one of the fractions resulting from the process of fractional distillation of crude oil. In general, it is any heavy liquid petroleum product that is burned in a furnace or boiler to generate heat or to generate electrical or driving power.  LINK

Iraq Imports Goods Annually Worth 70 Billion Dollars

Money  and business  Economy News – Baghdad  Economic expert Manar al-Obeidi revealed, on Tuesday, that Iraq imports goods annually worth $70 billion.

Al-Obaidi said in a statement, followed by "Al-Iqtisad News", that "Iraq needs daily 250-300 million dollars to cover imports and citizens' requests for travel for tourism and treatment."

He added, "Iraq is weak in managing the file of foreign relations with America, so it needs to establish lobbies inside America, especially since Iran uses Malaysia to sell its oil to China and India," noting that "there are 4 parties that check the remittances leaving Iraq."

Those interested in the economic issue see that, despite Iraq's arrival of 70 billion dollars annually in importing goods, its customs collection does not reach one billion dollars.

Views 19  7/25/2023 - https://economy-news.net/content.php?id=35328

A Member Of Al-Fateh Warns Against Passing The Oil And Gas Law: It Serves The Region In The First Place

Today 08:50  Information / Baghdad...  A member of the Al-Fateh Alliance, Ali Al-Zubaidi, warned, on Tuesday, against passing the oil and gas law in a way that serves the region in the first place, pointing out that the near future portends heated discussions that precede the passage of the aforementioned law.

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Al-Zubaidi told Al-Maalouma, "The oil and gas law will regulate the relationship between Baghdad and Erbil, and will spare the two governments many problems if it is prepared fairly and proceeds with its legislation in parliament."

He added, "There is a lot of pressure exerted on the government of Muhammad Shia' al-Sudani in order to make concessions and pass the law in a way that serves the interests of the Kurdistan region."

He pointed out, "Basra oil cannot be in favor of the regional government, and therefore the future portends heated debates in parliament when the oil and gas law is put forward."

Al-Zubaidi pointed out that "there are a lot of differences that have occurred in the political community after the law was put forward in order to pass it." LINK

The President Of The Republic Receives A Written Message From His Chinese Counterpart

Time: 07/25/2023 14:23:55  Read: 351 times  The President of the Republic receives a written message from his Chinese counterpart Afkgj-regerher

 {Politics: Al Furat News} President Abdul Latif Jamal Rashid received a written message from His Excellency Chinese President Xi Jinping on the occasion of the (65th) anniversary of the establishment of diplomatic relations between the two countries.

A presidential statement, a copy of which al-Furat News received, stated that Rashid received today, at the Baghdad Palace, the Ambassador of the People's Republic of China to Iraq, Cui Wei, where the Chinese affirmed in his message that the friendly communication between the Chinese and Iraqi peoples is rooted in the depths of history, referring to the prominent contributions made by the Mesopotamian, Arab, and Chinese civilizations to the progress and development of societies, stressing the importance of developing relations and cooperation in the service of common interests.

The President of the Republic praised "the bilateral relations between Baghdad and Beijing, represented by continuous cooperation in many fields, in a way that serves the interests of the two friendly countries, and His Excellency Ambassador Wei entrusted his greetings to his Chinese counterpart, Xi Jinping."

In turn, Ambassador Tsui Wei affirmed his country's keenness to expand the horizons of constructive cooperation with Iraq politically, economically and technologically in order to achieve the aspirations of the peoples of the two countries for progress and prosperity.  LINK

Member Of Parliamentary Energy: Political Interference With Foreign Agendas Impedes The Enactment Of The Oil And Gas Law

Time: 07/25/2023 14:30:56  Read: 481 times  {Politics: Al Furat News} A member of the Parliamentary Oil, Gas and Natural Resources Committee, Zainab Al-Moussawi, revealed today, Tuesday, the existence of political interference with foreign agendas that impede the legislation of the oil and gas law.

Al-Moussawi told {Euphrates News}: "Certainly all of us in the oil and gas committee are continuing closely in the meetings to produce the oil and gas law, which stipulates that the responsibility for managing the oil fields in the country must be entrusted to a national oil company, which is supervised by Baghdad."

And she added, "There are political interferences working according to external agendas that work to obstruct the legislation of this law within the Iraqi parliament, and that there are political forces that do not want to solve Iraqi economic problems, including regulating the work of oil extractions that are determined by the oil and gas law."

And she continued, "The law will join the bilateral relations between Baghdad and Erbil and put the Kurdistan region obliged, according to budget laws, to hand over quotas of oil to the federal government, but the region has not fulfilled these quotas in any year since 2005."

From.. Raghad Dahham    LINK

Iraqi News Highlights Late Monday Evening 7-24-23

Iraqi News Highlights Late Monday Evening  7-24-23

Tlm724 Administrator Bondlady’s Corner

Economic Warning Of Iraq's Return To Chapter VII

July 24 09:14  Information / Baghdad... Economic expert Abd al-Hasan al-Shammari warned, on Monday, that Iraq would return to Chapter VII and impose sanctions on it due to banking violations of the Swift system,  stressing the importance of diversifying the sources of the economy and trade exchange with capitalist countries.

Al-Shammari told Al-Maalouma, "The government does not need to take measures to ensure that the exchange rate of the dollar is returned to its official price, after it recorded an increase from its previous level a week ago today, especially after imposing sanctions on a number of Iraqi banks." 

He added, "Ensuring that sanctions are not imposed on Iraqi banks and the continuation of selling the dollar in its natural state depends on Iraq's commitment to international resolutions and the Swift system, and otherwise, Baghdad will face sanctions that may return it to Chapter VII." 

And he indicated that "the exchange rate of the dollar may reach 1,700 dinars in the coming days, in the event that sanctions and transactions that violate international resolutions continue to be imposed." 

He pointed out that  "the country is liable to return to the oil-for-food program if the situation continues as it is."  Al-Shammari pointed out,  "the importance of heading towards the rich capitalist countries in order to diversify the sources of the economy and trade exchange." ended 25 n

https://almaalomah.me/news/economy/تحذير-اقتصادي-من-عودة-العراق-للفصل-السابع

A Human Rights Center Warns Of "Great Risks" Due To The Depreciation Of The Iraqi Dinar

Economy      U.S. dollar     high price 2023-07-23 23:28  Shafaq News/ The Strategic Center for Human Rights in Iraq warned, on Monday, of "great risks" due to the rapid depreciation of the Iraqi dinar against the dollar.

"This matter portends an increase in the number of the poor and the unemployed, an increase in the prices of food and consumer goods, and its direct impact on the daily lives of citizens," said the center's deputy head, lawyer Hazem Al-Rudaini, in a statement received by Shafaq News agency.

He demanded that the government and the Central Bank of Iraq "need to take quick steps to preserve the value of the Iraqi dinar against the dollar by providing it at all airports and selling it to travelers directly and without intermediaries and following up on the work of private banks that buy dollars from the daily currency auction."

The value of the Iraqi dinar witnessed a noticeable decline against the US dollar during the past days after the United States announced the inclusion of 14 Iraqi private banks on the sanctions list due to currency smuggling. https://www.shafaq.com/ar/اقتصـاد/مركز-حقوقي-يحذر-من-مخاطر-كبيرة-لانخفاض-قيمة-الدينار-العراقي

The House Of Representatives Reveals The Details Of Hosting The Governor Of The Central Bank Regarding The Exchange Rate Of The Dollar

Political  | 03:56 - 07/24/2023  Baghdad - Mawazine News  revealed the media department of the House of Representatives, details of hosting the Governor of the Central Bank of Iraq, Ali Al-Alaq, regarding the cause of the crisis of the high exchange rate of the dollar in Iraq.

The media department of the House of Representatives stated in a statement that Mawazine News received a copy of it, that "the Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, hosted the Governor of the Central Bank, Ali Al-Alaq, regarding the discussion of the banking sector and the high exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks."

During the hosting, which was attended by a number of deputies from other committees, the head of the committee affirmed that "there is optimism in the process of reforming the economic reality, money management, and the path of controlling the exchange rate."

He added, "We hope to achieve economic stability and improve performance," pointing out that there is a problem related to the existence of sanctions imposed on some banks, which leads to challenges that must be faced and the need to find measures to control the labor market and the exchange rate. In a fundamental way.” And he indicated, “The general principle of monetary stability is the exchange rate’s link to cash,” adding that “the problem lies in the increased demand for currency, while the bank provides currency through the platform and its willingness to cooperate in order to get out of the crisis

The members of the committee asked a number of questions regarding the reasons for the rise in exchange rates, the penalties imposed on some banks, and what are the procedures that the Central Bank follows to find out the details, with the importance of developing radical solutions to that crisis.

The observations focused on the need to follow a monetary policy concerned with achieving economic packages that meet the requirements of the labor market, determining the number of banks approved by the central bank, and finding clear plans to address the financial situation, since the most affected is the Iraqi citizen and the poor groups, as well as how to protect the Iraqi dinar, and monitor exchange companies, in addition to procedures for dealing with banks, stressing the importance of concerted efforts in order to support the financial institution and avoid the results of the stage., according to the statement.

At the end of the meeting, the Finance Committee emphasized "supporting the decisions taken by the government so that they are in the public interest of the country and building a developed financial and economic system." https://www.mawazin.net/Details.aspx?jimare=231972

It Does Not Bode Well" .. Behind The Scenes Of Hosting The Governor Of The Central Bank In Parliament

Economy     Iraqi parliament    dollar price    US sanctions    Iraqi banks    Governor of the Central Bank    On the relationship

2023-07-24 08:35  Shafaq News / The Finance Committee in the Iraqi parliament revealed, on Monday, new details and "scenes" of what happened while hosting the Governor of the Central Bank, Ali Al-Alaq, in the House of Representatives.

The deputy head of the committee, Ahmed Mazhar al-Jubouri, told Shafaq News agency, "The hosting witnessed the discussion of the recent US sanctions on Iraqi banks, in addition to the exchange rate file and the decline of the dinar in front of the dollar's rise." 

Al-Jubouri added,  "The central bank governor's speech during the hosting session does not bode well, and the solutions put forward by the central bank regarding the crisis are formal," stressing that "the bank will lose $140 million per month due to the sanctions imposed by the US Treasury on Iraqi banks." 

He pointed out that "this money that the bank will lose was sold by the central bank to banks that have been affected by sanctions recently," pointing out that "the sanctions will negatively affect the market, and the exchange rate of the dollar against the dinar will continue to rise in the coming days."

Earlier today, the Parliamentary Finance Committee hosted the Governor of the Central Bank, Ali Al-Alaq, regarding the discussion of the banking sector, the rise in the exchange rates of the dollar against the dinar, and the reasons for the US sanctions imposed on a number of Iraqi banks.

And the exchange rates of the US dollar continued to rise against the Iraqi dinar, on Monday, in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange, as it touched 154 thousand dinars for every 100 dollars.

This rise began after the US Treasury imposed, on Wednesday, July 19, sanctions on 14 Iraqi banks in a campaign to prevent the dollar from reaching Iran.

https://www.shafaq.com/ar/اقتصـاد/لا-تبشر-بخير-كواليس-استضافة-محافظ-البنك-المركزي-في-البرلمان

Document.. The Central Bank Decides To Allow Exchange Companies To Participate In The Currency Buying And Selling Window

Policy      breaking     Central Bank of Iraq  2023-07-23 23:39  Shafaq News/ The Central Bank of Iraq decided, on Monday, to allow "A and B" exchange companies to open deposit accounts with the bank in dinar and dollar currencies, and to participate in the currency buying and selling window.

According to a bank document obtained by Shafaq News agency,

"In order to facilitate cash sales in US dollars for travelers, this bank decided to allow exchange companies of categories (A and B) wishing to open accounts with this bank in both dinars and dollars for the purpose of participating in the window of buying and selling foreign currency according to the following controls:

First: the deposit process

1. The company submits a request to the accounting department of this bank to open an account in dinars and dollars, and its account will be in dinars for deposits and the dollar account for withdrawals exclusively, provided that it includes the names of the authorized persons.

2. The amount of the dinar, which is equivalent to the cash share, is deposited weekly at the selling price (1310) dinars per dollar.

3. The company will be provided with a book of checks prepared on its account, which will be opened with us, provided that withdrawals from the book are in sequence.

Second:  the withdrawal process

1. The managing director or his assistant shall appear with one of his employees for the purpose of signing and fingerprinting in front of the Deposit, Exchange and Cash Division, where he is exclusively authorized to withdraw.

2. The withdrawal of the dollar will be within two days from the date of sale, otherwise the sale of the cash share will be refused and the amount will be returned to the company’s account in dinars.

3. After verifying the validity of the instrument by the two departments (accounting and internal auditing), the amount will be disbursed to the company.

4. A request is sent to the accounting department before the paper book runs out, for the purpose of receiving another book of checks, with the necessity of handing over the stubs of the previous book for the purpose of receiving a new book.   https://media.shafaq.com/media/arcella/1690184751108.jpeg

https://shafaq.com/ar/سیاسة/وثيقة-البنك-المركزي-يقرر-السماح-لشركات-الصرافة-الاشتراك-بنافذة-بيع-وشرا-العملة

Prime Minister: The Government Continues To Facilitate The Work Of Foreign Companies In Iraq

Political  | 02:07 - 07/24/2023   Baghdad - Mawazine News  Prime Minister Muhammad Shia al-Sudani affirmed today, Monday, that the government is serious about protecting all diplomatic missions accredited in Baghdad.

The media office of the Prime Minister stated, in a statement that Mawazine News received a copy of, that "Prime Minister Muhammad Shia' al-Sudani received ambassadors and representatives of diplomatic missions from the European Union and a number of friendly countries."

During the meeting, the Prime Minister stressed "the need to reject hate speech and extremism, which is embodied in practices offensive to the sanctities and beliefs of peoples, including the incident of abuse and transgression of the sanctity of the Holy Quran and the Iraqi flag."

He pointed to "the danger of such practices that threaten security and societal peace, in addition to being attacks unrelated to the concepts of freedom of expression," calling on the European Union countries to "take their role in combating these racist acts and everything that incites violence."

He stressed, "The government's responsibility and its seriousness in protecting and achieving the security and safety of all diplomatic missions accredited in Baghdad," noting that "Iraq is committed to this responsibility in accordance with what was stated in the Vienna Convention on Regulating Diplomatic Relations."

The Prime Minister reaffirmed "the government's continuation in facilitating the work of foreign companies in Iraq, and commitment to economic agreements and partnerships with countries of the world."

He pointed out, "The government adopts the principle of balance in its foreign policy with the countries of the region and the world, and will not allow Iraq to be drawn into conflicts or be an arena for settling scores, but rather is keen to exercise its leading role in the region, and be a place for convergence and building partnerships, through the policy of balance in managing relations, or through the strategic projects that it has recently put forward, such as the development path project and energy projects, which will work to achieve economic integration with the countries of the region, in a way that enhances regional and international stability."

For their part, ambassadors and representatives of diplomatic missions operating in Iraq renewed "their countries' condemnation of the crime of burning the Holy Qur'an," expressing their "welcome of the measures taken by the government to protect diplomatic missions."

And they conveyed, according to the statement, their countries' readiness to continue economic cooperation with Iraq, expressing their satisfaction with "the remarkable progress in the file of services and fighting corruption and the clear progress in implementing the government program."

https://www.mawazin.net/Details.aspx?jimare=231963

Gas Investment.. Saudi Arabia As A Model

Economical 2023/07/25  Walid Khaled al-Zaidi  Gas is characterized in particular by being environmentally friendly due to the low percentage of greenhouse gas emissions when it is burned or used compared to what is characterized by the rest of the wealth such as oil, coal, etc.,

but it is similar in its use as fuel to operate machines, engines and production lines that depend on fossil fuels extracted from the ground in both its natural and free types associated with oil extraction processes that can be converted into productive and useful wealth and energy that can cover other needs.

Although the free gas that comes out automatically from the interior of the earth is surprising,

but it is a natural state through which it penetrates to the top through the pores and cracks of the earth’s crust and penetrates into space,

so we see the flames of flames that have been constantly burning for a long time.

And ethane and other materials, and this appears clearly in several areas in Iraq, such as Anbar, Diyala, and near the oil fields in Kirkuk, Basra, and Maysan.

Most of this energy is wasted to this day in our country and the countries of the Middle East rich in oil, with the exception of Saudi Arabia, which is the only country in the region that has invested that wealth, and it is one of the least countries in the world that burns associated gas.

The Kingdom has developed a system for collecting, extracting, transporting and using associated gas for fifty years, while there are many countries that burn it, including developed countries such as the United States of America, although it is the first country to produce it with Russia. E widely as a wealth that can be exported or as a local fuel for the production of energy and high-speed engines or hydrocarbon industries, but this will not happen until after three years.

The Saudi experience is currently within reach after the visit of the Assistant Minister of Energy for Oil and Gas Affairs in the Kingdom to Baghdad a few days ago with a delegation of advisors and Aramco to discuss cooperation, partnership and investment between Iraq and the brothers in the Kingdom to develop this field and comes as a continuation of the results of mutual visits between the two countries.

It is possible to accelerate the conversion of joint projects into actual practical implementation by Saudi companies to invest and participate in the development of oil and gas fields, refining and infrastructure, and in light of the real desire between the two countries to achieve this effectively soon. https://alsabaah.iq/81147-.html

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

Bond Ladys Corner

The Dollar In Iraq.. America Is Tightening And The Market Is On Fire

The Dollar In Iraq.. America Is Tightening And The Market Is On Fire

Economy      breaking     Iraqi economy     dollar exchange rate 2023-07-24 05:02 Shafaq News/ The Iraqi dinar recorded a significant decline against the dollar on the Baghdad and Erbil stock exchanges, just a few days after the imposition of US sanctions against 14 private banks, due to violations related to their dealings with entities that Washington imposes sanctions on, most notably Tehran.

While economists and financial experts describe the Central Bank's procedures as "timid", they put forward proposals for solutions that must be resorted to to "adjust" the price of the dollar.

Shafaq News Agency revealed the names of these banks locally in Iraq, which are the "Islamic Advisor for Investment and Finance", "Al-Qartas Islamic Investment", "Al-Taif Al-Islami", "Elaf Bank", "Erbil Investment Bank", "International Islamic Bank", "Trans-Iraq Bank", "Mosul Bank for Development and Investment", "Al-Rajeh Bank", "Sumer Commercial Bank", "International Islamic Trust Bank", "Ur Islamic Bank", "Islamic World Bank", and "Zain Iraq Islamic Investment Bank". and financing.”

The US decision comes after a similar decision several months ago, in which several similar banks were placed on the sanctions list, namely, "Al-Ansari Bank", "Middle East", "Al-Qaqed" and "Asia".

Low Cash Sales

"The four previous banks that were punished and the 14 that followed were a reason to raise the price of the dollar, because in all cases they have a presence in the local market, and it is not possible to ignore these banks and this volume of work," said economist and professor of economics at the Iraqi University, Abdul Rahman al-Mashhadani, in an interview with Shafaq News agency. 

The expert points out that "these penalized banks share 8 percent of the currency window for the purpose of external transfers, and this percentage means 16 million dollars from the window's sales for foreign transfers, but its share is large for cash sales, as it is noticeable in the Central Bank's cash sales to the parallel market that it decreased from 40 or 60 million dollars to reach 17 million dollars." 

Al-Mashhadani explains that "to solve the problem of high prices, the central bank must compensate the share of the penalized banks by giving it to other banks and exchange companies.

There are 38 banks that enter the currency window out of 72 banks, and therefore the bank must introduce other banks to the currency sale window, whose classification did not qualify them for currency penetration because it is weak."

 And he continues, "The second measure is that the sanctions came as a result of cash sales that go to the parallel market, and the merchants seize them to finance their trade with the banned country, and Iran is at the top of this list."

Shy Measures

For his part, financial and economic expert Hilal Al-Taan said in an interview with Shafaq News agency,

"There are many reasons for the rise in the price of the dollar, including the presence of speculators who own quantities of dollars, and thus manipulate the market as they please.

The US sanctions on the 14 banks also affected the exchange rate rise."  Al-Taan adds that "citizens are afraid of a collapse of the Iraqi currency, which made them keep the dollar, and thus increase the demand for the dollar, in addition to the unstable political and security reasons." 

Al-Taan shows that "the government has taken many measures, for example opening windows through banks, and increasing the share of travelers from 2,000 dollars to 3,000 dollars,

but these measures are still shy and weak and do not meet the demand, as the government is supposed to take strict measures with dollar manipulators and the central bank to take a financial package to reduce the demand for dollars," stressing "the need for the government to take quick measures because the slower it is in its procedures, the more there will be a new rise in the dollar exchange rate."

We Were Affected By The Rumours.

An owner of a money exchange in Baghdad said, in an interview with Shafaq News agency, "The exchange rate of the dollar is greatly affected by rumors, especially after the US Federal Reserve sanctioned 14 banks."  He adds that "cash sales that the bank finances to the parallel market through banks have decreased by 35 to 40 million dollars, which affected the dollar money supply in the parallel market."

Bank Actions To Limit The Rise In The Dollar

The Central Bank took measures to limit the rise in the price of the dollar today, Monday, by allowing “class A and B” exchange companies to open deposit accounts with the bank in dinars and dollars, and to participate in the currency buying and selling window.

The Wall Street Journal, quoting US officials, said that the move came after information was revealed that the targeted banks were involved in money laundering and fraudulent transactions.

The US Treasury and the Central Bank of Iraq have previously imposed strict controls on cash transfers carried out by Iraqi banks since the beginning of last January, in an attempt to reduce money laundering and smuggling, but smuggling operations witness a variety of ways and means of exiting the currency.

During the past two days, the exchange rates of the US dollar against the Iraqi dinar increased dramatically, in the Baghdad markets, and in Erbil, the capital of the Kurdistan Region, to reach 155 thousand dinars per hundred dollars, after Washington imposed sanctions on 14 Iraqi banks, in a crackdown on Iran's dealings in dollars.

The official exchange rate is 1,320 dinars to the dollar in the Iraqi budget.

As a result, the Finance Committee in the Iraqi Parliament hosted, today, Monday, the Governor of the Central Bank, Ali Al-Alaq, and also to discuss the bank’s procedures for stabilizing currency prices.

The Deputy Governor of the Central Bank, Ammar Hamad, told Shafaq News agency, "The Central bank's main goal is to achieve stability in the exchange rate of the dollar against the Iraqi dinar." explaining that "the central bank provided the electronic platform to save dollars for buying goods and services from abroad."

Hamad expressed his surprise that "merchants or citizens go to the market to buy foreign currency at a price that is a big difference from the official rate," noting that

"the Central Bank provided the dollar at an official rate, but within the uses of the private sector is the purchase of goods and services from abroad."  The Deputy Governor of the Central Bank pointed out that  “speculative operations in the market have caused a rise in the exchange rate of the dollar now, and it will be returned to the previous price soon.”

Almost since the beginning of this year, the Central Bank of Iraq launched a working mechanism in an electronic platform and the international financial transfer system "SWIFT",  but this did not help the dollar exchange rates to stabilize in Iraq, despite the attempts of the government and the central bank to control the exchange rate in the parallel (black) markets.  

https://www.shafaq.com/ar/اقتصـاد/الدولار-في-العراق-مريكا-تشد-والسوق-يلتهب

MilitiaMan and Crew: Iraq Currency -$100 Billion Reserves- Iraq Dinar Exceeds Dollar- Radical Solutions

Iraq Currency -$100 Billion Reserves- Iraq Dinar Exceeds Dollar- Radical Solutions

MilitiaMan and Crew:  7-24-2023

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

MM: Ali Alaq  (Governor of the Central Bank of Iraq)  has been brought to the House of Representatives, The Ministry of Finance and Parliamentary committees to be interviewed….and much more. 

Please listen to the entire video for all the latest news

https://www.youtube.com/watch?v=xvrgpW5plcw

Iraqi News Highlights Monday Afternoon 7-24-23

Iraqi News Highlights Monday Afternoon 7-24-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance Issues A Set Of Recommendations To The Central Bank, And The Relationship Confirms: Our Problem Is The Increase In Demand For Currency

Iraq  Monday, July 24, 2023 3:35 PM   Baghdad / National News Center  Today, Monday, the Parliamentary Finance Committee issued a number of recommendations to the Central Bank during its hosting of the Governor of the Central Bank, Ali Al-Alaq.  A statement of the Parliamentary Finance received by the National News Center stated that it, “headed by Atwan Al-Atwani and in the presence of its members, hosted today, the Governor of the Central Bank, Ali Al-Alaq, to ​​discuss the banking sector and the high exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks.”

Al-Atwani said, according to the committee’s statement: “There is optimism in the process of reforming the economic reality and money management, and the path of controlling the exchange rate, adding: We hope to achieve economic stability and improve performance.”

He pointed out that "there is a problem related to the existence of sanctions imposed on some banks, which leads to challenges that must be faced and the need to find measures to control the labor market and the exchange rate."

For his part, Ali, Al-Alaq, reviewed a number of issues related to the work of the Central Bank and monetary policy, indicating that “the mission of the Central Bank is to achieve monetary stability and control prices.”

He explained, "It is necessary to create a balance between supply and demand for foreign currency, and to monitor the cash currency entering and leaving through the outlets, and to confirm its entry in a legal manner, adding that the general principle of monetary stability is the linkage of the exchange rate to cash."

And he added, “The problem lies in the increased demand for the currency, while the bank provides the currency through the platform,” stressing “its readiness to cooperate in order to get out of the crisis.

The members of the committee asked a number of questions regarding the reasons for the rise in exchange rates, the penalties imposed on some banks, and what are the procedures that the Central Bank follows to find out the details, with the importance of developing radical solutions to that crisis.

The observations focused, according to the statement, on “the need to follow a monetary policy concerned with achieving economic packages that meet the requirements of the labor market, determining the number of banks accredited to the Central Bank, and finding clear plans to address the financial situation because the most affected is the Iraqi citizen and the poor groups, as well as how to protect the Iraqi dinar, and monitor exchange companies, in addition to procedures for dealing with banks, stressing the importance of concerted efforts in order to support the financial institution and avoid the consequences of the stage.”

At the end of the meeting, the Finance Committee emphasized "supporting the decisions taken by the government so that they are in the public interest of the country and building an advanced financial and economic system."    https://nnciraq.com/218121/

The Minister Of Foreign Affairs Presides Over The Session Of The Ministerial Council For Economy

Monday 24, July 2023 17:49 | political Number of readings: 30  Baghdad / NINA / - Deputy Prime Minister for Foreign Affairs, Fouad Hussein, chaired today the twenty-first session of the Ministerial Council for Economy.

The Council discussed the items on its agenda and took the appropriate decisions in their regard.

The Council hosted the technical deputy of the Ministry of Planning for the purpose of discussing strategic projects such as the Diwaniyah sewage project and finding out the reasons for the delay in this vital project, which serves most of the neighborhoods of the city of Diwaniyah. The Council decided to assign a consulting office to audit the completed and remaining works within a period of one month in order for the Council to take the appropriate decision and remove the obstacles that impede the completion of this important project.

The Council hosted the Director General of Water in the Ministry of Construction and Housing in order to listen to an explanation about the obstacles and problems facing the great Samawah water project, and after extensive discussions, the Council decided to approve the completion of the German company executing the project and cancel the withdrawal of hand in order to complete the project with the required specifications and as soon as possible to serve the people of the dear city of Samawah.

The council also hosted the head of the Iraqi Business Council to discuss the reality of the work of the mixed joint-stock companies. After a presentation made by the head of the business council, the head of the council decided to complete the discussions in detail in the next session due to the great importance of this issue on the Iraqi economy and the private sector in particular.

The meeting was attended by the Deputy Prime Minister, Minister of Planning, Ministers of Finance, Trade, Agriculture, Labor and Social Affairs, Secretary General of the Council of Ministers, Governor of the Central Bank of Iraq, Chairman of the National Investment Commission, Advisor to the Prime Minister for Legal Affairs and Chairman of the Securities Commission./ End

https://ninanews.com/Website/News/Details?key=1066761

Parliamentary Finance Hosts The Governor Of The Central Bank To Discuss The Issue Of Dollar Exchange

political | 12:46 - 07/24/2023  Baghdad - Mawazine News  Today, Monday, the Parliamentary Finance Committee hosted the Governor of the Central Bank, Ali Al-Alaq, to ​​discuss the issue of dollar exchange.

A Mawazine News correspondent said, "The committee hosted the governor of the Central Bank, Ali Al-Alaq, to ​​discuss the issue of dollar exchange and the mechanism of the central bank's work to control the market."

While committee member Saad Awad Al-Tobi confirmed that "the committee prepared a program to host a number of officials, including the directors of Al-Rasheed and Al-Rafidian Banks," noting that "the hosting aims to discuss the fees and benefits imposed on borrowers, whether they are decreasing or fixed, which sometimes amounts to twice the loan received by the citizen."

https://www.mawazin.net/Details.aspx?jimare=231956

$231.3 Million In Central Bank Sales

Economy News – Baghdad  Today, Sunday, the sales of the Central Bank of Iraq in the foreign currency sale window amounted to more than 231.3 million dollars.

The Central Bank’s website published a schedule of its dollar sales, and “Al-Iqtisad News” reviewed it, as it included the participation of 30 banks and 56 exchange companies, and covered external transfer requests of $216.8 million, while cash requests amounted to $14.5 million.

The Central Bank of Iraq sells the dollar for documentary credits and international settlements of electronic cards at a price of 1305 dinars per dollar, per dollar for documentary credits and international settlements of electronic cards and at a price of 1310 dinars per dollar for foreign transfers and at a price of 1310 dinars per dollar in cash. Views 36  07/24/2023  https://economy-news.net/content.php?id=35296

A New Update.. The Exchange Rate Of The Dollar Touches 155,000 In Iraq

Economy | 09:33 - 07/24/2023  Baghdad - Mawazine News  The exchange rate of the dollar continued, on Monday, to rise in the local markets.  The selling price of 100 dollars was recorded at 154,750 dinars.  The purchase price was 152,750 dinars, compared to $100. Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=231939

The Central Bank Issues Instructions To Allow Banking Companies To Participate In The Currency Auction

Economy | 10:56 - 07/24/2023  Baghdad - Mawazine News  Today, Monday, the Central Bank of Iraq decided to allow two categories of exchange companies to open accounts with it to participate in the window for buying and selling foreign currency.

https://www.mawazin.net/Details.aspx?jimare=231949

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

Bond Ladys Corner

KTFA Members "News and Views" Monday 7-24-2023

KTFA:

Clare:  Parliamentary Finance Is Threatening To Move If The Central Bank Fails To Contain The Dollar Crisis

 7/24/2023

Today, Monday, the Parliamentary Finance Committee revealed the goal of hosting the Governor of the Central Bank of Iraq, Ali Al-Alaq, a day after his meeting with the Prime Minister.

Committee member Jamal Cougar told Earth News that "the goal of hosting the Governor of the Central Bank of Iraq, Ali Al-Alaq, is to discuss the issue of the significant rise in the dollar exchange rate in the local market, and the bank's measures to counter this rise."

And Cougar stated, “The Parliamentary Finance Committee does not have any powers over the issue of dollar procedures, as this matter is within the jurisdiction of the executive monetary authority, and we have a supervisory role on these procedures and the follow-up of the imbalance, and we are held accountable for it, and we will also have an opinion on the role of the central bank in dealing with the dollar crisis during the coming period.”    LINK

Zeeman:  IMO all these articles  talk about the usd seems to be rising instead of decreasing . it seems as though they either do not really want to revalue the dinar or are being told not to by outside powers. they have been talking about releasing the budget since nov of 2022 if it was so important to the economy and citizens  it should have been done a long time ago. again IMO

Clare:  Details of the Parliamentary Finance meeting with the Governor of the Central Bank regarding the reasons for the rise in the dollar

7/24/2023   Baghdad

- The Parliamentary Finance Committee is discussing with the governor of the Central Bank the reasons for the high dollar exchange rate

Parliamentary Finance: There is optimism in the process of reforming the economic reality, money management, and the path of controlling the exchange rate

Parliamentary Finance: There is a problem related to the existence of penalties imposed on some banks

- Governor of the Central Bank: The bank's mission is to achieve monetary stability and control prices

- Governor of the Central Bank: It is necessary to create a balance between supply and demand for foreign currency, and to monitor the cash currency entering and leaving through the outlets, and confirming its entry in a proper manner.

- Governor of the Central Bank: The general principle of monetary stability is the linkage of the exchange rate with cash

Central Bank Governor: The problem lies in the increased demand for currency, while the bank provides currency through the platform   LINK

Suzie:  Call me dumb, but sounds like a lot of banking issues before any ER change and I thought al Alaq was brought in months ago to speed things up and literally a month ago sounded like this thing was ready to "pop" with the budget and everything else coming into play and here we are almost into August and with banning the use of the dollar I wonder how their people are getting by?  Just wonderin"......in MY opinion....

Turk182:  Over a Month since the 2023, 2024 & 2025 Budgets were Officially Printed in the Gazette

Several Months since Sudani told the Citizens of Iraq to no longer use the USDollar (or they would be arrested) and also Do Not use your Iraqi Dinar, as it will "SOON" be worth more.

Here we are, on the verge of August 01st and still nothing.

No more excuses, they've been using this cover of an excuse for nearly a year now of their "Educating the Citizens on this Monetary Reform" - 

Iraq is obviously NOT a Sovereign Nation. (IMHO)

So much Hype, yet the prettiest girl at the Prom is still sitting in the corner.

Why?     Something smells rotten in Denmark.  (IMHO)

Zeeman:  Theres alot of talk but remember action speaks louder then words and we need real action instead of meaningless words. Imo

Turk182:  Couldn't agree more Zee…..and these "ACTIONS" are very long overdue.

Clare:  Economic warning of Iraq's return to Chapter VII

7/24/2023    Baghdad...

Economic expert Abd al-Hasan al-Shammari warned, on Monday, that Iraq would return to Chapter VII and impose sanctions on it due to banking violations of the Swift system, stressing the importance of diversifying the sources of the economy and trade exchange with capitalist countries.

 Al-Shammari told Al-Maalouma, "The government does not need to take measures to ensure that the exchange rate of the dollar is returned to its official price, after it recorded an increase from its previous level a week ago today, especially after imposing sanctions on a number of Iraqi banks."

He added, "Ensuring that sanctions are not imposed on Iraqi banks and the continuation of selling the dollar in its natural state depends on Iraq's commitment to international resolutions and the Swift system, and otherwise, Baghdad will face sanctions that may return it to Chapter VII."

And he indicated that "the exchange rate of the dollar may reach 1,700 dinars in the coming days, in the event that sanctions and transactions that violate international resolutions continue to be imposed."

He pointed out that "the country is liable to return to the oil-for-food program if the situation continues as it is."

Al-Shammari pointed out, "the importance of heading towards the rich capitalist countries in order to diversify the sources of the economy and trade exchange."  LINK

Goldilocks' Comments and Global Economic News for July 24, 2023

Goldilocks' Comments and Global Economic News for July 24, 2023

Good afternoon Dinar Recaps,

Goldilocks posted comments and links on the global financial system:

"U.S. lawmakers will convene for a “markup” on July 26 to discuss two bills concerning digital assets and stablecoins."

We are finally getting a date that will allow us to move forward with stablecoin regulations and cryptocurrency clarification.

A "markup" is a proposal that will be taken before Congress and reviewed for further clarification or the ability to move forward as is.

These two bills refer to digital currency payments and monetary policies that will govern the new economy.

© Goldilocks

https://finance.yahoo.com/news/upcoming-congressional-meeting-review-two-013000366.html

https://www.congress.gov/bill/118th-congress/house-bill/4763?q=%7B%22search%22%3A%5B%22Financial+Innovation+and+Technology+for+the+21st+Century+Act.%22%5D%7D&s=1&r=1

"The Bureau of Land Management is proposing higher bonding requirements and other reforms to its oil and gas leasing program, while Colorado regulators have passed what the state says are the first rules of their kind globally aimed at verifying greenhouse gas emissions from some oil and gas sites."

Oil and gas laws are experiencing new regulations in the refining of oil going forward.

These new reforms are expected to go Global. This, in turn, will create a repricing event in oil we are looking for going forward.

There are so many steps to this reset, but this is a major one since it promotes a cleaner environment and goes along with future regulations of our Global Economy.

Oil, Gold and Silver are three repricing events needed to move forward in our new economy.

© Goldilocks

BLM proposes oil, gas leasing reforms; state regulators adopt methane measures https://www.gjsentinel.com/news/blm-proposes-oil-gas-leasing-reforms-state-regulators-adopt-methane-measures/article_5964f6ca-2804-11ee-8a3e-efb7dac499cf.html?utm_medium=social&utm_source=twitter&utm_campaign=user-share via @DailySentinelGJ

~~~~~~~~~~

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Monday Morning Iraq Economic News Highlights 7-24-23

Monday Morning Iraq Economic News Highlights 7-24-23

Warning Of Significant Risks Of Devaluation Of The Dinar Against The Dollar

Time: 07/24/2023 10:07:55  Read: 1,638 times  Lawyer Hazem Al-Rudaini, Vice President of the Strategic Center for Human Rights in Iraq, warned today, Monday, of the rapid depreciation of the Iraqi dinar against the dollar in recent days.

Al-Rudaini said in a statement, which Al-Furat News received a copy of, that "this matter portends an increase in the number of the poor and the unemployed, the rise in food and consumer goods, and its direct impact on the daily lives of citizens."

And he demanded, "The government and the central bank need to take quick steps to preserve the value of the Iraqi dinar against the dollar by providing it at all airports and selling it to travelers directly and without intermediaries, and following up the work of private banks that buy from the daily currency auction."

And the Central Bank of Iraq issued a statement earlier confirming that it continues to meet legitimate requests for the US dollar from the official and licensed outlets by it and at the official rate set for the beneficiary, which amounts to (1320) dinars to the dollar.

It is noteworthy that the local markets are witnessing a noticeable rise in the exchange rates of the dollar against the dinar, as it reached more than 1,500 dinars in the parallel market (the unofficial for selling foreign currency).   LINK

Al-Shabandar On The Dollar Crisis: Iraq Will Not Acquiesce, And Patience Has Limits!

Time: 07/24/2023 13:22:26  Read: 143 times  Soon, those concerned and everyone who is interested in the stability of Iraq will be sure that the dollar crisis is not primarily internal, and everything that is internal can be reformed, and that the government of the Sudanese brother is moving towards reforming the financial system in the country.

But let those who should know know that Iraq will not compromise on its sovereignty or dignity, and will not be part of the axes of conflict in the region and the world, and will not succumb to soft or hard pressure.    And he who hates him loses him, and patience has limits!   LINK

The Iraqi Parliament Discusses The Relationship In The "Significant Rise" In The Price Of The Dollar

2023-07-24 02:50  Shafaq News/ The Finance Committee in the Iraqi Parliament will host, on Monday, the Governor of the Central Bank, Ali Al-Alaq, regarding the significant rise in the exchange rate of the dollar against the dinar.

A parliamentary source told Shafaq News agency that the Finance Committee in the Iraqi Parliament is hosting, this afternoon, the Governor of the Central Bank, Ali Al-Alaq, in order to discuss the significant rise in the dollar exchange rate and the bank's procedures and plans to counter this rise.

During the past two days, the exchange rates of the US dollar against the Iraqi dinar increased dramatically, in the Baghdad markets, and in Erbil, the capital of the Kurdistan region, after Washington imposed sanctions on 14 Iraqi banks.

In this context, Moeen Al-Kadhimi, a member of the Finance Committee, told Shafaq News agency, "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-Kazemi added, "But there are other countries from which Iraqi merchants import, and the US sanctions prevent sending these remittances, which forces these merchants to obtain dollars from the parallel market, which leads to the dollar's price remaining high in this market, and with the recent measures of the US Federal Reserve not to deal with a number of private banks, this had an impact on the rise in the price of the dollar, to reach 155."

And on 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 Ministry of Finance during the next week, to find out the real reasons for the inability to control the parallel price."

Last Wednesday, the US Treasury imposed sanctions on 14 Iraqi banks in a crackdown on Iran's dollar transactions.   LINK

Hosted By Al Halbousi. The Four Presidencies Emphasize The Application Of The Budget Law In All Its Details

436   Today, Sunday, the Speaker of Parliament, Muhammad al-Halbousi, hosted in his headquarters a meeting that included the President of the Republic, Abdul Latif Jamal Rashid, the Prime Minister, Muhammad Shia’ al-Sudani, and the President of the Supreme Judicial Council, Judge Faiq Zaidan. To discuss the overall situation in the country and a number of important files.

During the meeting, the presidencies condemned, according to a statement by the Parliament Speaker’s office, “the deliberate abuse and authorization of the Swedish authorities to insult the Holy Qur’an and the Iraqi flag.” The conferees expressed “their support for the government’s measures to sever relations with Sweden or with any country that does not respect the sanctities of Muslims or supports any action that insults sanctities and religions, stressing at the same time the need to take the necessary measures to protect diplomatic missions.”

The statement added, “The meeting discussed the file of the federal budget law and the need to complete its instructions, follow up on projects and their quality, and spend according to priorities and in a manner that meets the government program.” With regard to the region, the meeting stressed the application of the articles in the Federal General Budget Law in all its details related to oil and non-oil revenues and the disbursement of its dues.

During the meeting, the presidencies emphasized “the need to legislate the laws that were included in the government program and the political agreement paper and approved by the political forces, including the general amnesty law, oil and gas, and the law of the Federation Council,

in addition to a number of draft laws completed by the Presidency of the Republic that were sent to the House of Representatives, including the law of the Supreme Commission for the Empowerment of Women, the law to recover Iraq’s funds, and the law on drugs and psychotropic substances.”

In the water file, the meeting stressed the need to follow up on it with the upstream countries, in addition to the need to legislate the law of the Supreme Water Council.

The meeting also stressed the need for continued cooperation and coordination between the authorities in all files.   https://takadum-news.com/archives/175231

Parliamentary Power Identifies The Most Prominent Points Of Disagreement Over The Oil And Gas Law

Energy  Economy News _ Baghdad  On Monday, the Parliamentary Oil, Gas and Natural Resources Committee identified the most prominent points of disagreement over the oil and gas law. 

Committee member Ali Saadoun al-Lami said, in an interview with the official agency, followed by "Al-Iqtisad News", that "there is no progress regarding the oil and gas law, as the dispute between the region and the center regarding the law continues," noting that "the most prominent points of contention are how to manage the oil fields, as the law states that they are managed by the central government, but the Kurds demand that the management of these fields be by the region, in addition to the marketing mechanism: is it through SOMO or through the region? In addition to the revenues." 

He added, "Discussion and sitting at the dialogue table is the best solution to bring points of view closer," explaining that "members of the Parliamentary Oil Committee met with President Abdul Latif Rashid, Prime Minister Muhammad Shia al-Sudani, and leaders of political blocs, who all expressed their support for passing the law to avoid important problems." 

He stated, "The committee demanded a meeting with the region's president, Nechirvan Barzani, to listen to, discuss and bring together points of view, but this meeting has not yet taken place." 

30 views  Added 07/24/2023 - 11:22 AM  https://economy-news.net/content.php?id=35293

Oil: Total Contracts Maximize Revenues And Develop The Petroleum Industry

Economical  2023/07/24  Oil stated that the contracts concluded with the French company Total will achieve a package of positive factors for the Iraqi economy, including the exchange of experiences and modern technology, the development of the oil industry, maximizing financial revenues and providing job opportunities, in addition to the most prominent importance of these contracts represented in stopping the flaring of gas and converting it into useful energy to supply national power stations and support petrochemical industries.

The official spokesman for the ministry, Assem Jihad, told Al-Sabah: “The agreement signed by the Ministry of Oil with the French company Total includes four important contracts that contribute to achieving sustainable development by investing gas with a capacity of 600 million standard cubic feet, in addition to placing huge financial investments in these projects.”

Jihad pointed out that the signed contracts bear great economic and strategic importance, through which the oil sector, the national economy and sustainable development can be supported, as this agreement includes a contract to transfer sea water, desalinate it and pump it to the oil fields or companies that extract oil, indicating the need for a barrel of water to extract a barrel of oil,

and therefore this project will transfer and desalinate sea water with a capacity of up to 5 million barrels per day, indicating the importance of this step in preserving water wealth and harnessing it for agricultural and human uses as well

.And the official spokesman stated that the agreement also included the conversion of gas-burned energy that accompanies oil extraction into energy that supplies electrical stations and all gas-related industries, and this project aims to achieve an investment rate of gas in the amount of 600 million standard cubic feet per day, as this project is divided into two phases, each phase 300 cubic meters.

Or 1 million cubic feet per day.

Jihad pointed out that the economic importance of the concluded agreement also lies in the development of the Artawi field in Basra Governorate, where Total produces from 80 to 90 to 210 thousand barrels per day.

As Jihad explained, the agreement will ensure the implementation of a project to benefit from solar energy at an amount of 1,000 megawatts, and this matter is one of the largest projects in the region and can be considered the real beginning of investment in the renewable energy sector, and thus these quantities also supply the national electric energy   https://alsabaah.iq/81070-.html

Iraq Imports Oil Products Worth More Than One Billion Dollars In Three Months

Energy  Economy News _ Baghdad  Iraq imported three oil products worth more than one billion dollars during the first quarter of this year, according to the Oil Marketing Corporation (SOMO).

A table published by "SOMO", seen by "Al-Iqtisad News", showed that "Iraq imported three oil derivatives at an amount of 1 billion 235 million 180 thousand and 755 dollars, with a quantity of 1 million 346 thousand and 451 tons in the first quarter of 2023."

And the table indicated that "the quantity of imported derivatives of white oil amounted to 86 thousand and 744 tons at an amount of 90 million 714 thousand and 810 dollars, while the amount of imported gas oil amounted to 366 thousand and 386 tons at an amount of 308 million 196 thousand and 376 dollars."

The table indicated that "the amount of imported gasoline amounted to 393 thousand and 320 tons, at an amount of 836 million and 269 thousand and 569 dollars."

Iraq imports some oil derivatives, especially improved gasoline, to fill the shortage in the local market, and China and India are the most prominent exporting countries to Iraq.

Views 12  Added 07/24/2023 - 9:50 AM  https://economy-news.net/content.php?id=35287

Political "Protection" Secures The Penetration Of Corruption In Iraq's Institutions: Does It Include The File Of Feeding The Army?

Policy |Baghdad today – Baghdad  Today, Monday (July 24, 2023), a member of the Parliamentary Integrity Committee, Representative Hadi al-Salami, justified not opening “many” corruption files that permeate Iraq’s institutions because of what he described as “protection” from political figures.

In an exclusive interview with "Baghdad Today," Al-Salami revealed what he called "substantial and dangerous" "suspicions" about feeding the Iraqi army. Stressing, "Many complaints and reports have been submitted to the Integrity Commission to follow up on this dangerous file," and calling for "the Integrity Commission to move quickly to open this file due to its seriousness."

According to Al-Salami, "suspicions" of corruption affect an important military apparatus in Iraq, warning, "Some of the foods served are unfit for human consumption."

He adds with criticism, "The large files of corruption permeate all state institutions without any exception, and the majority of this corruption is protected by influential political parties and personalities," and concludes his speech with some frustration, "that is why we find many of these files are not opened because of this protection."

Earlier, a member of the Parliamentary Security and Defense Committee, Yasser Iskandar, revealed the committee's intention to submit a letter to the Commander-in-Chief of the Armed Forces regarding the cancellation of "self-financing" contracts to feed the army. Confirming that the signatures of 21 deputies were collected for the purpose of uploading the book, while indicating that the parties behind the file are 90 percent corrupt and outside the military institution.

And the file of feeding the army shifted from its system from within the "units" to the "central" in 2020, which led to the arrival of "bad" meals to the soldiers, according to complaints from them.

It is noteworthy that feeding the army was done through self-sufficiency, which provides meals of good quality to the soldier, and at the required level, in contrast to what is now provided of meals that are not suitable for eating.   LINK

A Committee Of 27 Members To Follow Up On The Amounts Of Compensation For Article 140

The first  2023/07/24  Al -Sabah,  a committee of 27 members in the House of Representatives to follow up on the amounts spent entitled compensation for Article 140.

The head of the Turkmen Bloc, MP Arshad Al -Salhi, said that the formed committee is "devoted to following up the implementation of the compensation of Article 140, according to a representative order issued a month ago and included 27 deputies", expressing his hope that "it follows up the work of the government committee that spent the funds of Article 140", and explained that the committee is not political but to follow up the money spent During the past ten years. "

Al-Salihi said, in an interview with "Al-Sabah", that "the southern governorates suffer from non-disbursement of the funds allocated to the deportees and the displaced, which amount to two billion dinars, but nevertheless, the constitutional Article 140 could not resolve political matters," noting that "the article to restore the rights of the oppressed, but it did not provide anything for the future of Kirkuk and the disputed areas, and it failed to find solutions."

He continued, "Article 140 of the constitution must be amended, because in this formula it did not solve the political entanglement and did not bring solutions, so we must follow up on the funds of the Constitutional Article 140 Committee that were allocated to it."

He pointed out that "the government committee for Article 140 has been formed since 2007 and is still present in the General Secretariat of the Council of Ministers," stressing that "its funds were spent in a manner tainted by corruption, and we must reconsider the directors of the offices in the governorates, because some of those funds were spent by the governorates to compensate for the damages of terrorist operations, and this is not possible, as these funds are intended to address the policies of the defunct regime against citizens and not for terrorist crimes after 2003." https://alsabaah.iq/81093-.html

"Tidbits From TNT" Monday Morning 7-24-2023

TNT:

Tishwash:  Parliamentary Finance: Tomorrow we will host the Governor of the Central Bank to discuss the rise of the dollar

A member of the Parliamentary Finance Committee, Youssef Al-Kalabi, announced today, Sunday, that his committee will host tomorrow, Monday, the Governor of the Central Bank, Ali Al-Alaq, to ​​discuss the reasons for the dollar’s ​​rise against the dinar.

Al-Kalabi wrote in a post on the “Twitter” platform, which Earth News viewed, “Tomorrow, the governor of the central bank before the Finance Committee, and after that we will present our report to the Prime Minister on his eligibility or lack thereof to face the dollar crisis.”  link

 Tishwash:  Al-Shabandar on the dollar crisis: Iraq will not acquiesce, and patience has limits!

Iraqi politician Izzat Al-Shabandar confirmed today, Monday, that Iraq will not succumb to soft pressures, and the dollar crisis is not internal.

Al-Shabandar said in his tweet to him on Twitter, followed by {Euphrates News} that "soon, those concerned and everyone concerned with the stability of Iraq will make sure that the dollar crisis is not primarily internal, and everything that is internal can be fixed," noting that "the government of the Sudanese brother is moving towards reforming the financial system in the country."

And he added, "Let those who should know that Iraq will not compromise on its sovereignty or dignity," pointing out that "Iraq will not be part of the axes of conflict in the region and the world, and will not succumb to soft or rough pressures and be defeated by those who hate it, and patience has limits."   link

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Tishwash:  Al-Sadr attacks America and its ambassador to Baghdad: it enjoys playing as it pleases and does not care about anyone

On Sunday, the leader of the Sadrist movement, Muqtada al-Sadr, attacked the United States of America and its ambassador to Baghdad.  

Al-Sadr said in a post followed by "Nass" (July 23, 2023), that "America is the enemy of democracy and peace ... and the foolish (America's ambassador to Iraq) enjoys and plays as she wants and does not care about anyone."   link

Tishwash:  The malicious American plots continue to burn Iraq.. The dollar joins Washington's war tools

The dollar joined the destructive war led by Washington against Baghdad and its government in order to incite the street and stir up chaos, to announce new measures capable of inflaming the street because of the popular fear of catastrophic economic repercussions.

 According to the representative of the Al-Fateh Alliance, Muhammad Al-Baldawi, in a statement to Al-Maalouma, "Western countries have embarked on implementing a plan to spread chaos in Iraq after failing to overthrow the government and control the economy."

He added, "Western and Zionist colonialism is behind repeated insults to the Holy Qur'an in Europe," noting that "the West and the Zionist entity continue to try to dismantle Iraqi society."
Al-Baldawi pointed out that "all European actions towards Iraq aim to turn the country into an insecure area and show the extent of the deterioration of security under the pretext of not protecting diplomatic missions and other pretexts."

And Hezbollah Brigades stressed, yesterday evening, Sunday, the need to work to implement God's rule that is more right than deliberately insulting the Holy Quran, pointing out that the repetition of this action will push towards dealing with the government of Sweden as a government fighting God, His Messenger, and the believers. 

In the parallel framework of the conspiracy, the former deputy, Hamid al-Moussawi, accused the American side of fabricating the dollar crisis in order to raise popular pressure against the Iraqi government.

Al-Moussawi said in a televised interview, followed by Al-Maalouma, that "there is an American will that does not want the government to succeed," pointing out that "the Iraqi banking sector is being targeted by an American politician."

He added, "The government is required to move quickly to avoid the repercussions of Western pressure, and in the event that US sanctions continue, the dollar will exceed two thousand dinars per dollar."

He pointed out that "America is trying to bring back the October demonstrations again and stir up the street against the government of Muhammad Shia'a al-Sudani in order to acquiesce or overthrow it, as it did with Adel Abdul Mahdi." The expulsion of the ambassador of evil  

Mousawi confirmed, "The escalation of calls regarding the expulsion of the US ambassador, Alina Romanowsky, from various political and social sides, requires the government to reconsider her presence as a representative of her country in the capital, Baghdad." 

And he stated, "The suspicious movements of the ambassador and her interference in internal political and social affairs have become clear and do not need proof."

Al-Moussawi explained, "The government is obligated, through the Ministry of Foreign Affairs, to put an end to the movements of the American ambassador," noting that "the issue of promoting homosexuality is one of Romanowski's transgressions."  link

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