Iraqi News Highlights Late Saturday Evening 7-29-23

Iraqi News Highlights Late Saturday Evening 7-29-23

Tlm724 Administrator Bondlady’s Corner

After The US Ambassador's Tweet.. The Dollar Exchange Rate Decreased In Iraq

Economy | 10:18 - 07/29/2023  Baghdad - Mawazine News  The exchange rate of the dollar decreased this evening in the local markets in Iraq.   The selling price of the dollar recorded 151 thousand dinars for every 100 dollars, while the purchase price decreased to 150,500 dinars.

This came after the tweet of the US ambassador to Iraq, in which she confirmed that no sanctions would be imposed on the 14 banks that are banned from dealing in dollars. Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=232315

Statement Of The Iraq Economic Contact Group Of The G7, European Union And World Bank

By U.S. Embassy In Baghdad  July 29, 2023

On July 27th, the Iraq Economic Contact Group (IECG) held the first meeting under the co-chairmanship of Italy and the United States, who will lead the work of the Group for the second half of 2023.

As friends and partners of Iraq, the IECG aims to continue supporting Iraq in the implementation of a comprehensive and ambitious reform agenda, which can pave the way to achieve sustainable and inclusive economic development.

The IECG Ambassadors exchanged perspectives on the Budget Law, highlighting that it is the largest ever passed by the Iraqi Parliament, as well as the first ever to include a three-year federal budget plan, which will provide a framework for planning capital investment projects.

Besides providing resources to deliver services to the Iraqi population, including in the health and education sectors, the 2023-2025 budget entails interesting innovations compared to the past, including provisions to initiate export credit programmes and investments in infrastructure projects.

These might entail initiatives that have the potential to reinforce Iraq’s connections to the region and the world, such as the Development Road Project.

The IECG acknowledges the budget’s importance to implementation of Prime Minister Mohammed Shiaa al-Sudani’s government plan, while underscoring the need to keep track of the effects of possible fluctuations in oil prices and to ensure longer-term sustainability.

There is also a need to address the challenges related to climate change in the run-up to the COP28 conference, especially in terms of adaptation.

For the next semester, the IECG aims to focus on three priority areas:

1. Banking Sector Reform

Encouraging the reform and modernization of Iraq’s banking sector is essential to supporting economic growth.

The IECG will continue sustaining Iraq’s efforts and working closely with the Central Bank of Iraq in this direction, which include reforming State-owned banks , increasing compliance with international standards, strengthening links with international banks, countering money laundering, and promoting the role of private banks.

In parallel, efforts to tackle corruption and to digitalize the economy need to continue in order to achieve greater transparency and accountability, especially in view of Iraq’s ongoing evaluation by the Financial Action Task Force (FATF).

2. Business Environment and Private Sector Growth

Iraq’s prosperity and resilience also depends on the ability of a vibrant private sector capable of providing job opportunities outside of the public sector, with specific attention to women, youth and vulnerable groups, and alternatives for income creation that can reduce the country’s dependency on oil revenues. By ensuring equitable access to employment and laying the foundation for green growth, Iraq can build an economy that is more inclusive, resilient, and sustainable.

To do so, the Government of Iraq needs to tackle structural challenges and sustain the implementation of key reforms that could improve the level of investment.

In this respect, the IECG will support structural reforms that aim to improve the business environment and to promote access to credit, especially for micro, small, and medium enterprises (MSMEs), as well as to reinforce the attractiveness of Iraq to international investors and foreign companies seeking commercial opportunities in the country, while appraising the Government for the efforts to progress on reforming the legal framework.

The IECG supports capacity-building initiatives entailing skill development, access to technology, and managerial training programs, while encouraging collaboration with local businesses and industry associations in shaping policies and reforms. In addition, the IECG will promote responsible and sustainable business practices that take in consideration the social and environmental impact of private sector activities.

3. Engagement with International Organizations and Financial Institutions

The IECG encourages strengthening ties with international organizations and financial institutions that can help Iraq advance its reform agenda. Rapidly completing accession to the European Bank for Reconstruction and Development (EBRD) would send a clear signal about Iraq’s readiness to engage in the international economic arena, while providing policy advice and technical expertise, especially in private sector development and banking reform, and additional resources to sustain its reform efforts.

The IECG is ready to provide assistance to complete the procedure, also with a view to facilitating engagement with the European Investment Bank (EIB). The IECG encourages maintaining dialogue with the International Monetary Fund (IMF) on a potential unfunded program and fully leveraging the wide array of financial and technical instruments of the World Bank that are at direct disposal of the Government.

The IECG commends Iraq’s efforts to accede to the World Trade Organization (WTO), that could provide additional benefits, especially in terms of improving Iraq’s legislation and technical assistance.

More broadly, the IECG acknowledges overall progress in terms of stability achieved in the past months, which is a fundamental condition to relaunch Iraq’s economy and to work for the country’s long-run sustainable development. We welcome the engagement of the Government of Iraq in cultivating constructive relations with the international community, and we reaffirm our commitment to deepen our economic partnership while helping to advance on the reform agenda.

https://iq.usembassy.gov/statement-of-the-iraq-economic-contact-group-of-the-g7-european-union-and-world-bank/

Romansky Announces The Success Of Its Mediation Between The Iraqi Central Bank And The US Treasury

Iraq  Saturday, July 29, 2023 8:07 PM  Baghdad / National News Center  Romansky announces the success of its mediation between the Iraqi Central Bank and the US Treasury

https://nnciraq.com/219042/

Economist: The Price Of The Dollar Will Drop To 1400 Dinars

Political | 07:19 - 07/29/2023  Baghdad - Mawazine News  Economic expert Abdul Rahman Al-Mashhadani predicted, today, Saturday, that the exchange rate will soon decline by 1,400 dinars to the dollar.

Al-Mashhadani told the official agency, followed by Mawazine News, that "the issuance of the US Treasury Department's decision to prevent 14 Iraqi banks from dealing in dollars caused fluctuations in the exchange rate between high and low."

He added, "The government subsequently applied a series of measures based on the Prime Minister's directives, which coincided with other measures from the Central Bank of Iraq, in which 116 exchange companies were authorized to obtain their shares of the dollar from new banks other than those that had been issued a decision to prevent them, and this matter will contribute to an increase in the value of money." The dinar against the dollar again.

He continued, "These measures will restore prices to what they were before the crisis, but more than that, as well as there are government measures to reduce taxes imposed on entering the currency auction, and this will lead to price stability, which we expect to reach 1,400 dinars to the dollar."

And the governor of the Central Bank, Ali Al-Alaq, confirmed that “the rise in the exchange rate is temporary and that the central bank diagnosed the manipulators, while indicating that the government agreed to a proposal for the bank to ease tax procedures to obtain the dollar.” Ended 29

https://www.mawazin.net/Details.aspx?jimare=232302

 The Exchange Rates Of The Dollar Against The Dinar In The Iraqi Markets

Economy   Saturday, July 29, 2023  Baghdad / National News Center  The exchange rates of the dollar in the Iraqi markets ranged between 153,100 to 153,300 for every 100 US dollars, this morning, Saturday.

The following are the exchange rates in some of the country's governorates:

Baghdad  153,100   Basra  153,150   Erbil  153,300    https://nnciraq.com/218922/

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 29, 2023

Goldilocks' Comments and Global Economic News for July 29, 2023

RJ:  Good evening Dinar Recaps,

Goldilocks posted comments and links on the global financial system:

Heartland Tri-State Bank of Elkhart, Kansas, failed on July 27, with the Federal Deposit Insurance Corporation taking control. New York (CNN) — Heartland Tri-State Bank of Elkhart, Kansas, failed on Friday, with the Federal Deposit Insurance Corporation taking control. 

AlbanyHerald LInk

On September 30th, the Office of the United States Trade Representative (USTR) will review Section 301Tariff Exclusions with China.

These Exclusions are set to expire at that time. It will leave open an opportunity for new trade agreements with China. For now, many companies are uncertain about future import costs with China.

The shipping industry has come a long way in digitizing their production business. It would be a great time to begin new digital-asset based trading protocols.

© Goldilocks

Section 301 Tariff Exclusions Will Expire Soon, Unless Extended | White & Case LLP
https://www.whitecase.com/insight-alert/section-301-tariff-exclusions-will-expire-soon-unless-extended#:~:text=The%20exclusions%20process%20was%20originally,tariffs%20would%20result%20in%20severe

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"Regulators issue guidance on Fed discount window, emergency borrowing"

It looks like we are on alert at this point. Banks are being given a contingency plan with the Fed "Discount Window Opportunity" being presented to them.

Contingent liquidity is the holding of high quality liquid assets (gold) to meet sudden or unexpected funding obligations. This includes the absorption of potential losses.

This is why the Basel 3 proposal plan had to be in place yesterday. Banks are aware we are rapidly approaching a period of time for market transitions to occur. Some companies will rise and others will fall during this period of transition.

Basel 3 and the FEDS guidance on a contingency plan tells us our economy is about to go into real values across every sector of the market.

© Goldilocks

https://www.americanbanker.com/news/regulators-issue-guidance-on-fed-discount-window-emergency-borrowing

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Currency reforms around the world are beginning to take center stage.

There is no doubt that India will be on the cutting edge of growth potential going forward.

Their Unified Payments Interface is putting them on the map for currency transactions around the world.

As our Global Markets reset to real values, look for more bilateral trade agreements between India and other countries to pick up the pace.

© Goldilocks

https://www.livemint.com/economy/next-up-legal-bureaucracy-and-currency-reforms-11690484119393.html

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China State Banks have recently been selling the dollar to prop up the Yuan.

“This means that smoothing yuan depreciation pressure may become more of a policy priority from now on. This is in line with the People’s Bank of China’s (PBOC) further tightening of FX policy recently.”

This is a form of currency intervention whereby the stabilization of a country's currency is the priority.

Most often than not, these protocols are steps that are taken just before you see a currency exchange rate change.

In the East, we are witnessing many countries switch from the dollar to the Yuan in exchange rate settlements. As countries peg their National currencies to the Yuan in settlements regarding their trade transactions together, this creates a trust line between the two countries that builds demand and value for each other's currencies.

Through money velocity, the demand for each other's currencies will build value in trades over the course of time.

It is important to note that the Chinese Yuan is backed by gold. This is an interesting scenario indeed as it has the potential to level the playing field in trades in our Eastern half of the world especially when Basel 3 is activated around the world.

© Goldilocks

https://www.hellenicshippingnews.com/china-state-banks-seen-selling-us-dollars-to-prop-up-yuan-sources/

https://en.m.wikipedia.org/wiki/Currency_intervention

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Banks’ restatements of uninsured deposits jump fourfold | Banking Dive
https://www.bankingdive.com/news/restatements-uninsured-deposits-zions-bofa-huntington-fdic-special-assessment-fee/688778/

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The US ambassador in Baghdad announces the success of her mediation between the Iraqi Central Bank and the US Treasury

https://search4dinar.wordpress.com/2023/07/29/the-us-ambassador-in-baghdad-announces-the-success-of-her-mediation-between-the-iraqi-central-bank-and-the-us-treasury/

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Economist Abdul Rahman Al-Mashhadani confirmed that the recent government measures in addition to the measures of the Central Bank will contribute to raising the value of the Iraqi dinar against the dollar.

Al-Mashhadani, in a statement to the Tigris, pointed out that “the US Treasury sanctions on the 14 banks, were taken by the government to direct Prime Minister Mohammed Shia Al-Sudani to build the conversion of 116 exchange companies that were receiving their weekly shares of the dollar from the penal banks to other banks that will necessarily raise the value of the Iraqi dinar.”

Al-Mashhadani added that “these measures, if actually applied and continued, will pay for a depreciation of the dollar more against the Iraqi dinar and the actual value may reach 140 thousand dinars.”

https://www.dijlah.tv/index.php?page=article&id=332364

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Saturday Afternoon Iraq Economic News Highlights 7-29-23

Saturday Afternoon Iraq Economic News Highlights 7-29-23

Economists: An Almost Complete Halt To The Applications Of The Dollar Exchange In Iraq

WRITTEN BY: SOCIAL BAGHDAD  07-28-2023   The electronic stock exchange applications witnessed a halt in displaying updates of the dollar exchange rate in the parallel market.

Economists pointed out that mobile applications that work to promote local exchange rates, black market exchange rates, their data do not reflect the real demand in the market as an auction and a real electronic stock exchange, but rather it is just a media display.

Earlier, experts warned against using these applications as a tool to change the direction of the market, due to their wide spread and the degree of dependence of markets, traders and merchants on their presented data, through the imaginary effect on exchange rates and the impact on the markets. LINK

19/08/2019 Talk About Re-Work Coin And Delete The Zeros From The Paper

19/08/2019  A member of the Parliamentary Finance Committee revealed that there is a tendency to reintroduce the coin that has been used for decades in the country, while another member of the Committee proposed to pre-empt the coining process by “deleting zeros” from the current currencies so that there would be value for the small cash classes.

 The committee member, MP Hanin al-Qadu, that "during meetings and discussions with officials at the Central Bank stressed the need to re-work coins that were used in Iraq during the past decades, rather than paper that is damaged and printed in large quantities again."

 He explained, "The use of metal categories and their descent for trading gives a notional value of the currency," noting that "a number of neighboring countries (exchange rates are very high against the dollar) and yet we find that it has a coin in order to preserve the currency and not need to request more papers Cash, especially in small categories. "

 He expressed surprise at the "policy of the Central Bank, which does not favor the introduction of coins for circulation in the Iraqi market."

 The Central Bank of Iraq announced in April 2005 to offer coins of denominations of 25, 50 and 100 dinars for circulation for the first time after it was canceled by the regime of Saddam Hussein after the Gulf War in 1991.

 The Iraqi currency was canceled in 1991 when the international economic embargo on the country to increase the rate of inflation in Iraq by 1000%, and the result of the situation under the economic siege and a significant rise in prices led to the destruction of the value of the Iraqi currency and reaching a very low and severe exchange rate , Which made the coin and the few currency denominations without value.

 It is noteworthy that the Iraqi dinar, which was equal to 3.22 dollars before the occupation of the former Iraqi regime of Kuwait in 1990, its value fell to one dollar equivalent to three thousand dinars by 1996.

 Another member of Parliamentary Finance said, "The cost of a coin is more than paper money, and it is more difficult to carry it on the citizen."  

MP Ahmed al-Saffar said that "inflation in the economy prevents the minting of coins and make them circulate among citizens," suggesting that "there is a step to delete the zeros before the coinage process to be a value for small groups to large."    https://www.basnews.com/so/

Hedging From Crises.. An Exceptional Demand For Gold In Iraq And Algeria

Economy  |Baghdad today - follow-up  The parallel currency exchange market and the real estate market are no longer the only ones affected by the rise in inflation and the collapse of the dinar in Algeria, as the gold market, which has lived in stagnation for years, is finally reviving due to the growing fears of citizens about the collapse of the country's currency, and with it the fall of the faltering economy.

The demand for gold during the past months exceeded the Algerians’ rush to buy the precious metal with the beginnings of the “Corona” pandemic, which led to an increase in the price of one gram of “broken” (used) gold, to reach 7 thousand dinars ($ 51), for local 24-carat gold. carats, after it ranged between 4 thousand dinars ($29) and 5 thousand dinars ($37), earlier, and new gold prices rose by about two thousand dinars per gram, to touch the threshold of 10 thousand dinars per gram ($74). This comes in light of the spread of adulterated gold.

Omar, one of the sellers in the "Wad Kniss" garden, famous for selling gold in the center of the Algerian capital, reveals that "the fear of the fall of the value of the dinar has become a preoccupation for Algerians now, as they are all afraid of a repeat of the Venezuelan scenario."

Sliding Conditions

For his part, the seller, Reda, said, "This period usually knows the recovery of the gold markets, as it is the season of weddings and social events, but the Algerians' fear of slipping social and economic conditions prompted them to take refuge in gold, and what we live today we have already lived through in 2020 with Corona, and the year 2017, when The country witnessed a rush to acquire gold after the worsening decline in the value of the dinar.

In 2022, the Algerian currency lost more than 30 percent of its value against the dollar, after it jumped from 113 dinars to 139 dinars per dollar at the end of 2020, before settling at 135 dinars since the beginning of the current year, in the largest slide of the Algerian dinar against foreign currencies. This prompted inflation to double from 4 percent to 12 percent, according to government figures.

"Algerians' fear of the collapse of the dinar increases with the passage of days, especially with their suffering from a decline in their purchasing power," said economist Jamal Noureddine. Noureddine added, speaking to The New Arab, that "Algerians no longer trust their currency or even their country's economy, and prefer to transfer their money to foreign currencies and gold, and this is a politically and economically dangerous matter."

Negative Effects

He pointed out that Algeria lived through a similar scenario in 2020 with the emergence of the Corona pandemic, and in 2011 when the "Arab Spring" began, as citizens feared unrest in the country, so they rushed to extract money from bank balances and money kept in homes and convert them into euros by virtue of the geographical proximity with The old continent, which caused a severe liquidity crisis in the country, and the banks announced at that time the establishment of strict controls for daily withdrawals, and something of this is happening today. .

Regarding the negative effects, the Algerian expert says, "The demand for gold will increase the financing of parallel markets with monetary blocks, because transactions in this market are mostly outside official activities."

In Iraq, the market is witnessing an increase in the prices of gold in its various categories, as the price of selling a gold weight known as "Gulf gold", 21 karat, which is prevalent in the local market, ranges between 400 thousand dinars and 410 thousand, and the selling price of an Iraqi gold weight ranges between 370 thousand And 380 thousand dinars. (1320 dinars for one dollar), and one weight of gold is equal to five grams, and the price of an ounce of gold (201 grams) is 1931 dollars.

The Iraqi market also witnessed purchases of gold with the aim of saving, despite the high prices, due to the loss of confidence in monetary currencies on the one hand, and the poor performance of investment banking for the saved funds on the other hand.

Monopoly

Economic researcher Nabil Jabbar Al-Tamimi considered that buying gold in Iraq is one of the issues of safe and profitable savings at the same time, despite the high prices, stressing that gold prices rose in two years from $1,300 to $2,000 per ounce.

Al-Tamimi added that, in light of the limited investment opportunities in Iraq, the weakness of the banking system, and the loss of confidence in it, the Iraqis find that buying and storing gold is a kind of saving, indicating that most gold savers are those who have not much money, because it is not possible to buy real estate or fixed and profitable assets.

For his part, Ammar Al-Azzawi, a gold dealer in Baghdad, said that people's interest in buying gold continues despite the high prices, and there is a moral and material value of gold that makes it a means of saving and preserving money from loss and loss of value.

Al-Azzawi stressed, "There are large merchants and companies in Iraq that control the market, and have a role in people's desire to buy, especially in times of crisis, as any crisis that occurs, whether it is the rise or fall of the dollar, or market fluctuations and inflation, is exploited through propaganda campaigns or Spreading rumors that gold will rise in the future, which prompts people to buy collectively

Economic researcher Abd al-Salam Hassan said that there are cheating processes for gold sold through molten gold before placing it in the design moulds, indicating that the cheating process in the material is difficult to detect except through experienced goldsmiths or experts in gold.

And about the interest of savers to buy gold, Hassan indicated that the lack of confidence of individuals in the financial system followed by Iraqi banks and the lack of security are among the most important reasons that drive saving it as a stable means.   Source: "The New Arab"   LINK

Dollar Exchange Rates In The Iraqi Market

Economy  2023-07-29 | 12,542 views   Alsumaria News – Economy  Alsumaria News publishes, today, Saturday, July 29, 2023, the exchange rates of the dollar in the Iraqi local markets.  

Baghdad   153,100     Basra  153,150      Erbil  153,300 

Economists expected the continuation of the dollar crisis. This also comes after Washington imposed sanctions on 14 Iraqi banks, in a crackdown on Iran's dealings in dollars.

The Iraqi parliament moved to address the crisis, and the Finance Committee hosted the Governor of the Central Bank, Ali Al-Alaq, to​​also discuss the bank's measures to stabilize currency prices.

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. ). LINK

Basra Oil Achieves Unprecedented Weekly Gains Due To The Scarcity Of Supply

Information / Baghdad..    Basra crude achieved significant gains due to the scarcity of supply after Saudi Arabia and OPEC countries cut supplies.

Basra Heavy crude closed in its last session on Friday, at an increase of 54 cents, to reach 81.79 dollars, and recorded a weekly gain of 3.75 dollars, equivalent to 4.81%.

While Basra Intermediate crude closed in its last session, also at an increase of 54 cents, to reach 84.84 dollars, and also recorded weekly gains of 3.15 dollars, or the equivalent of 3.85%.

As for Brent crude, it closed in its last session of Friday, up by 75 cents, to reach $84.99, and recorded a weekly gain of $3.92, or 4.84%.

West Texas Intermediate (WTI) crude closed in its last session on Friday, also up by 49 cents, to reach $80.58 a barrel, and recorded a weekly gain of $3.51, or 4.55%. Ended25   LINK

Iraq Increases The Quantities Of Oil Subsidized To Jordan From The Kirkuk Fields

Economy ,  07/29/2023 10:23 , Number of readings: 141   Baghdad-Iraq today:  The Iraqi government agreed to increase the volume of crude oil exports transported by trucks to neighboring Jordan.

And the MEES website, which analyzes data related to oil and gas in the Middle East, quoted Jordanian Prime Minister Bishr Al-Khasawneh as saying, “Baghdad agreed to increase exports of Kirkuk crude transported by trucks to Jordan, from 10,000 barrels per day to 15,000 barrels.”

 The Jordanian Prime Minister, Bishr Al-Khasawneh, paid an official visit to the capital, Baghdad, on July 24, during which he met with the Iraqi Prime Minister, Muhammad Shia'a Al-Sudani, and other state officials, and discussed with them joint cooperation and trade exchange.

The site mentioned that Iraq's exports of 70,000 barrels per day, via trucks to the Jordanian Zarqa Refinery, were temporarily stopped last April after the end of the supply agreement between the two countries, despite the approval of the Iraqi Council of Ministers to renew it in late March 2023.

The oil is supplied to Jordan at a discount of up to $16 billion, which usually covers trucking costs. LINK

Iraqi News Highlights Late Friday Evening 7-28-23

Iraqi News Highlights Late Friday Evening 7-28-23

Tlm724 Administrator Bondlady’s Corner

US State Department: We Did Not Impose Sanctions On The 14 Iraqi Banks

Posted On 2023-07-28 By Sotaliraq  US State Department to Rudaw:  The US State Department confirmed that it did not impose sanctions on the fourteen Iraqi banks, but rather removed them from the list of the Central Bank of Iraq.  On Thursday (July 27, 2023), US State Department deputy spokesman Fidan Patel told the Rudaw Media Network correspondent in Washington, Diyar Korda, that his country did not impose sanctions on the 14 Iraqi banks at the beginning of this July, but rather they were removed from the list of the Central Bank of Iraq.

He stated that "the US Federal Bank and the US Treasury Department removed the names of 14 banks from the list of the Central Bank of Iraq," noting that "these measures limit the ability of parties seeking to launder the US dollar."

The following is the text of Rudaw Diyar Korda correspondent's questions and Fidan Patel's answer to them:

Roudao: I have two questions about Iraq and the region. With regard to the sanctions imposed on Iraqi banks, which caused protests in Iraq and affected the value of the Iraqi dinar, why did America impose sanctions on those banks, and did you warn Iraq against the exit of the dollar to the countries neighboring Iraq?

Vidan Patel: Let's go back a little to be more clear. Since the beginning of July, the US Treasury Department and the US Federal Bank have removed 14 banks from the list of banks that can obtain foreign currency from the Central Bank of Iraq, and these measures have helped limit the capabilities of bad people who launder The US dollar, benefiting from the Iraqi homeland, and evading US sanctions. I also want to point out that corruption causes challenges for the Central Bank of Iraq.

Our government is working with the Iraqi government to overcome these challenges, and that the Prime Minister, Muhammad Shia' al-Sudani, takes the integrity of the Iraqi financial system seriously, and all procedures are followed in coordination and parallel with the vision of the Iraqi Prime Minister, that the Prime Minister is fighting corruption and modernizing the Iraqi financial sector.

Roudao: My question is about Russia's involvement in Syria. Will you respond to Russia's practices in northwest Syria against your drones?

Vedan Patel: I talked a little bit about this issue at the beginning of the week, and I want to stress the statements of the Pentagon and the White House that these Russian practices embody a violation of the announced protocol, and a violation of international laws. We call on the Russian forces in Syria to stop these dangerous and reckless actions immediately, and without a doubt we will follow the necessary measures to preserve the safety of our forces and the civilian people in the area.  LINK

The Iraqi Dinar Loses 17% Of Its Value.. Bloomberg: There Are No Additional Sanctions On Iraqi Banks

Posted On2023-07-28 By Sotaliraq  Today, Friday (July 28, 2023), the Bloomberg Economic Network confirmed that the Iraqi dinar lost about 17% of its value as a result of the sanctions issued by the US Federal Reserve against 14 Iraqi banks last week, declaring that there are no additional sanctions.

The network said, according to what was translated by “Baghdad Today”, that the US Federal Reserve “does not show any current indications of its intention to add more Iraqi banks to its sanctions list,” explaining, “It is now unlikely that the US Federal Reserve will add sanctions that threaten diplomatic relations between the two countries.”

It is noteworthy that the media published information during the past week that talked about the intention of the US Federal Reserve to impose more sanctions on Iraqi banks amid widespread demonstrations of beneficiaries of the services of banks that the US Federal Reserve imposed sanctions on as a result of losing part of their financial assets.   LINK

The Minister Of Oil Outlines Projects To End Gas Flaring And Reveals Immediate Guidance To Officials

2023-07-28 By Sotaliraq   The Minister of Oil summarizes to “Baghdad Today” projects to end gas flaring and reveals immediate guidance to officials.

Deputy Prime Minister for Energy Affairs, Minister of Oil, Hayan Abdul Ghani confirmed today, Friday (July 28, 2023), that the ministry is proceeding with implementing important projects to end gas flaring, while announcing Issuance of directives to officials and employees of the Ministry to exert maximum efforts to advance the oil sector.

Abdul-Ghani said, in an interview with “Baghdad Today,” that “Prime Minister Muhammad Shia’ al-Sudani issued directives to expedite the implementation of gas investment projects,” pointing out that “signing with the “Total” company and completing projects in the fields of Basra and others are all projects that will end the burning of gas. gas years later.

And he continued, “The associated gas and stopping its burning is an important matter, and we have been working on it since we assumed the management of the ministry, especially since the projects to end gas burning and invest it in operating stations and factories are within the government program of the Prime Minister,” noting that “the government’s interest and the prime minister’s close follow-up to projects in the investment sector.” Gas will accelerate the achievement of goals and harvest positive results on the ground during the coming period.”

The Minister of Oil indicated that he "directed officials and workers to exert maximum efforts in order to implement projects for the advancement of the oil sector and the optimal investment of the national wealth."

On Wednesday (July 19, 2023), the Minister of Electricity, Ziyad Ali Fadel, announced the details of the contract signed between the Ministry of Oil and the French company Total Energies, and while he indicated that it would contribute to providing fuel for electric stations in the future, he confirmed that it would serve the Iraqi citizen.

Fadel said in an interview with “Baghdad Today”, that “Oil Minister Hayan Abdul-Ghani worked through the Ministerial Energy Council to proceed with important contracts stemming from the government’s directions within its program, the most important of which is the signing with the French energy company Total, to ensure important and strategic projects for the development of the oil sector.”

Extraction and ending gas burning in five fields, and reliance on sea water in oil projects, which reinforces the failure to go towards using water that serves the citizen in oil extraction projects.

Fadel added, "One of the most important projects for Total, which will serve the citizen, is a power plant project with a capacity of (1000) megawatts, powered by solar energy."

On Monday (July 10, 2023), Iraq and the French company Total Energies signed a deferred agreement with investments amounting to $27 billion, aiming to increase oil production and enhance the country's ability to produce electricity through the implementation of 4 oil, gas and renewable energy projects.

The agreement was signed in 2021 with initial investments of $10 billion for a period of 25 years, but its implementation was postponed due to disagreements between the country's political parties regarding its terms.

Total's share will be 45%, while Qatar Energy will have a 25% stake, and the remaining 30% will go to Iraq.   LINK

Oil Prices Rose, And Brent Crude Reached Its Highest Level Since Last April

Friday 28 July 2023 05:32 | Economical Number of readings: 446

Baghdad / NINA / - Oil prices rose at the end of trading, Thursday, supported by the scarcity of supply after the (OPEC Plus) group cut its production, and renewed hope for a recovery in Chinese demand and global growth.

Brent crude rose $1.32, or 1.6 percent, to reach $84.35 a barrel, for the first time since last April, and US West Texas Intermediate crude closed up $1.31, or 1.7 percent, to $80.09.

Crude oil recorded weekly gains four times in a row, amid an expected tight supply due to the production cut of the (OPEC Plus) group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

Government data showed Thursday that the US economy grew by a more than expected rate of 2.4 percent in the fourth quarter of the year, after the strength of the labor market supported consumer spending and companies boosted investment in equipment, which may lead to avoiding a recession.

https://ninanews.com/Website/News/Details?key=1067351

Central Bank: Iraq Annually Imports Goods Worth $60 Billion

Governor of the Central Bank Ali Al-Alaq   The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced that Iraq imports goods worth $60 billion annually.

Al-Alaq said in an interview with Al-Iraqiya News Channel, which was viewed by "Al-Iqtisad News", that the daily announcement of the sale of the dollar by the Central Bank of Iraq cannot be considered an actual sale, as we transferred 200 million dollars through the dollar sale window, so 150 million dollars may be accepted from it and the rest It is classified under several boxes, including refusal, requesting information, or pending.

He stressed that Iraqi trade needs more than what we sell from the dollar through the window, noting that 118 exchange companies have turned to deal with new banks instead of the banks that were punished by the US Treasury.

He pointed out that the Western Union and MoneyCram companies will be transferred to work with new banks instead of the previous ones, during the next week, noting that the level of financial inclusion in Iraq is still low despite the high percentage of the population.

And he indicated that the rights of citizens in the punished banks are preserved through the deposit guarantee company, and that the punished banks do not suffer from a liquidity crisis.

Views 220  Added 07/28/2023 - https://economy-news.net/content.php?id=35388

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Saturday Morning 7-29-2023

TNT:

CandyKisses:  The truthful: The arbitrary American measures aim to undermine the progress of the Sudanese government

Information / Baghdad..

 On Saturday, Zainab al-Moussawi, the representative of the Sadiqun Bloc, accused the American side of planning to undermine all Iraqi government reforms.

 Al-Moussawi said in a statement to Al-Maalouma, "The recent US sanctions against Iraqi banks aim to stir up Iraqi public opinion against the government of Muhammad Shia'a Al-Sudani."

 And she added, "The US interventions will increase their pace during the coming days, and may lead to imposing a series of sanctions on other banks."

 And she indicated that "all American decisions are in violation of international law, especially with the progress of the Sudanese government in the anti-corruption file and other sovereign and economic files.

CandyKisses:  'Suspicious banking activities' and $15 million seized. Details of raids on companies in Baghdad

Baghdad - NAS  

The Supreme Judicial Council announced on Friday the arrest of defendants engaged in suspicious banking activities and the seizure of $ 15 million.     

The Media Center of the Judicial Council stated in a statement received by "NAS" (July 28, 2023), that "under the supervision of the Third Karkh Investigation Court and in coordination with a team from the National Security Service, the Iraqi Anti-Money Laundering Office and the Exchange Control Department at the Central Bank of Iraq, defendants were arrested carrying out suspicious banking activities and confessed to taking companies doing business as a cover to smuggle currency out of Iraq."  

He added, "These companies were raided in different areas of Baghdad and seized amounts of money estimated at fifteen million dollars and deposited with the Central Bank after the Anti-Money Laundering Office submitted its reports containing suspicions of money laundering in a way that monopolizes the dollar currency in this way."  

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CandyKisses:  Integrity: Bringing in 4 former officials in the Ministry of Commerce damaged public money with 109 billion

Economy News - Baghdad

Integrity: Bringing in 4 former officials in the Ministry of Commerce who damaged public money by 109 billion The Federal Integrity Commission revealed on Friday that an order was issued to bring in 4 former officials in the Ministry of Commerce for deliberately causing damage to state funds amounting to 109 billion dinars.

The judge of the Investigation Court competent to consider integrity issues in Basra issued a recruitment order against 4 general managers who successively managed the General Company for Food Trading of the Ministry of Commerce for their role in the case of damaged tea in the company's warehouses in Basra," the authority's investigations department said in a statement.
She added that "the defendants were included in the amount of (108,739,642,000) billion dinars, to be paid in one payment equally between them for the value of damaged tea amounting to (19,770,844) tons, based on the provisions of the Inclusion Law No. (31 of 2015)."

She explained that "the mentioned quantity represents the total quantities of tea damaged in all governorates, as a result of the negligence of the defendants and their failure to take legal action against the violating companies," pointing out that "in the event of their failure to pay, the amount will be collected from them, in accordance with the provisions of the Government Debt Collection Law No. (56 of 1977)."

The department pointed out that "the competent court in Basra issued the recruitment order based on the provisions of Article (340) of the Penal Code

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CandyKisses:  Prime Minister: We are determined today to fight corruption

Baghdad/Obelisk Event: Prime Minister Mohammed Shia al-Sudani said on the anniversary of the martyrdom of Imam Hussein (peace be upon him), "We are determined today to fight corruption.

The obelisk publishes screenshots of the Sudanese speech:

Prime Minister: There are few historical situations in which men turn into an issue and courageous and pivotal decisions turn into ideals that people magnify over time

Prime Minister: Hussein has risen at a time when the conditions of the nation have deteriorated and the origin of the Muhammadan message has been subjected to an attempt to distort and the scarcity of telling the truth and subjected people to subjugation by the sword or money and the use of public funds in favor of an unjust league does not see its fate

Prime Minister: The forces fought by the Muhammadan message embarked on an attempt to hijack it and reimpose deviant concepts, just as they sought to erase the essence of the ideas of equality, people's rights and the principles of justice carried by the Prophet (peace be upon him)

Prime Minister: In such difficult circumstances and circumstances, Abu Abdullah resounded with rejection and fatherhood, restoring the constants on which the Islamic nation was founded and distinguished with the heart of a believer the belief of injustice, so he said that he went on methodically and scientifically: "Hihat from us humiliation"

Prime Minister: It is not like Hussein (pbuh) a fortress or evidence by which we can infer the correctness of the approach or the righteousness of the path

Prime Minister: The more time passes, the more Hussein attends strongly among us, and the more chaos intensifies and the discourse of ignorance and confusion of facts prevails, we return to Hussein's positions to give us a clear light that carries the guidance of the Messenger of humanity without falsification or deviation

Prime Minister: If we are determined today to fight corruption and deter black hands from extending to public funds, Hussein is inevitably present among us with the prestige of his decision, the transcendence of himself and the clarity of his path

Prime Minister: If we are looking today for the best way to serve our people, protect their rights, fight the causes of poverty and reform the future of present and future generations, Hussein is present as a pillar and starting point for these ambitions

Prime Minister: If we are to be guided by a valid approach in combating intellectual and moral deviations, there is no better approach than that of Hussein (peace be upon him) that can be a starting point and a basis in the face of every deviation

Prime Minister: The same principles that push us to adhere to the path of state-building, reform, extending the standards of right, humanity, constitutionality, social justice, and working for the prosperity of our country

Mot: ....and yet another ""Marital Tip"" from ole Mot of Course!!!

Mot:  ........ the latest Petiton going round!!

Friday Afternoon Iraq Economic News Highlights 7-28-23

Friday Afternoon Iraq Economic News Highlights 7-28-23

Parliamentary Finance: Working With The Budget Law Will Contribute To An Increase In The Value Of The Dinar

Economy  12:28 - 2023-07-28  The Parliamentary Finance Committee confirmed that there is no official justification for the rise in the value of the dollar against the dinar, while attributing the occurrence of the problem to the lack of dollar supply and rumors prevailing in the market. 

Committee member Dr. Nermin Maarouf said that the lack of dollar supply by the Central Bank and the rumors circulating in the market and social networking sites affected the decline in the value of the Iraqi dinar against the US dollar, but in conclusion there is no official decision to raise the value of the dollar against the dinar, suggesting the rise in the value of the dinar. In the near future.

The representative of the National Union parliamentary bloc added that the Iraqi government is forced to put the dollar in its possession from the sale of oil to the market and replace it with dinars, in order to distribute salaries and complete projects, which leads to an increase in the supply of the dollar in the market and thus a decrease in its value, noting that the entry into force of the budget law He, too, will contribute to the rise in the value of the dinar against the dollar, because according to the Federal Budget Law, the price of one hundred dollars has been set at one hundred and thirty thousand dinars.

https://kirkuktv.net/AR/Details/16530

Finance Minister Talking About The Tripartite Budget

Policy   2023/07/28 Number of readings: 264   Baghdad - Iraq today:  Finance Minister Taif Sami Muhammad stressed the importance of completing the instructions for implementing the tripartite budget.

A statement by the ministry stated, “The Minister of Finance, Taif Sami Muhammad, stressed the importance of expediting the procedures for reviewing the instructions for implementing the federal general budget for the years 2023, 2024 and 2025 No. 13 of 2023, which was recently approved by Parliament, by redoubling coordination and cooperation efforts with all relevant agencies and institutions."

and emphasizing that support reaches those who deserve it, in addition to moving towards advancing sustainable development. Facing international and local economic challenges.

And she urged the Minister of Finance, according to the statement, "that the Ministry of Planning issues the necessary controls to facilitate the task of listing projects of an investment nature, as well as all listing requirements. It is noteworthy that the technical coordination meetings It has been continuing since the beginning of this week between the Ministry and the Instructions Implementation Committee, with the participation of representatives of all concerned authorities.  LINK

https://www.nasnews.com/news/9090f0b2e-111726-202307280230.jpg

On Charges Of Smuggling The Dollar.. Referring The Owners Of Exchange Offices To The Judiciary In Erbil

2023.07.28 - Baghdad - Nas    Kurdish media reported, on Friday, that the owners of seven exchange offices were referred to court on charges of smuggling dollars abroad, and their offices were closed.    

According to reports based on security sources in the market, followed by "NAS" (July 28, 2023), "the owners of these offices submitted statements to the court, and they will be interrogated by the Erbil security judge, and a decision will be taken regarding them." 

https://www.nasnews.com/view.php?cat=111726

The Media Authority Issues Directives To Support The National Economy And The Dinar

July 27, 2023  Baghdad/Al-Hadath Obelisk: The Media and Communications Authority issued directives to media institutions to support the national economy and the Iraqi dinar.

The Commission stated, according to a document addressed to media institutions: Based on the powers vested in us in regulating the media, communications and information technology sectors under Order (65) of 2004 in force, and in support of the national economy and preventing harm to the public and private interests of citizens, the Commission directs the necessity for the media to refrain from publishing any news Misleading or inaccurate about the national currency and the economic sector according to the Media Broadcasting Rules Regulation issued by the Media and Communications Authority (Part Two / Article 3).

Insulting the reputation of persons or companies or harming the national economy and affecting public health and the environment.

And she stressed that, otherwise, the media bodies shall bear legal accountability in accordance with the terms of the licensing contract and the powers vested in the Media and Communications Commission and the laws in force.   https://almasalah.com/archives/60477

Report: 75% Of Goods Enter Iraq At The Official Price Of The Dollar, And Stability Is Expected

[ltr]2023.07.28 - 09:51  Baghdad - Nas  The process of increasing the exchange rate in the parallel market constituted a new shock to the financial and monetary policies, after they made great efforts during the past periods with the aim of aborting the rise of the dollar, whose exchange exceeded the limits of 155 thousand dinars per 100 dollars in the middle of the week, which was considered by specialists in economic affairs. A wake-up call. 

Despite the continuous rises in the exchange rate, however, specialists in the economic affairs have underestimated the risks of these rises on the local market, stressing in a statement to the official newspaper, followed by “NAS” on Friday (July 28, 2023), that “75% of the materials and commodities in the markets enter Iraq.” At the official rate set by the Central Bank, and that merchants make their foreign transfers according to that price, while 25% of Iraqi trade is affected by the parallel exchange rate.   

The efforts of the fiscal and monetary policies to undermine the dollar were matched by the efforts of the legislative and executive authorities with the aim of limiting the rise in the parallel exchange rate. While Prime Minister Muhammad Shiaa al-Sudani discussed, with the Governor of the Central Bank, Ali Al-Alaq, the measures taken to stabilize the currency in the local market,

and discussed the facilities provided by the Central Bank, which includes allowing small merchants and importing individuals to finance their imports without the need to establish a company, the Parliamentary Finance Committee reviewed with Al-Alaq the means to achieve monetary stability and control prices.

In contrast to the "cautious optimism" shown by a number of specialists regarding the effects of the exchange rate rise, others see the possibility of economic indicators, which they described as "painful", represented by entering the local market in the short term in a state of stagnation and high inflation rates. 

The economic researcher, Nabil Jabbar Al-Tamimi, believes during his interview with the official newspaper that “the changes and fluctuations that occur in the exchange rates of the dollar may have a limited impact on the general price rates, because 75% of the materials and commodities in the markets enter Iraq at the official price set by the Central Bank.”

And that merchants make their foreign transfers according to the official rate, while 25% of Iraqi trade is affected by the parallel exchange rate.    

Despite the fluctuations taking place, however, Al-Tamimi believes that the market and prices will stabilize as a result of the change in the nature of foreign remittances. restrictions, and this matter represents a kind of facilities that must be provided to reduce pressure on the parallel market.    

Al-Tamimi also confirmed, "The Central Bank seeks to increase the amounts sold in cash, to absorb the rise by increasing the supply, as this can contribute to the return of stability in the exchange rate, indicating that the measures taken are correct and will lead to undermining the dollar despite its rise in the parallel market."    

In turn, the researcher on Iraqi and international economic affairs, Dr. Ali Dadoush, attributed in a press interview the reasons for the price jumps of the green currency to the shortage in the supply of cash dollars compared to the volume of demand, which led to a rise in the exchange rate in the parallel market that finances foreign trade with the penalized countries.    

Daadush pointed out that the reasons that led to the exchange rate rising again are many, but the most prominent of them is the speculation on which most transfer and exchange companies live, as these transfers take two directions.    

The economic researcher believes that solutions in the short term may not be within reach, as most of the reasons that led to the dollar’s​​rise are external, especially after 14 Iraqi banks were punished by the US Federal Reserve, pointing out that the most effective solutions to confront the “dollar dominance” lie in Activating and operating factories and laboratories to produce goods that are imported from countries banned from the dollar,

and directing the government towards activating institutions and companies in the public and private sectors, operating and managing industries and working to increase their production, stressing that these steps will lead to eliminating the gap between the official and parallel prices, as they will produce imported goods that are Covering their cash dollar amounts. 

https://www.nasnews.com/view.php?cat=111716   

Warnings of imposing US obstacles to thwart the government's efforts to uncover corruption files

Today 11:06  Information / Anbar .. The leader of the Unified Anbar Alliance, Abdullah Ahmed Al-Jughaifi, warned, on Friday, of obstacles imposed by the US administration to thwart the central government's efforts to uncover corruption files and overthrow the corrupt.

Al-Jughaifi said in a statement to Al-Maalouma agency that "the US administration is involved in placing obstacles to limit the successes of the government of Muhammad Shia'a Al-Suadni by imposing sanctions on 14 banks under the pretext that they cooperate with Iran, which is subject to economic sanctions in hard currency (the dollar)."

He added, "America followed this policy in changing and overthrowing a number of previous governments by inflaming the street and carrying out demonstrations to confuse the political and security situation in the country for political purposes."

The leader of the Anbar Alliance explained, "Al-Sudani's opening of corruption files against senior officials in the current and former central government disturbed the US administration, which prompted it to use this card as a pressure to obtain its efforts aimed at preserving and defending its supporters to achieve its goals," stressing that "the government The Sudanese are elected by the people and cannot be overthrown in this way.”

It is noteworthy that the US Treasury announced, a week ago, the closure of 14 Iraqi banks under the pretext of dealing with Iran in dollars. LINK

Deputy: The Region Did Not Abide By All The Points Of The Agreement.. Oil Smuggling Continues

2023-07-27 | Source: Alsumaria News  1,976 views  A member of the Parliamentary Finance Committee, Representative Moeen Al-Kazemi, considered today, Thursday, that the regional government did not adhere to all points of the agreement regarding the export of oil, while indicating that smuggling is still continuing.

Al-Kazemi said, during his speech to the program (Alanna), which is broadcast by Alsumaria TV, that "the region is not committed to the points of the political agreement regarding the export of oil, given that Turkey closed the roads to selling it, and compensation will be from the south, and if the central government is ready to receive the 400,000 barrels from the region, it must The region is committed to producing only and delivering it to the center.

He added, "There is another issue that has not been controlled so far, which is the smuggling of oil by tankers, and it is continuing by the region, and the government is not satisfied, and everything that was agreed upon has not been fully implemented."

 He continued, "The differences between the two ruling parties in the region have been going on for a long time, until they reached the National Union threatening to secede fromKurdistanand directly related toBaghdadto obtain his salary dues, and this issue led to real problems,” stressing that “the two parties must reach a real agreement so that there is an understanding between the region and the center.”

He pointed out that “the federal government must pay the dues of all governorates, including the region, provided that it adheres to all agreements concluded.” Which was approved within the budget law.”

Regarding the Iraqi economy, Al-Kadhimi affirmed, “Its problems can only be solved by diversifying its revenues and relying on the internal industry,” noting that “the government and political blocs should think seriously about relying on self-equipment instead of importing Consumer goods that cost the state a lot without interest.

And he continued, "Until now, the financial allocations to the ministries have not been released despite the approval that took place more than a month ago," explaining that "the government was late in disbursing the allocations because it submitted appeals to the Federal Court on 12 articles out of 78 in the budget and on the government and Ministry of Finance Issuing instructions for implementing the budget.”

He pointed out that “the Ministry of Finance is ready to distribute the allocations, but the delay is a governmental matter, and I do not think that it will be able to spend 199 trillion, and this thing is good so that we do not reach a large financial deficit.

” And monitoring the business by specialists to control the money spent on it," stressing that "the Sudanese government's openness to European countries andChinaThe current stability that the country is witnessing through political understanding and approving the budget does not please the United States, and it wants to impose its prestige again and move many files to return toIraq".  LINK

Goldilocks' Comments and Global Economic News for July 28, 2023

Goldilocks' Comments and Global Economic News for July 28, 2023

RJ:  Good morning Dinar Recaps,

The House Financial Services Committee, and now, the US House Agriculture Committee passes pro-crypto bill.

These two committees had portions to approve this week before they could go before the House and the Senate of the new crypto clarity bill. This bill has currently moved to the House at this point for a vote.

This gives regulators a clear path to transition from seeing digital assets as a security to a commodity-based system.

And now, we have Basel 3 proposals accepted and ready to move forward as of yesterday as well.

Once these two bills become law, you are going to see changes happen in the marketplace come about with tokenized assets bringing everything in the new economy to real values.

© Goldilocks

https://www.theblock.co/post/241508/democrats-oppose-crypto-market-overhaul-but-stablecoin-deal-possible

https://crypto.news/us-house-agriculture-committee-passes-pro-crypto-bill/

"How Stablecoins Can Revolutionize America’s Payment System."

Many of the payment systems in the US are considered slow compared to other countries of the world. The efficiencies and speed of stablecoins that represents a country's currency is worth the risk to move forward.

The use of stablecoins would usher in a shared power and influence over the global payment system. The use of technology around the world would incorporate the need and desire for input on our Global Payment Partners going forward.

This shared power will also bring in shared influence and demand for other currencies around the world in digital transactions.

These new demands will bring in new currency values based on these new demands for more currency utilization other countries will bring into the digital asset-based trading system.

This Great Transfer of Power and a Leveling Off of the Playing Field will significantly transform our Global Economy.

It is already underway.

© Goldilocks

https://thecurrencyanalytics.com/altcoins/bridging-the-gap-how-stablecoins-can-revolutionize-americas-payment-system-60666.php

https://policy.paradigm.xyz/writing/The-Future-of-Payments-Includes-Stablecoins?utm_source=tldr_crypto

~~~~~~~~~~

It is anybody's guess which will come first. New laws designed to usher in a new economy, or a failing economy that will usher in new laws.

As you can see from these morning articles, we are positioned for a change. Next stop, look for gold, silver, and oil reforms that will move us forward.

© Goldilocks

https://www.planetizen.com/news/2023/07/124836-proposed-regulatory-changes-would-raise-cost-oil-drilling-public-land

~~~~~~~~~~

"The 1,100-page proposal will have a comment period lasting until Nov. 30.

The Federal Deposit Insurance Corp. voted 3 to 2 on Thursday to recommend increased capital requirements and other changes for banks as U.S. regulators react to the regional-bank crisis from earlier this year and implement the international Basel III banking rules created in the wake of the Global Financial Crisis in 2008."

https://www.morningstar.com/news/marketwatch/202307271264/fdic-approves-proposed-capital-requirements-for-us-banks

~~~~~~~~~~

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Thank you Dinar Recaps

Iraqi News Highlights Late Thursday Night 7-27-23

Iraqi News Highlights Late Thursday Night 7-27-23

Tlm724 Administrator Bondlady’s Corner

Almost Complete Suspension Of Applications Of The Dollar Exchange In Iraq

Information / Baghdad.. On Thursday, the electronic "stock exchange" applications witnessed a halt in displaying updates of the exchange rate of the dollar in the parallel market.

Experts point out that the mobile applications that promote local exchange rates (black market exchange rates) do not reflect the real demand in the market, such as a real electronic auction or stock exchange, but are merely a means of media display.

Earlier, experts warned against using these applications as a tool to change the direction of the market, due to its wide spread and the degree of dependence of markets, traders and merchants on its presented data, through the imaginary effect on exchange rates and the impact on the markets.

The dollar exchange rates recorded high levels in recent days, until they reached levels of 157 thousand dinars per 100 dollars, amid punitive measures imposed by the United States on some private banks.

https://almaalomah.me/news/economy/توقف-شبه-تام-لتطبيقات-بورصة-الدولار-في-العراق

Specialists: Fears Of Sanctions Behind The Reduction Of US Bonds

Economical 2023/07/26 Baghdad: Hussein Thaghab Al-Tamimi  Economic specialists suggested that fears of US sanctions on the Iraqi banking and monetary system were behind Baghdad's move to reduce US bonds, while others considered it an important step towards diversifying the investment portfolio.

Iraq reduced its holdings of US bonds to more than $8 billion during the first five months of 2023, to reach the 36th rank among the 38 countries with the largest holders of US Treasury bonds.

This comes days after the US Treasury announced imposing new sanctions on 14 Iraqi banks, months after imposing similar sanctions on 4 important banks.

Financial expert Aqil Jabr Ali al-Muhammadawi told Al-Sabah,

"Reducing Iraq's holdings to more than $8 billion indicates that it senses economic risks involving continuous international sanctions from the US Treasury, in light of the restrictions of the Federal Bank and the US Treasury on the electronic transfer platform and its impact on the instability of the parallel exchange rate market." 

He added, "The reality of the situation requires an objective assessment of the risks and penalties and their impact on the economic and financial reality and the restriction of monetary policy, in light of the availability of spaces available for investment in bonds and assets in other countries that are safer and less risky, including China, India, East Asia, Europe and others."

He pointed out that "the monetary policy of the Central Bank of Iraq is not free-handed nationally, as is evident from the American pressures,"

explaining that the latter is exercising the hidden hand controlling the reality of Iraqi banks.

For his part, Hassan Ali Abd, an expert in financial affairs, explained that "safe and qualitative investment enhances Iraq's financial capabilities, and confronts the challenges that occur in more than one detail."

 He added to "Al-Sabah" that "despite the decline in Iraq's possession of US bonds, it is still in an advanced position among the Arab countries," pointing out that

"the diversification of the investment portfolio represents an important step in economic performance and reduces risks in financial investment work." 

And he hinted that "reducing the possession of US bonds sometimes comes from heading to the safest investment, and here gold may be one of the most important destinations that the country is heading towards, and this is one of the obvious things that creates flexibility in financial investments."

As for the consultant in development and investment, Amer Al-Jawahiri, he told Al-Sabah: 

He explained that "the method of managing the country's resources and its development projects and moving to diversify its economy improves the credit capabilities of Iraq and the extent to which it attracts direct investments, both local and foreign, and that means moving the Iraqi economy." 

Al-Jawahiri called on "the government and the central bank to disclose the investment of the reduction amounts for those bonds in terms of transparency related to the generational reserve and the extent of the benefit of these investments."   https://alsabaah.iq/81228-.html

Judicial Council: Recovering Large Sums Of Money In Cases Of Financial And Administrative Corruption

Money  and business  Economy News – Baghdad  The Presidency of the Baghdad Court of Appeal, Al-Karkh, announced, on Thursday, the recovery of large sums of money, in implementation of the directives of the Supreme Judicial Council, regarding the need to recover sums related to financial and administrative corruption cases.

The media center of the Supreme Judicial Council said in a statement received by "Al-Iqtisad News", that

"the Karkh Investigation Court, which is specialized in cases of integrity and money laundering, was able to recover large sums that were returned to the state treasury, including (12 billion and 793 million and 817 thousand and 804 dinars in the case of wallet violations." investment retirement. 

He added that "a financial settlement was made to an insurance company to pay an amount of (18 million dinars) as compensation to the Rafidain Bank, paid on behalf of the deceased borrowers and those who borrowed from the aforementioned bank," explaining that

"an amount of (800 million dinars) was recovered out of the amount (One billion and 76 million dinars), which is the amount of inflation in the funds of one of the directors of the National Retirement Authority." 

He pointed out that "an amount of (15 billion Iraqi dinars) has been recovered out of an amount of (69 billion dinars) from one of the lagging banks," noting that

"the settlement procedures are continuing to pay the rest of the amount during the coming period,

pointing to the recovery of an amount of (160 million Iraqi dinars) from one of the accused for the crime of forging retirement identities and receiving sums accordingly."  And he indicated that,

"Based on the directives of the Supreme Judicial Council, the competent court applied the procedures for managing the seized funds in money laundering and illegal gain cases by appointing judicial guards to receive the proceeds of the seized properties in preparation for their confiscation in favor of the state treasury, as the value of the amounts collected during the last period amounted to (100 thousand dollars), while An amount of (40 million dinars) will be returned later as revenue to the state treasury after confiscating it.  Views 46   07/27/2023 -  https://economy-news.net/content.php?id=35377

Central Bank: Iraq Annually Imports Goods Worth $60 Billion

Governor of the Central Bank Ali Al-Alaq

The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced that Iraq imports goods worth $60 billion annually.

Al-Alaq said in an interview with Al-Iraqiya News Channel, which was viewed by Al-Iqtisad News, that the daily announcement of the sale of the dollar by the Central Bank of Iraq cannot be considered an actual sale, as we transferred 200 million dollars through the dollar sale window, so 150 million dollars may be accepted from it and the rest It is classified under several boxes, including refusal, requesting information, or pending.

He stressed that Iraqi trade needs more than what we sell from the dollar through the window, noting that 118 exchange companies have turned to deal with new banks instead of the banks that were punished by the US Treasury.

He pointed out that the Western Union and MoneyCram companies will be transferred to work with new banks instead of the previous banks, during the next week, noting that

the level of financial inclusion in Iraq is still low despite the high percentage of the population.

And he indicated that the rights of citizens in the punished banks are preserved through the deposit guarantee company, and that the punished banks do not suffer from a liquidity crisis.

59 views    Added 07/28/2023 - https://economy-news.net/content.php?id=35388

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

Bond Ladys Corner

"Tidbits From TNT" Friday Morning 7-28-2023

TNT:

Biggun505:  Bank Story

I went to my local WF Friday in New Mexico to open an account. I explained the nature of my requirements. I was greeted with enthusiasm and was told that I would be given every available perk. There was no denial of impending RV. No comment of a scam. I was quite surprised. They were very friendly.

TotallyBlessed:  That is refreshing!   Sadly, I have no "local" WF anywhere to be seen.  I must say, my Chase bank treats me with total respect. They do not confirm or deny but when I recently said "I sure wish I could exchange right here instead of an exchange site" the manager replied "me too."  She totally believes it is real. 

4Abbe:  My Chase private banker called me today and said they had a meeting about clients coming in to exchange foreign currency but that they did not mention the bolivar which we discussed last week.  He did not tell me the currency that they did mention. And I didn’t ask.Hopefully this means we will be in the banks in a few days. Prior to this, he was unaware of anything about foreign currency. Clients.  

Tishwash:  More than 24 billion dollars, the volume of trade exchange between Iraq and China during the first half of the year

 The "Iraq Future" Foundation for Economic Studies and Consultations announced, on Friday, that the volume of trade exchange between Iraq and China amounted to more than $24 billion during the first half of this year.

In a report published today, the Foundation stated that the volume of trade exchange between China and Iraq in the first half of 2023 amounted to $24.16 billion, decreasing by 2.6% compared to the first half of 2022, and decreasing by 14.85% compared to the second half of 2022.

According to the report, the volume of trade exchange between China and the countries of the world in the first half of 2023 reached $2.9 trillion, after it was $3.06 trillion in the first half of last year, a decrease of 4.67%.   link

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Tishwash:  The Media Authority issues directives to media organizations to support the national economy and the dinar

On Thursday, the Media and Communications Commission issued directives to media institutions to support the national economy and the Iraqi dinar.

The Commission stated, according to a document addressed to media institutions, that “based on the powers vested in us in regulating the media, communications and information technology sectors under Order (65) of 2004 in force, and in support of the national economy and preventing harm to the public and private interests of citizens

The Commission directs the necessity for the media to refrain from Publish any misleading or inaccurate news about the national currency and the economic sector based on the Media Broadcasting Rules Regulations issued by the Media and Communications Commission (Part Two / Article 3). inaccurate, with the aim of harming the reputation of persons or companies or harming the national economy and affecting public health and the environment.”

And she stressed, "Otherwise, the media agencies shall bear legal accountability in accordance with the terms of the licensing contract and the powers vested in the Media and Communications Authority and the laws in force."  link

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

CandyKisses:  Finance Minister Talks on Tripartite Budget

Baghdad - Iraq Today:   

Minister of Finance Taif Sami Mohammed stressed the importance of completing the instructions for the implementation of the tripartite budget.

A ministry statement explained that "Minister of Finance Taif Sami Mohammed stressed the importance of accelerating the procedures for reviewing the instructions for implementing the federal general budget for the years 2023, 2024 and 2025 No. 13 of 2023, which was recently approved by the House of Representatives, by doubling coordination and cooperation efforts with all relevant authorities and institutions."

The statement added, "This came during her meeting with the President of the State Council Karim Khammas Khasbak, in the presence of representatives of the Ministries of Finance and Planning, and a meeting with the follow-up committee for the implementation of the tripartite budget instructions, where Minister Taif Sami stressed the need to match the instructions for implementing the budget with the draft law and complete the auditing and codification processes and everything related to the removal of duplicate texts in order to make it easier for the spending units in the ministries and entities not associated with the Ministry to implement them clearly

And to ensure optimal performance according to economic and development priorities. Fiscal transparency, improving the efficiency of public spending, ensuring economic justice, emphasizing the delivery of support to those who deserve it, in addition to moving towards advancing sustainable development and facing international and local economic challenges."

According to the statement, the Minister of Finance urged "the Ministry of Planning to issue the necessary controls to facilitate the task of listing projects of an investment nature as well as all listing requirements, noting that the coordination technical meetings have been continuing since the beginning of this week between the ministry and the committee for the implementation of instructions with the participation of representatives of all concerned authorities."

Mot: . Livin’ like it’s 1982 over here.  

Mot:  BUMMER!!!!

Iraqi News Highlights Thursday Evening 7-27-23

Iraqi News Highlights Thursday Evening 7-27-23

Tlm724 Administrator Bondlady’s Corner

The Media Commission Issues Directives To Media Organizations To Support The National Economy And The Dinar

Economy |  07/27/2023   Baghdad - Mawazine News, Thursday, the Media and Communications Authority issued directives to media institutions to support the national economy and the Iraqi dinar.

The commission stated, according to a document addressed to media institutions, that “based on the powers vested in us in regulating the media, communications and information technology sectors under Order (65) of 2004 in force, and in support of the national economy and preventing harm to the public and private interests of citizens, the commission directs the necessity for the media to refrain from Publish any misleading or inaccurate news about the national currency and the economic sector based on the Media Broadcasting Rules Regulations issued by the Media and Communications Commission (Part Two / Article 3). inaccurate, with the aim of harming the reputation of persons or companies or harming the national economy and affecting public health and the environment.”

And she stressed, "Otherwise, the media agencies shall bear legal accountability in accordance with the terms of the licensing contract and the powers vested in the Media and Communications Authority and the laws in force." Ended 29 / H    https://www.mawazin.net/Details.aspx?jimare=232190

Association: Banks that are prohibited from dealing in dollars carry out their business in a very normal way in other currencies

Economy | 07/27/2023  Baghdad - Mawazine News  The Association of Iraqi Private Banks announced that the banks that were subjected to a ban from dealing in the US dollar continue their normal business in providing local banking services with complete freedom to the public in the Iraqi dinar currency, in addition to their right to international dealings in currencies other than the US dollar, and this was confirmed by the bank Iraqi central.

The Association said in a statement, which Mawazine News received a copy of, that "the Central Bank of Iraq did not freeze the licenses of the 14 banks, and they are still exercising their functions in receiving deposits, granting loans, and other various banking services, and that all these banks guarantee their deposits through the Iraqi Deposit Guarantee Company."

And the Association called for "this procedure to be dealt with within professional controls and principles, and not to promote unreal news that weakens the status of the Iraqi banking sector and the public's confidence in it."     https://www.mawazin.net/Details.aspx?jimare=232170

The Exchange Rate Of The Dollar Touches 158 Thousand Dinars In The Iraqi Market

Economy | 09:30 - 07/27/2023   Baghdad - Mawazine News , the exchange rate of the dollar, on Thursday, touched the barrier of 158 thousand dinars for every 100 dollars.  The selling price of 100 dollars was recorded at 157,750 dinars in the Iraqi market.   While the purchase price was recorded at 155,750 dinars.    https://www.mawazin.net/Details.aspx?jimare=232156

An Economist Told NINA: The Rise In The Dollar Exchange Rate Raised Inflation Rates

Wednesday 26, July 2023 14:55 | Economical Number of readings: 689   Baghdad / NINA / - The specialist in the economic affairs, Dergham Muhammad Ali, confirmed that the rise in the uncontrolled dollar price, despite the fixation of the exchange rate, caused economic damage without effective treatments and caused large inflation.

Dergham Muhammad Ali said in a statement to the National Iraqi News Agency ( NINA ) that "all the solutions developed by the Central Bank to control exchange rates did not bear fruit," indicating that increasing the ceiling of cash sales to approved banks is not the solution, but rather enabling the citizen to obtain dollars without intermediaries. through automated teller machines.

And Muhammad Ali stressed, "The need to follow the course of the dollar in the market and not to be a monopoly by specific banks that sell it at the price it imposes on the citizen, considering that inflation rates have risen due to the depreciation of the local currency against the dollar and that the citizen has moved away from adopting it as a store of value because it is unstable and in decline." Continuing.”/ End    https://ninanews.com/Website/News/Details?Key=1067082

The Association Of Banks In Nineveh Calls For Allowing This Category To Enter The Currency Sale Window

Thursday 27 July 2023 09:13 | Economical  Number of readings: 414  Mosul / NINA / - The Association of Banks in Nineveh called on the Central Bank of Iraq to allow banking companies in Mosul of category (C) to enter the currency sale window to facilitate the procedures for selling dollars in the province.

The head of the association, Abdullah Khalil, told the National Iraqi News Agency / NINA / that "hundreds of shop owners and exchange companies in the city of Mosul are calling on the central bank to allow C-class companies to enter the window of buying and selling dollars to contribute to lowering exchange rates, which have recently witnessed a very large rise due to negatively on the streets throughout the province.

Khalil added: "The Central Bank called for urgent measures to be taken within Nineveh Governorate that would save the Iraqi dinar from collapsing, especially since many citizens have lost confidence in the currency inside Nineveh Governorate."  https://ninanews.com/Website/News/Details?key=1067181

Al-Sudani Meets With The Authorities Concerned With Combating Economic Crime And Issues Several Directives

Iraq   Thursday, July 27, 2023 Baghdad / National News Center   Today, Thursday, Prime Minister Mohamed Shia Al-Sudani held a meeting that included officials and representatives of government and security agencies concerned with combating and prosecuting economic crime.

A statement from the Prime Minister's Office received by the National News Center stated, "The meeting discussed the follow-up of current efforts in tracking down currency smugglers, criminal networks, and elements working to sabotage the local economy and violating the law and people's rights."

And the Prime Minister indicated that “these efforts receive special attention from the government, as they are a pillar of economic reform and the fight against corruption.”

And he directed the need to “work within an integrated and continuous system between the agencies concerned with economic crime and the continuation of the pursuit of speculators, currency smugglers, and evaders from paying customs and taxes.”

In the field of precautionary executive measures, Al-Sudani directed to “study the deployment of mobile or fixed checkpoints on the main roads linking the border crossings, in order to limit the transfer or smuggling of unmarked goods and goods that harm the Iraqi economy through their illegal entry into the country.”    https://nnciraq.com/218693/

The Minister Of Planning Announces The Date Of The General Population Census

local |  07/27/2023  Baghdad - Mawazine News   Today, Thursday, Minister of Planning Muhammad Ali Tamim announced the date for conducting the general population census.

The ministry stated, in a statement that Mawazine News received a copy of, that "Deputy Prime Minister and Minister of Planning Muhammad Ali Tamim announced today the date for conducting the general population and housing census, which was set in November of next year 2024 as a preliminary date for its conduct," indicating that This came during the minister's chairmanship of the first meeting of the Higher Commission for Census after its re-formation, in the presence of its members.

She added that "the meeting was attended by the head of the Kurdistan Region Statistics Authority, and representatives of the ministries of foreign affairs, interior, education, communications, water resources, health and agriculture, justice and trade, transportation and defense, higher education, construction and housing, the general secretariat of the cabinet, the national security advisory and the secretariat of Baghdad."

Tamim stressed, according to the statement, "the necessity of conducting the population census according to what was stated in the government program as a developmental census," noting that "all problems related to conducting the census were resolved by the Iraqi government and the Federal Court, that it is not the census contained in Article (140) of the constitution."

He explained that "conducting this census will be a social demographic snapshot of a stable society that includes all social events and activities in schools, institutes and universities." reality in its implementation.

He pointed out that "work is underway to solve problems related to financial matters for the implementation of the census," stressing that "there is close cooperation with the United Nations Population Fund to conduct it in accordance with international standards."

For his part, member of the Strategic Planning Committee in the House of Representatives, Representative Muhammad Al-Baldawi, confirmed, according to the statement, "the parliament's readiness to provide the necessary support to conduct the census on time in accordance with international standards," noting that "the implementation of the census represents a basic commitment to the House of Representatives, after its approval within the government curriculum."

And because there is a great need for the data that it will provide to ensure the fair distribution of wealth, and to stand on the Iraqi reality in all fields, with the aim of developing plans that contribute to improving this reality.

In turn, the head of the Central Bureau of Statistics / Head of the Census Operations Room, Diaa Awwad Kazem, stated that "conducting the census is of great importance, as a development census has not been conducted for many years, as its outputs will be for planning and development," stressing that "preparations are underway to complete matters related to its conduct, which It will be an electronic census.

He continued, "The Central Statistical Organization is committed to international, impartial, and professional recommendations to implement a successful census, the outputs of which are in accordance with the objectives set for it," noting "the preparation of the electronic form for the census, which was tested in a number of Iraqi governorates, and the results were positive."

He added, "Work is underway to complete the technical and functional requirements of the census by bringing in solid consulting companies specialized in this field, so that the agency will use them to carry out the census. Safe, accurate and fast.

While the UNFPA advisor, Mahdi Al-Allaq, presented a number of international recommendations regarding the implementation of the census, which included: "preparing a comprehensive and detailed action plan, establishing a secure data center, in addition to keeping the census away from politicization, as well as cooperating with regional and international organizations to adopt the best methodologies to achieve the goal." desired.”

The Director General of the Administrative and Financial Department at the Central Bureau of Statistics, Adel Eidan, gave an overview of the census stages, which include five stages: the stage of preparing the infrastructure, conducting the pilot census, the stage of packaging, enumeration and numbering, the stage of population enumeration, and finally the stage of announcing the results, and what each of these stages includes. From preparations, training and infrastructure.

https://www.mawazin.net/Details.aspx?jimare=232181

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

Bond Ladys Corner

Goldilocks' Comments and Global Economic News for July 27, 2023

Goldilocks' Comments and Global Economic News for July 27, 2023

RJ:  Good afternoon Dinar Recaps,

Posted at 12:30 am this morning:

Before I go to sleep tonight, I just want to make it clear that Basel 3 is being proposed tomorrow, and not, implemented.

This proposal is a plan that will be reviewed and implemented tomorrow as a plan, but the actual date of activation will come at a later time.

The fact that they are presenting a plan for review allows us to know just how close we are to this activation.

© Goldilock

The Congressional Committee has passed the crypto clarity bill. The Congressional Committee has spent several hours at getting us to this point.

Their responsibility was to look at all angles of this legislative process and come up with a proposal they feel would pass through the House and the Senate.

Both parties are secure enough to move forward with this process at this time. Let's see how long it takes for it to go through a vote and present this as a standard protocol for the crypto community.

The next step is to calendar the event of the vote. One of the articles below gives you an idea of the legislative process and how it takes place. They are between step four and five at this point. This means it is about to go to the House for a vote.

© Goldilocks

https://www.msn.com/en-us/money/markets/crypto-bill-passes-congressional-committee-in-victory-for-industry/ar-AA1epbwo

https://www.congress.gov/legislative-process#:~:text=Committee%20members%20and%20staff%20focus,the%20lead%20in%20this%20effort.

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"CFTC Approves Final DCO Reporting and Information Requirement and Three Proposals at the Commission Open Meeting"

A Derivatives Clearing Organization (DCO) make sure that there are adequate reporting procedures and funds on both sides of a trade through a registered facility desiring to do swaps on the market that includes currency exchanges.

A DCO  follows the 17 principles of the "Commodities Exchange Act" to fulfill a contract between two entities.

Here are the proposals:

"Final Rule: Reporting and Information Requirements for Derivatives Clearing Organizations

Proposed Rule: Swap Confirmation Requirements for Swap Execution Facilities

Proposed Rule: Amendments to Provisions Common to Registered Entities

Proposed Rule: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants"

@ Goldilocks

https://www.cftc.gov/PressRoom/PressReleases/8758-23

https://www.cftc.gov/IndustryOversight/ClearingOrganizations/index.htm

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"Deutsche Bank has gone live on CLSNet, CLS’s bilateral payment netting calculation service."

The CLSNet centralises and standardises post-trade transactions. This is done from one country to another on more than 120 currencies.

It gives users legal confirmation of their transactions, it reduces risks, and it makes for a more efficient process across borders.

Remember, the Deutsche Bank reaches across the world to many of the banks you and I utilize for service.

© Goldilocks

https://www.assetservicingtimes.com/assetservicesnews/paymentsarticle.php?article_id=14638&navigationaction=paymentsnews&newssection=Payments

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Going forward, look for digital/currency reforms to pick up their pace.

© Goldilocks

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A  lot of SEC Rules, Reforms and Proposals at 8:30 am this morning:  Here is one that will affect us.  Visit Goldilocks' room.

SEC.gov | SEC Proposes Reforms Relating to Investment Advisers Operating Exclusively Through the Internet

https://www.sec.gov/news/press-release/2023-141

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"Currency reforms have been implemented every so often in emerging-market and transition economies.

A currency reform is a prearranged redenomination or alteration of the currency, sometimes with confiscatory elements.

Currency reforms may be introduced as part of a disinflationary stabilization programme, when territorial or political changes warrant the introduction of a new currency, or when a country joins a currency union.

A currency reform may be a useful step in obtaining or retaining macroeconomic stability, but the outcome of the reform rests on the acceptance and credibility of the new currency.

The details of the implementation of a currency reform and in particular of the accompanying policy measures are of crucial importance for a successful currency reform."

https://link.springer.com/chapter/10.1007/978-1-137-37138-6_3

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The dollar has made an unsustainable move up today. There is strong resistance at 102.

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Everything posted today in the Goldilocks room is about currency reforms. Transition and change is on its way around the world.

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We have Basel 3 being proposed  and reviewed today. The next steps will be the House and Senate votes before it becomes law.

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A lot is truly going on...

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"The proposed improvements to strengthen the banking system are estimated to result in an aggregate 16 percent increase in common equity tier 1 capital requirements for affected bank holding companies, with the increase principally affecting the largest and most complex banks."

Federal Reserve Board - Agencies request comment on proposed rules to strengthen capital requirements for large banks.

https://www.federalreserve.gov/newsevents/pressreleases/bcreg20230727a.htm

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Thank you Dinar Recaps