Iraqi News Highlights Monday Evening 7-31-23

Iraqi News Highlights Monday Evening 7-31-23

Tlm724 Administrator Bondlady’s Corner

Proceedings Continue To Lower The Exchange Rate Of The Dollar

Samir Al-Nusairi, an advisor to the Iraqi Private Banks Association, confirmed that the rise of the dollar against the dinar on the black market these days is temporary, and will decrease due to the target rate of the Central Bank of Iraq.

Al-Nusairi told the Iraqi News Agency: "One of the most prominent reasons for the dollar's rise is the news of depriving 14 banks of dealing in US dollars and what speculators have done in withdrawing the dollar and unauthorized money exchanges manipulating exchange rates, in addition to the failure of some small retailers to enter the electronic platform for external transfer."

He added, "Some media outlets and analysts exacerbated the confusion of the market by exaggerating unreal and incomplete data and information, and all the aforementioned reasons led to a rise in the exchange rate on the black market."

Al-Nusairi pointed out that "the Central Bank follows up and monitors the markets in cooperation with the concerned government agencies, and urgent measures are taken to address the situation and stop all actions counter to harming the national economy."

And he continued, "The Central Bank is working to diagnose and study the causes and obstacles to entering the electronic platform, and to make possible facilities and flexibility to accelerate external transfers in banks, the Central Bank, and in the relevant international banking agencies, and to ensure that foreign currencies reach the real and final beneficiary."

Al-Nusairi noted that "the measures have resulted in a decline in the dollar since yesterday and will continue to decline, especially since the Central Bank is currently working on adopting new mechanisms and work contexts to control monetary stability, and their results will appear soon, and we urge all government agencies, wholesalers and businessmen to support the Iraqi dinar and deal with it in all Domestic monetary activities and trades, as it is strong and covered by foreign monetary reserves exceeding $113 billion, and its purchasing power is gradually recovering, in addition to being a basic pillar of national sovereignty.

He pointed out that "the Central Bank constantly announces the possibility of securing the dollar in the quantities required by everyone who needs it at the official price and by the only way, which is the electronic platform of the Central Bank."   https://www.radionawa.com/all-detail.aspx?jimare=35242

An Economist For / NINA /: Imposing Economic Sanctions On Iraqi Banks Is A Punitive Measure, Not An Economic One

Monday 31, July 2023 16:06 | Economical Number of readings: 310  Baghdad / NINA / The expert in economic affairs, Raad Twij, counted the imposition of renewed economic sanctions on Iraqi banks by the US Treasury as a punitive measure, not an economic one.

Twigg said in a statement to the National Iraqi News Agency ( NINA ) that "the imposition of renewed sanctions on Iraqi banks by the US Treasury is an uneconomic and punitive act, and it can work to obstruct the work of the Iraqi banking system, monetary instability and obstruction of the mechanisms of the Central Bank of Iraq, and thus the failure to continue the cycle." cash.”

He added that "private banks should expand their cooperation in order to increase compliance with the Swift system and the electronic platform, not to burden the Iraqi economy with more burdens, and to make the Iraqi monetary system more flexible."

Twigg confirmed that "the US sanctions led to the deterioration of the Iraqi currency and the economy, and thus harmed the Iraqi citizen by raising the price of imported goods and commodities to Iraq and burdening the citizen with the economic cost."/ End

https://ninanews.com/Website/News/Details?Key=1068030

A New Decline In The Exchange Rate Of The Dollar In Iraq

Economy | 10:26 - 07/31/2023  Baghdad - Mawazine News  The exchange rate of the dollar decreased today, Monday, in the local markets in Iraq.  The selling price of $100 was recorded at 149,000 dinars.  The purchase price was also recorded at 148 thousand dinars per 100 dollars. Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=232401

The Prime Minister Stresses The Importance Of Continuing Coordination With The GCC Countries In The Field Of Recovering Looted Iraqi Funds

political | 04:44 - 07/31/2023  Baghdad - Mawazine News  Today, Monday, Prime Minister Muhammad Shia Al-Sudani stressed the importance of continuing coordination with the countries of the Cooperation Council in the field of recovering looted Iraqi funds.

The media office of the Prime Minister said in a statement, of which Mawazine News received a copy, that "Prime Minister Muhammad Shia' al-Sudani received the Secretary-General of the Cooperation Council for the Arab States of the Gulf, Jassim Muhammad al-Budaiwi, and his accompanying delegation," pointing out, "It took place, During the meeting, they discussed prospects for joint cooperation in various fields, foremost among them security coordination and drug control, as well as cooperation in the cultural, academic and artistic fields.

He stressed "the importance of continuing coordination with the countries of the Cooperation Council and other countries in the field of recovering looted Iraqi funds and those wanted by the Iraqi judiciary in corruption cases, as part of the government's plans to combat and confront corruption," referring to "Baghdad Conference, two thousand and twenty-three, for the upcoming economic integration and regional stability, Which is of great importance, as it will focus on developing economic partnerships between the countries of the region and the world."

For his part, Al-Budaiwi conveyed the greetings of the leaders of the Gulf Cooperation Council to the Prime Minister, stressing the satisfaction of the countries of the region with the encouraging policies of the Iraqi government, and its keenness to enhance the security of the region, in a way that contributes to the stability and development of its peoples, pointing to the importance of the Iraqi Gulf Business Forum that will be held in Sharjah next September, which will strengthen the economic partnerships between the countries of the Cooperation Council and Iraq.  https://www.mawazin.net/Details.aspx?jimare=232430

World Bank: Iraq Is Witnessing A Strong Recovery

Economy | 07:13 - 07/31/2023  Baghdad - Mawazine News  Today, Monday, the World Bank confirmed that Iraq is witnessing a strong recovery after years of turmoil.

And the Regional Director of the Middle East Department at the World Bank, Jean-Christophe Carré, said in a statement that Mawazine News received a copy of, that "Iraq is witnessing a strong recovery after many years of turmoil."

Carre added, "It is necessary to take measures to accelerate the move towards diversification of economic activity."

He continued, "The importance of reforming the banking sector and promoting digital financial services in order to increase financial intermediation activities and enhance financial inclusion."

https://www.mawazin.net/Details.aspx?jimare=232438

Adviser To The Prime Minister: Central Bank Measures Reduced The Dollar By 60 Points Against The Dinar

political | 10:26 - 07/31/2023  Baghdad - Mawazine News  Adviser to the Prime Minister Fadi Al-Shammari confirmed today, Monday, that the Central Bank's measures reduced the dollar by 60 points against the dinar.

Al-Shammari said in a statement: “The rapid measures that Prime Minister Muhammad Shia’ al-Sudani directed to apply contributed to gradually rebalancing the dinar exchange rate,” noting that “after a series of accurate and effective measures from the Central Bank, the dollar fell by 60 points against the Iraqi dinar.” ".

He added, "The Iraqi government seeks to control the rhythm of the financial market, encourage traders to engage in legitimate financial transactions, and ease administrative procedures," expecting that "decisions to reduce taxes will contribute to increasing the value of the Iraqi dinar during the coming period."

And he continued, "The central bank's procedures for transferring 116 exchange companies that were receiving their weekly shares of dollars from the punished banks to other banks and easing the imposed taxes, as well as the central bank's diagnosis of manipulators, contributed effectively to the stability of the dinar's exchange rate."  https://www.mawazin.net/Details.aspx?jimare=232449

The Supreme Judicial Council Holds A Meeting To Support The Iraqi Dinar

Money  and business   Economy News – Baghdad  The Supreme Judicial Council announced, on Monday, the holding of a meeting to support the Iraqi dinar and address manipulation and speculation.

The council stated in a statement received by "Al-Iqtisad News": "A meeting was held at the headquarters of the Supreme Judicial Council today, within the framework of supporting national efforts to support the Iraqi dinar and to address manipulation and speculation by some speculators in violation of the law."

He added, "The meeting included the head of the Public Prosecution Service, the head of the Judicial Supervision Authority, the senior investigative judges of the second and third Karkh Investigation Courts, and the Rusafa Investigation Court specialized in cases of integrity and economic crime, in addition to the head of the National Security Agency and the Undersecretary of the Interior Minister for Intelligence Affairs." That "during the meeting, the best ways and mechanisms were discussed to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in order to ensure its reduction and the prosecution of those involved in it in accordance with the laws in force."

Views 84  Added 07/31/2023 https://economy-news.net/content.php?id=35415

The Central Bank Announces Its Foreign Currency Sales Today

Monday 31 July 2023 14:20 | Economical Number of readings: 272 Baghdad / NINA / - The Central Bank of Iraq announced, today, Monday, its total sales of foreign currency through the electronic window.

The total amounts of transfers abroad (remittances, credits) amounted to 193,590,035 dollars, while the total amounts of cash sales amounted to 16,700,000 dollars, and the total sales amounted to 210,290,035 dollars.

And the bank indicated that the selling price for amounts of documentary credits and international settlements for electronic cards was (1305) dinars per dollar, while the selling price for amounts of remittances abroad was (1310), and the cash sale price was (1310) dinars per dollar./

https://ninanews.com/Website/News/Details?key=1068006

More Than 126 Trillion Dinars.. The Increase In The Value Of Deposits In Iraqi Commercial Banks

The value of total deposits in Iraqi commercial banks increased to more than 126 billion dinars in May of the year 2023, according to what was announced by the “Iraq Future” Foundation for Economic Studies and Consultations, today, Sunday.

The Foundation said in a report published today that this value recorded an annual increase of 28%, with a monthly increase of 2.78%.

The report added that private sector deposits occupied the largest percentage of deposits, with a value of 53.2 trillion Iraqi dinars, an annual increase of 18.2%, and a monthly decline of 0.7%..

Commercial deposits occupied the largest percentage of the nature of deposits, with an acquisition rate of 78.8%, amounting to 99.78 trillion dinars of total deposits, an annual growth rate of 42%, and a monthly growth rate of 3.39%, then

savings deposits, which represented 13.1% of the total deposits, with a value of 16.6 trillion Iraqi dinars. With an annual growth rate of 4% and a monthly growth rate of 0.6%,

fixed deposits accounted for only 8% of total deposits, according to the report, which included a detailed table.

  https://altaghier.tv/wp-content/uploads/2023/07/1690709156361.jpg

https://altaghier.tv/2023/07/30/أكثر-من-126-ترليون-دينار-ارتفاع-قيمة-الود/

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 31, 2023

Goldilocks' Comments and Global Economic News for July 31, 2023

Good afternoon Dinar Recaps,

Goldilocks posted comments and links on the global financial system:

"Digital Yuan Being Used for Clearing Commodity Spot Trades. Industrial Bank is the first bank to incorporate digital RMB into commodity spot trading."

Commodity spot trading is the act of buying the spot price of an asset and going long with it. You, then, sell that asset at a higher price down the road.

This tells us that the Industrial Bank expects the Digital Yuan to climb towards higher rates in the near term.

This changes the landscape of currency valuations on a global scale. The Yuan is backed by gold, and the competition between the Dollar and the Yuan is about to take center stage.

If the Digital Yuan becomes the preference of trade on the international stage, this will begin to challenge the dominance of the dollar.

China has strong economic ties with several countries and especially Asia and Africa.

These geopolitical advances of the Chinese Yuan will strengthen currencies values in the Eastern half of our world through demand-side economics.

This is why many of the countries in the East are beginning to trade in their own National Currencies and polishing up their Banking System with higher standards such as Basel 3.

Investments like these are actions that go beyond words. This is an intention to move forward with the expectation of higher values that leads to more abundance for their economy.

© Goldilocks

https://www.regulationasia.com/digital-yuan-being-used-for-clearing-commodity-spot-trades/

https://t2conline.com/could-digital-yuan-trade-influence-the-dollars-global-supremacy/

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Banking Announcement:

"US Agencies Update Guidance on Liquidity Risk, Contingency Planning.

BySanday Chongo Kabange, Regulation Asia
Published on 31st July 2023

The guidance requires depository institutions to regularly evaluate and update their contingency funding plans, more frequently in changing market conditions."

Do you hear what they are trying to tell us? Market conditions are changing.

We are at the beginning stages of our Global Markets going into real values.

At some point during this process, a contingency plan will arise. Our latest plan was proposed last week called Basel 3.

The transformation of our markets and banking system are about to come into view.

© Goldilocks

https://www.regulationasia.com/us-agencies-update-guidance-on-liquidity-risk-contingency-planning/

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Chile has more lithium reserves than any other place in the world.

This bilateral agreement between the US and Chile adjusts an income tax treaty allowing trade between our countries to be more affordable.

As many of you know, lithium is needed for electronic vehicle production. This new treaty agreement will bring in more opportunities for both countries to move forward.

The Global Commodity Market going forward is the bridge into our new world.

© Goldilocks

https://www.natlawreview.com/article/come-together-right-now-us-senate-passes-resolution-to-ratify-chile-us-income-tax

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Russia Sets to Sideline Dollar in Trade with African Countries: Report - Economy news - Tasnim News Agency

https://www.tasnimnews.com/en/news/2023/07/30/2933241/russia-sets-to-sideline-dollar-in-trade-with-african-countries-report

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BRICS Bank Encourages Developing Countries to Ditch US Dollar
https://watcher.guru/news/brics-bank-encourages-developing-countries-to-ditch-us-dollar

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If you are watching the news lately, you will notice that we have several geopolitical issues that could make investors nervous on the markets.

All it would take is one major headline to bring the markets to a halt and suffer a decline at this point.

Someone is definitely worried about capital requirements as of late and planning for this scenario (Basel3) in the banking system, and we have major concerns about market liquidity.

Below I have given you a video to look and listen to about market crashes. You will also notice that the US Treasury is borrowing an estimated 1Trillion  dollars to cover liquidity concerns in Q3.

Look for the price of the dollar to go to a real value as the price of commodities move toward their real values during this transition.

© Goldilocks

https://www.morningstar.com/news/marketwatch/20230731307/us-treasury-increases-borrowing-estimate-for-third-quarter-to-just-over-1-trillion

https://youtu.be/W7iU3UH-UVo

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The Gold Standard System | World Gold Council
https://www.gold.org/history-gold/the-classical-gold-standard#:~:text=The%20Gold%20Standard%20was%20a,a%20country%20which%20did%20so.

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Monday Afternoon Iraq Economic News Highlights 7-30-23

Monday Afternoon Iraq Economic News Highlights 7-30-23

Economist: Tourism is behind the high price of the dollar

Economy   07/31/2023  number of readings: 180  Baghdad-Iraq today:   Professor of Economics at the University of Basra, Nabil Al-Marsoumi, revealed one of the reasons for the rise in the dollar in the Iraqi market.  Al-Marsoumi said in a press statement, "Tourism is another source for the high price of the parallel dollar, as Iraqis constitute 55% of the total number of foreign tourists who entered Iran in 2022."  He added, "Foreign tourists spent $6.2 billion in Iran in 2022, and Iraqi tourists spent $3.410 billion in 2022."

And he continued, "Because of the American sanctions that do not allow Iraqi travelers to Iran to convert the dinar into dollars at the official rate, the Iraqis are forced to request or buy the dollar, which is a real request and not for these purposes." of speculation at the parallel price,  LINK

A Government Meeting Discusses Addressing The Phenomenon Of Manipulating The Value Of The Iraqi Dinar Against The Dollar

Today, Monday, a meeting was held at the headquarters of the Supreme Judicial Council to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar.

A statement by the judiciary stated that "a meeting was held at the headquarters of the Supreme Judicial Council within the framework of supporting national efforts to support the Iraqi dinar and to address manipulation and speculation by some speculators in violation of the law."

He added that "the meeting included the head of the Public Prosecution Service, the head of the Judicial Supervision Authority, the senior investigative judges of the second and third Karkh Investigation Courts, and the Rusafa Investigation Court specialized in cases of integrity and economic crime, in addition to the head of the National Security Agency and the Undersecretary of the Interior Minister for Intelligence Affairs."

He continued, "The meeting discussed the best ways and mechanisms to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in order to ensure its reduction and the prosecution of those involved in it in accordance with the laws in force."

https://takadum-news.com/archives/176383

Sudanese Financial Advisor Confirms The Stability Of The Dollar Exchange Rates After The Procedures Of "Small Importers"

Policy   07/30/2023 Number of readings: 252   Baghdad-Iraq today:  On Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced a movement to stabilize the exchange rates of the dollar, by providing soft financing operations for small importers at the official exchange rate, which amounts to 1,320 dinars per dollar.

Saleh said, in a statement to the official agency, that "the foreign trade of small merchants constitutes the highest number in the import commercial market activity, and its rate may reach 60 percent of the local market's needs for imported goods."

And he added, “With the aim of dismantling the monopolistic commercial financing ring to finance foreign trade and all external transfer operations that result as dangerous mediating forces that carry a lot of colored noise between the small trader and financing foreign trade in currency, whether in The position of international compliance or dealing in foreign currency outside the stability controls, in addition to its danger.”

In spreading a dangerous pricing pattern based on floating the prices of goods and services at the parallel market exchange rate, which leads to a dangerous transfer of inflation from the exchange market to the general level of prices and endless price disturbances, so the Iraqi Trade Bank works with direct openness in providing soft financing operations for small importers at an affordable price.

He pointed out that “this matter will lead to providing a flexible commodity supply and help to establish stability in the parallel exchange market, as well as removing the forces of commercial monopoly from the most dangerous mediation process between small traders and the exchange market, in a way that achieves stable competitiveness in which the parallel exchange rate gradually matches the official exchange rate.”  LINK

Economic Circles Suggest The Return Of Calm To The Currency Exchange Markets In Iraq

2023.07.31   Baghdad - Nas  Iraqi economic and financial circles suggested that calm would prevail again in the local currency exchange markets during the coming period, after the US decisions regarding the activities of banks in the oil-producing country caused unrest recently, according to a report by the London-based Al-Arab newspaper.      

Economic expert Abd al-Rahman al-Mashhadani predicted, in a statement to the official Iraqi News Agency, that the exchange rate would soon drop to around 1,400 dinars to the dollar.    

Al-Mashhadani said, "The issuance of the US Treasury'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."    

The Central Bank authorized about 116 exchange companies 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 the rise in the value of the dinar against the dollar again.    

Al-Mashhadani emphasized that “these measures will restore prices to what they were before the crisis, but more than that. There are also government measures to reduce taxes imposed on entering the currency auction, and this will lead to the stability of prices, which we expect to reach 1400 dinars to the dollar.   

The Governor of the Central Bank, Ali Al-Alaq, had confirmed that the rise in the exchange rate was temporary and that the bank had diagnosed the manipulators, while noting that the government had approved a proposal by the bank to ease tax procedures to obtain the dollar.    

He also explained that preventing Iraqi banks from dealing in dollars came against the background of checking bank transfers for the past year, and before the application of the electronic platform, and before the formation of the current government as well. 

Last week, dozens of people organized a protest movement in front of the Central Bank, and bank owners called for official action from government agencies to stop the sharp rise in the dollar exchange rate, which followed the inclusion of 14 Iraqi banks on the blacklist by the United States.    

The market price of the dollar at that time jumped from 1470 to about 1570 dinars after Washington banned Iraqi banks from conducting transactions in US dollars on suspicion of using them for money laundering and transferring funds to Iran. 

Haider Al-Shamaa, owner of a private bank in Baghdad, said on the sidelines of a press conference last Wednesday that "the inclusion of nearly a third of private banks in the list of those prohibited from dealing in US dollars will have serious consequences."    

Al-Shamaa called on the Iraqi government to work to prevent the damage caused to the owners of private banks.   

According to the Central Bank, local banks that are deprived of dealing in dollars, their requests constitute only about 8 percent of the total foreign transfers. 

Last Wednesday, Al-Alaq told the official Iraqi News Agency that the central bank continues to provide dollars at the official rate of 1,320 dinars to the dollar “for all legitimate transactions,” including “transfers and credits for various imports.”    

After the US invasion of Iraq nearly two decades ago, specifically since 2004 until now, the exchange rate has changed more than once, according to circumstances, whether it is upward or downward.    

And the government decided in last year's budget to reduce the value of the dinar by 1450 dinars per dollar, after it was 1182 dinars per dollar, in order to face the financial crisis and the deterioration of the local economy. 

The decision caused a crisis in the local market, as prices of commodities and merchandise rose in the local markets, harming the working class. 

  Experts said that the main reason behind the devaluation of the Iraqi currency at that time was to bridge the inflation gap that emerged clearly last year during the epidemic and with the continued collapse of global oil prices, which is a major source of Iraqi financial resources. 

https://www.nasnews.com/view.php?cat=111880

Parliamentary Oil: Domestic Gas Does Not Cover The Need, And America Is Obstructing The People's Access To Energy

Information / Baghdad... A member of the Oil and Natural Resources Committee, Kazem Al-Touki, confirmed Iraq's inability to secure gas to operate power stations from local production, accusing America of standing against attempts to secure gas.

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

Al-Touki told Al-Maalouma, "Iraq needs about 5,000 billion standard cubic meters of gas in order to operate power stations, especially in the summer season, at a time when Iraq was unable to produce more than 1,000 cubic meters of gas, which pushes the government towards Import the rest.

He added, "America is trying and moving to ensure that the Iraqi people are not comfortable and to create problems, in order to push them towards going out against the government and repeating the scenario of the events of 2019 to topple the government, as it did with Adel Abdul Mahdi."

And he indicated that "America can bypass some files that the people need, especially in the issue of gas supply in order to operate power stations without causing problems or obstructing this matter, but it stood before the people's need to ensure that they stand against the government." LINK

Chambers Of Commerce: The Parallel Market Prices For The Dollar Are On The Way Down

Information / Diyala..  The Chambers of Commerce confirmed, on Monday, that the parallel market prices of the dollar are on their way to decline for three reasons.

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

The head of the Chambers of Commerce in Diyala, Muhammad al-Tamimi, said in an interview with Al-Maalouma, that "the removal of 14 Iraqi banks from the currency sale window by the Central Bank a week ago led to the deprivation of dozens of banking companies associated with it of liquidity in the dollar, which led to a scarcity and push prices." to up".

He added, "The Central Bank dealt with the matter and ensured the flow of dollars to banking companies in order to meet the market's need," pointing out that "the dollar is on its way to a gradual decline in the coming days for 3 reasons, most notably dealing with the file of banking companies and providing dollars for them in addition to increasing the supply while reassuring the markets that it is There are no new penalties for banks."

He pointed out that "America's use of the dollar in Iraq is undisputed in terms of pressure, pointing to" the importance of expanding the circle of diversity of hard currencies in order to reduce the duration of pressure and provide alternatives in foreign trade. LINK

A Western Report Is Betting On The Collapse Of The “OPEC Plus” Alliance

Economy  Despite the huge oil price gains caused by Russia's war in Ukraine last year, OPEC members are reaping hugely disproportionate returns from a shrinking basket. Indeed; The alliance is under severe pressure due to the decline in oil demand and lack of coordination among members, and some experts believe that “OPEC Plus” is at risk of collapsing in the near term.

The “Oil Price” website published a report on the future of the OPEC Plus alliance. Considering that these are the best and worst times for OPEC; Depending on which member you are asking about.

The site said, in its report, that 2022 was a distinguished year for “OPEC Plus.” with nominal revenue at its highest level since 2013; to $888 billion for 2022, according to figures from the US Energy Information Administration; They increased by a whopping 54 percent from 2021 levels and slightly higher than the 2014 total, after which oil prices began their long decline.

However, the real numbers are not rosy; Once inflation is factored in, prices are actually down by about a fifth compared to 2014, though it's still a significant 43 percent increase from last year.

And the site stated that “OPEC” revenues may appear to be on a significant upward trend after the epidemic thanks to high oil prices, but the actual number of barrels being sold is still alarmingly low. “While the amount increased last year, it remained below pre-pandemic levels and among the lowest in any year so far this century,” Bloomberg reported earlier this month. “

In fact, Taking all factors into account, real per capita export earnings in 2022 are lower than they were in 2009, when global GDP shrank and nominal oil prices fell by about 40 percent.

The site stated that “OPEC” is concerned for understandable reasons. In the wake of last year's war windfall, Saudi Arabia - the group's de facto leader - pushed for sharp production cuts in order to keep oil prices high, but a further drop in the amount of barrels produced and sold backfired for the government. Saudi Arabia. this week only;

The International Monetary Fund cut its growth forecast for Saudi Arabia from 3.2 percent to just 1.9 percent, citing “production cuts announced in April and June in line with an agreement through OPEC Plus” as a driving factor for the revised forecasts, and this decline represents a complete turnaround for Saudi Arabia. , which was the fastest growing economy

The site added that the burden of production cuts - and the resulting economic blow - is not borne equally by the “OPEC Plus” members. Greg Priddy, a consultant at Spot Run Advisory and a senior fellow at the Center for the National Interest in Washington, D.C., told Middle East Eye earlier this month: “Russia has been pretty much cheating and avoiding cuts in Saudi Arabia. ". In fact, the International Energy Agency stated that Saudi Arabia is on its way to losing its position as the largest oil producer in “OPEC Plus”; Where Russia is set to overtake it.

The site stated that “OPEC” needs Russia in order to maintain its ability to control oil prices. As “Bloomberg” published a report in which it said that “a growing number of OPEC members have far exceeded their prime in terms of production capacity anyway, and they have stumbled differently due to war, sanctions and mismanagement.” But the shift of power away from Saudi Arabia and towards Russia raises a major problem for the group's cohesion, and perhaps its longevity.

The site concluded its report with statements by Per Leander, Director of the Clean Energy Transition Foundation, which he made last week to CNBC; He said he was “very sure” that the “OPEC+” alliance would break, adding that “the more negative growth there is, the less you cooperate.” And if the “OPEC Plus” coalition, which currently controls about 40 percent of the world’s crude oil, breaks away, oil prices could drop to $35 a barrel.    https://takadum-news.com/archives/176251

KTFA Members "News and Views" Monday Afternoon 7-31-2023

KTFA:

Clare:  World Bank: Iraq is witnessing a strong recovery

7/31/2023 Baghdad

Today, Monday, the World Bank confirmed that Iraq is witnessing a strong recovery after years of turmoil.

"Iraq is witnessing a strong recovery after many years of turmoil," Jean-Christophe Carré, Regional Director of the Middle East Department at the World Bank, said in a statement.

Carre added, "It is necessary to take measures to accelerate the move towards diversification of economic activity."

He continued, "The importance of reforming the banking sector and promoting digital financial services in order to increase financial intermediation activities and enhance financial inclusion." LINK

Turk182:  As of this posting, it is now 2:10AM Monday, July 31st 2023

They printed the 2023, 2024 & 2025 Budget in the Gazette, back in JUNE.  Here we are a day away from AUGUST 2023.

I'm calling their bluff!  I could care less, how many think SUDANI is doing a great job, and the CBI is doing a great job!  ENOUGH

The Citizens of Iraq have suffered enough.  They have bought into your HYPE about the whole, "don't us the US Dollar anymore (or you'll go to jail", and DON'T give away your IRAQI DINAR, because "soon" it will be worth more money than the US Dollar.

Blah Blah Blah...  ALL WORDS, NOT ACTION..

Typical politicians! LIARS!  Could care less about all those MOUs they signed, or all those Countries pouring into Iraq. 

Means NOTHING with a worthless, toilet paper currency.

The time to "Put Up or Shut Up" has longer passed.  Time to see some ACTION! 

Time to put down the Lemonade.  Only so much of the "Boy that cried wolf" are the Iraqi People going to tolerate.

Prove me wrong. 

Suzie:   well stated, if they're so concerned about their people then prove you're the leaders  everyone thinks you are. At the beginning of this year things were looking so promising with just a few i's to dot and t's to cross and June looked to be the promising time, now here we sit again

Turk182:  IMHO - Sudani & the CBI are very much seriously approaching that point of losing any/all Credibility/Faith of the Iraq Citizens, as well as all those Countries that have been pouring into Iraq to do Business.

Agree with you Suzie, I too was under the impression that once Sudani got in, that this was nothing more than a Rubber Stamp, the words, "Done, Done, Done" have been floated/hyped around for past several months.

Lie on me once, shame on you, lie to me twice, shame one you, lie to me 1,308 Times, SHAME ON ME.  (see what i did there 1308) hahahah

Time to pull back the curtain on Sudani & CBI to find out who are the ones truly in Control of Iraq and pulling the strings.

Frometad:  Talk, talk, talk...enough talk. So many promises made.  

Margarita:  we know the kurds just agreed to implement the budget...as of a few days ago.  So if that is true, and it is true the new exchange rate is a line item AND the HCL is a line item, then once they open it we should get what we want.  I am excited myself

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Clare:  An upcoming visit of an Iraqi government delegation to America to discuss the issue of the exchange rate

7/30/2023  Rudaw Digital 

The State Administration coalition is scheduled to meet this week in Baghdad to discuss a number of issues, on top of which is the depreciation of the Iraqi dinar against the US dollar, with a proposal to send an Iraqi government delegation to America to discuss the issue. 

A spokesman for the Victory Alliance, which represents one of the parties to the State Administration Coalition, Salam Al-Zubaidi, told Rudaw Media Network, on Sunday (July 30, 2023) that the State Administration Coalition “will meet this week in the office of one of the coalition leaders in Baghdad, to discuss a number of issues, including the actions of the government.” level of services, and the latest developments in this field. 

He added, "The financial and banking sector will also be one of the most important axes of the meeting, especially after the US restricted the work of 14 Iraqi banks, which had a significant impact on the depreciation of the dinar." 

Salam Al-Zubaidi, indicated that this issue has become "dangerous", attributing this to its threat to the Iraqi economy "and its negative impact on people's livelihood and destabilization of various sectors, in a way that leads to the loss of billions of dinars," he said. 

It is noteworthy that the United States of America removed 14 Iraqi banks from the list of the Central Bank of Iraq related to banks that are entitled to obtain hard currency, on charges of smuggling dollars to countries subject to US sanctions. 

On July 19, the Wall Street Journal reported that the United States had taken these measures against the 14 banks, on suspicion of money laundering. 

For his part, the spokesman for the Victory Alliance, which is headed by Haider al-Abadi, stated that "the devaluation of the dinar is one of the hottest issues in the Iraqi street, so it will be the most prominent axes of the meeting of the State Administration Alliance." 

And he indicated that "there are fears of a further decline in the value of the dinar," noting that there is a vision among the leaders of the coordination framework and the state administration as well to send a delegation representing the Iraqi government to discuss this issue with the US Federal Bank and discuss with it threats and risks and present proposals to address the situation.    LINK

Clare:  A government meeting to support the Iraqi dinar and address manipulation and speculation

7/31/2023

The Supreme Judicial Council announced, today, Monday, that it will hold a meeting to support the Iraqi dinar and confront manipulation and speculation.

The council said, in a statement, which "Efrat News" received a copy of, that "a meeting was held at the headquarters of the Supreme Judicial Council, within the framework of supporting national efforts to support the Iraqi dinar and to address manipulation and speculation by some speculators in violation of the law."

He added, "The meeting included the head of the Public Prosecution Service, the head of the Judicial Oversight Authority, the first investigative judges of the second and third Karkh Investigation Courts, and the Rusafa Investigation Court specialized in cases of integrity and economic crime, in addition to the head of the National Security Agency and the Undersecretary of the Interior Minister for Intelligence Affairs."

He pointed out that "during the meeting, the best ways and mechanisms were discussed to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in order to ensure its reduction and the prosecution of those involved in it in accordance with the laws in force."   LINK

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Clare:  Judges and security leaders meet to address the "manipulation" of the value of the dinar and to prosecute those involved

7/31/2023

On Monday, Iraqi judges and security leaders held a meeting at the headquarters of the Supreme Judicial Council to put in place mechanisms to deal with "manipulating" the value of the Iraqi dinar and prosecute those involved.

A statement of the Supreme Judicial Council received by Shafaq News agency stated, "The meeting included the head of the Public Prosecution Service, the head of the Judicial Supervision Authority, the senior investigative judges of the second and third Karkh Investigation Courts, and the Rusafa Investigation Court, which is specialized in cases of integrity and economic crime, in addition to the head of the National Security Agency and an undersecretary. Minister of the Interior for Intelligence Affairs.

During the meeting, they discussed the best ways and mechanisms to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in a way that ensures limiting it and prosecuting those involved in it in accordance with the laws in force, according to the statement.

Today, Monday, the Supreme Judicial Council announced the arrest of suspects carrying out suspicious banking activities.

He pointed out that "the defendants admitted that they had taken companies to do business as a cover to smuggle currency out of Iraq, and these companies were raided in separate areas of Baghdad, and sums of money estimated at fifteen million dollars were seized and deposited with the central bank after the Anti-Money Laundering Office submitted its reports that included the existence of Suspicions of money laundering by monopolizing the dollar currency in this way.   LINK

Iraqi News Highlights Late Sunday Evening 7-30-23

Iraqi News Highlights Late Sunday Evening 7-30-23

Tlm724 Administrator Bondlady’s Corner

Starting Procedures To Limit The Rise In The Exchange Rate Of The Dollar Against The Dinar

The Iraqi Trade Bank decided to expand the scope of the external financial transfer process for merchants.   The media expert of the bank, Aqil Al-Shuwaili, said in a statement: “Based on the directions of the Presidency of the Council of Ministers and the Central Bank of Iraq to limit the rise in the exchange rate of the dollar against the dinar in the local markets, and to support the import process in accordance with the legal frameworks and correct and sound contexts to ensure the safety of financial transfer operations, which are positively reflected.” On individual merchants and shop owners, the Trade Bank of Iraq (TBI) decided to take the initiative to expand the scope of the external financial transfer process.

He explained, "This will be done by allowing the aforementioned groups to import consumer goods at the exchange rate of the Central Bank of Iraq 1320 dinars per one dollar, provided that the value of the external transfer for each individual trader per month does not exceed ($100,000 only one hundred thousand dollars)," indicating, "It will be Work on this matter, starting with the bank’s branches in the capital, Baghdad, and the work will be expanded in other branches outside Baghdad soon, according to the instructions of the Iraqi Trade Bank.

Below are the requirements for opening an account for individual merchants and shop owners as follows:

1- Identification documents: Civil status identity, Iraqi nationality certificate or unified national card, housing card, Iraqi passport, or submitting an undertaking to provide us with the passport as soon as it is issued.

2- Submitting what shows the deposited sources of income (sale receipts or contracts for periods not exceeding the previous six months) or any other documents that show that.

3- Submit proof of work address (lease contract or real estate deed).

4- Fill in the Know Your Customer (KYC) form.

5- A valid Chamber of Commerce ID (if any).

6- Provide evidence of the merchant's activity.

7- Submitting an undertaking that the individual trader will not own a company registered now or in the future.    https://www.radionawa.com/all-detail.aspx?jimare=35227

The Decline In The Exchange Rate Of The Dollar In Iraq

Economy | 10:56 - 07/30/2023  Baghdad - Mawazine News  Today, Sunday, the exchange rates of the dollar recorded a decline in the local markets in Iraq.

The selling price of the dollar was 151,000 dinars per 100 dollars, while the buying price of the dollar was 150,000 dinars per 100 dollars.   https://www.mawazin.net/Details.aspx?jimare=232333

Adviser To The Prime Minister: Measures To Stabilize The Dollar Exchange Rates

Economy | 02:13 - 07/30/2023  Baghdad - Mawazine News  Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced a movement to stabilize the dollar exchange rates, stressing the provision of soft financing operations for importers at the official exchange rate.

Saleh said, "The foreign trade of small traders constitutes the highest number in the import commercial market activity, and its rate may reach 60 percent of the local market's needs for imported goods."

He added, "With the aim of dismantling the monopolistic financing trade ring to finance foreign trade and the entirety of external transfer operations resulting as dangerous mediating forces that carry a lot of colored noise between the small trader and the financing of trade in foreign currency, whether in the position of international compliance or the disposal of foreign currency outside the stability controls,

 in addition to its danger in spreading A dangerous pricing pattern based on floating the prices of goods and services at the parallel market exchange rate, which leads to a dangerous transfer of inflation from the exchange market to the general level of prices and endless price disturbances.

Therefore, the Iraqi Trade Bank works with direct openness in providing soft financing operations for small importers and at the official exchange rate outside the loop. the monopolist".

He pointed out, "This matter will lead to providing a flexible commodity supply and help to establish stability in the parallel exchange market, in addition to removing the forces of commercial monopoly from the most dangerous mediation process between small traders and the exchange market, in a way that achieves stable competitiveness in which the parallel exchange rate matches the official exchange rate." gradually".   https://www.mawazin.net/Details.aspx?jimare=232351

Iraq Raises Its Oil Exports To America

Economy | 08:59 - 07/30/2023  Baghdad - Mawazine News  The US Energy Information Administration announced that Iraq's oil exports to America increased, overtaking Saudi Arabia during the past week.

The administration said in its schedule, "The average US imports of crude oil during the past week from eight major countries amounted to 5.487 million barrels per day, down by 770 million barrels per day from the previous week, which amounted to 6.257 million barrels per day."

She added, "Iraq's oil exports to America amounted to an average of 273,000 barrels per day last week, up by 14,000 barrels as a daily average from the previous week, in which oil exports to America amounted to an average of 259,000 barrels per day, thus Iraq surpassed Saudi Arabia in its exports to America."

She pointed out that "most of America's oil revenues during the past week came from Canada at an average of 3.203 million barrels per day, followed by Mexico at an average of 830 million barrels per day, and oil revenues from Colombia amounted to an average of 287 thousand barrels per day, and then Saudi Arabia at an average of 242 thousand barrels per day and from Nigeria."

 It reached an average of 229 thousand barrels per day, and from Ecuador at a rate of 216 thousand barrels per day, and from Brazil an average of 216 thousand barrels per day.” Ended 29 / H

https://www.mawazin.net/Details.aspx?jimare=232325

The President Of The Republic Stresses The Importance Of Consolidating Relations With Kuwait And Encouraging Investment And Trade Opportunities

Sunday 30, July 2023 16:14 | political Number of readings: 130  Baghdad / NINA / - President of the Republic Abdul Latif Jamal Rashid stressed today, Sunday, the importance of strengthening relations with Kuwait and encouraging investment and trade opportunities.

And the Presidency of the Republic said in a statement, "The President of the Republic received, today, at the Baghdad Palace, Kuwaiti Foreign Minister Salem Abdullah Al-Sabah and his accompanying delegation, in the presence of Foreign Minister Fuad Hussein," noting that "Foreign Minister Salem Abdullah Al-Sabah conveyed the greetings of the Emir of the State of Kuwait."

Nawaf Al-Ahmad Al-Jaber Al-Sabah to the President, while the President of the Republic entrusted the Minister with his greetings and appreciation to the Emir of the State of Kuwait and the brotherly Kuwaiti people.

Rashid stressed the importance of consolidating fraternal relations between the two countries and enhancing understanding and constructive cooperation in a way that achieves common interests and encourages investment and trade opportunities, with the need to continue joint coordination and work together to find satisfactory understandings on outstanding issues and reach decisive solutions that contribute to building a prosperous future.

We are interested in the success of all efforts aimed at establishing the security and stability necessary to continue work and construction.

For his part, Kuwaiti Foreign Minister Salem Abdullah Al-Sabah expressed his pleasure "for the achievements made in Iraq, and his confidence in Iraq's arrival to safety, stability and prosperity."

He added, "The talks with the Ministry of Foreign Affairs were fruitful, and our relations are solid and strong, and they will be better and witness great achievements," referring to "the historical relations that unite the two countries, and the aspiration to strengthen them in various fields."

https://ninanews.com/Website/News/Details?key=1067785

Al-Sudani Chairs A Meeting Of The Supreme Committee For The Implementation Of The Development Path

Sunday 30, July 2023 16:16 | political Number of readings: 121  Baghdad / NINA / - The Prime Minister, Muhammad Shia'a Al-Sudani, chaired today, Sunday, the second meeting of the Supreme Committee for the implementation of the Development Road Project.

Al-Sudani's office stated in a statement: "During the meeting, the latest steps taken in the course of advancing the project by the concerned authorities were reviewed, each according to his responsibility, and the progress of the measures taken with countries wishing to participate and contribute to the project was followed up."

During the meeting, Al-Sudani directed the involvement of the Roads and Bridges Department in the Ministry of Construction, Housing, Municipalities and Public Works, in the process of supervising the road’s path, as well as the creation of specialized departments in the Ministries of Transport, and the Ministries of Construction and Housing, to find a specialized cadre that contributes to follow-up and implementation.

The Prime Minister stressed the necessity of resolving conflicts with existing projects, and careful coordination in this field.

The meeting discussed the appointment of an economic consultant for the project, communication with interested international companies specialized in sub-projects and industrial city projects, in addition to reviewing the World Bank's proposals regarding the implementation stages and investment files./End

https://ninanews.com/Website/News/Details?key=1067787

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Monday Morning 7-31-2023

TNT:

Tishwash:  Parliamentary Transportation: Soon the flag of Iraq will be raised on ships operating in international trade

The head of the Parliamentary Transportation and Communications Committee, Zahra Al-Bajari, revealed today, Monday, that the Iraqi flag will soon be raised on ships operating in international trade.

And Al-Bajari said in a statement, "The parliament included two international maritime agreements in its agenda during its session today, indicating that" the first agreement will concern maritime safety, while the second will concern the environmental field.

And she added, "The SAR agreement, or "Search and Rescue", is one of the important agreements to protect and save the lives of workers at sea, especially since Iraqi ports are included in the list of ports of countries in which dangers exist and issued by the Federation of Insurance Bodies in London.

She indicated that "the next session will include a discussion of the 1997 Protocol on Pollution from Ships' Exhaust, annexed to the Pollution from Ships Convention of 1973, as amended in 1978."

And she continued, "Iraq's accession to this protocol will pave the way for the re-raising of the Iraqi flag on ships operating in international trade and sailing on the high seas.  link

CandyKisses:  Ministry of Finance Criticized for Delay in Issuing Budget Instructions

Baghdad - NAS  

Nearly 50 days after the adoption of the country's budget for the years 2023, 2024 and 2025, most government departments are still waiting for the instructions to implement them issued by the Ministry of Finance in light of the widespread controversy over the reasons for the delay.       

Despite the publication of the budget in the Gazette after its approval, then recently corrected and entered into force, the departments are not able to work with its provisions, until the implementation instructions are approved by the Ministry of Finance.  

MP Mustafa Al-Karawi said that this week is likely to be the date for the launch of the instructions for the implementation of the budget by the Ministry of Finance, indicating that the articles contested by the government will not affect the budget, but were limited to some paragraphs that do not affect their entirety.  

Economist Nabil al-Tamimi said the delay in issuing instructions for this year's budget indicates a government failure represented by the Ministry of Finance.   

Al-Tamimi criticized the delay in issuing these instructions, although they do not need major updates and changes, expressing surprise that the Ministry of Finance did not benefit from the time during the period of preparation and discussion of the budget by the House of Representatives.   

Finance Minister Taif Sami had previously reported that the ministry has intensified its efforts to expedite the issuance of 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.  

"Official Gazette"  

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Tishwash:  Rights accuse America of employing its arms to overthrow the Sudanese government through the dollar paper

On Monday, a member of the Human Rights Movement, Hussein Ali Al-Karawi, accused the forces affiliated with America of moving to overthrow the government, indicating that the sanctions by the US treasury are a means of pressure on the Sudanese government.   

 Al-Karawi said in an interview with Al-Maalouma Agency, "Attempts to weaken the government are being carried out with direct support from Washington and sometimes through Iraqi political forces."

 He pointed out, "The direct relationship between America and its political and media arms pushes towards exploiting the dollar crisis to achieve its suspicious goals."

 He added that "what is happening in power stations, including fires and explosions of transmission lines to stir up the Iraqi street, expressed American plans to strike society, encourage protests and overthrow the government."  ink

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Tishwash:  Judges and security leaders meet to address the "manipulation" of the value of the dinar and to prosecute those involved

 On Monday, Iraqi judges and security leaders held a meeting at the headquarters of the Supreme Judicial Council to put in place mechanisms to deal with "manipulating" the value of the Iraqi dinar and prosecute those involved.

A statement of the Supreme Judicial Council received by Shafaq News agency stated, "The meeting included the head of the Public Prosecution Service, the head of the Judicial Supervision Authority, the senior investigative judges of the second and third Karkh Investigation Courts, and the Rusafa Investigation Court, which is specialized in cases of integrity and economic crime, in addition to the head of the National Security Agency and an undersecretary. Minister of the Interior for Intelligence Affairs.

During the meeting, they discussed the best ways and mechanisms to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in a way that ensures limiting it and prosecuting those involved in it in accordance with the laws in force, according to the statement.

Today, Monday, the Supreme Judicial Council announced the arrest of suspects carrying out suspicious banking activities.

He pointed out that "the defendants admitted that they had taken companies to do business as a cover to smuggle currency out of Iraq, and these companies were raided in separate areas of Baghdad, and sums of money estimated at fifteen million dollars were seized and deposited with the central bank after the Anti-Money Laundering Office submitted its reports that included the existence of Suspicions of money laundering by monopolizing the dollar currency in this way.   link

Mot ... Like !! - POOOOOF!! ~~~~

Mot: .... just luvs Summmmmer I dooooooo

Currency Economy Business & Market Reforms - Iraq Dinar From MilitiaMan and Crew

Currency Economy Business & Market Reforms - Iraq Dinar

MilitiaMan and Crew:  7-31-2023

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

MM: There has been a lot of things happening the last few days and it’s all coming together.

Please listen to full video for all the news.

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

Goldilocks' Comments and Global Economic News for July 30, 2023

Goldilocks' Comments and Global Economic News for July 30, 2023

RJ:  Good afternoon Dinar Recaps,

Goldilocks posted comments and links on the global financial system:

VIETNAM, July 27 - "HCM CITY — HDBank is one of the first lenders in Việt Nam to have successfully adopted Basel III reforms standards."

HD Bank in Vietnam has upgraded from Basel 2 to Basel 3 Reforms across the board on all of the requirements it takes to be compliant.

The Basel Committee has recommended this for International Banks since January 1, 2023, and HD Bank is our first International pioneer.

They have reached sustainable goals through Article 4 that we talked about earlier this month in their meeting with the IMF, and they are now able to move forward.

If you remember earlier this month, we talked about Indonesia and Iraq being on a similar track. But today, we celebrate Vietnam being the first out of the gate to make their move.

HDBank, one of the pioneers in Việt Nam, has applied leading international risk management standards.

Congratulations!

© Goldilocks

https://www.einnews.com/pr_news/646952452/hdbank-pioneers-comprehensive-implementation-of-basel-iii

https://t.me/c/1545617426/64885

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US Senate Passes National Defense Bill: Here’s How It Affects Crypto

"According to observers, the bill would increase KYC/AML regulations for stablecoin firms, most of which are currently in default."

This bill is designed to protect the users of the crypto space.

The regulations added to this bill through amendments are created to prevent fraud and abuse.

This bill is designed to promote consumer confidence in crypto adoption.

© Goldilocks

https://globeecho.com/business/crypto/us-senate-passes-national-defense-bill-heres-how-it-affects-crypto/

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Blockchain Software Applications: Stellar Development Foundation Shares Latest Ecosystem Updates

The Stellar Anchor Platform announced support for Deposit & Withdrawal services on Stellar (SEP-24), “enabling companies to offer their on and off-ramp services on Stellar and connect to wallets on the network.” This makes it easier for projects “to build on Stellar while decreasing development time and costs.”

As part of the Soroban Adoption Fund, the Soroban Adoption Fund Programs “ramped up activity significantly.”

https://www.crowdfundinsider.com/2023/07/210585-blockchain-software-applications-stellar-development-foundation-shares-latest-ecosystem-updates/

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Follow the money my friends. Liquidity is going to the crypto space and the metal markets at this point. 👇

"The Avalanche Foundation announced its decision to allocate up to $50 million for purchasing tokenized assets minted on Avalanche’s network.

The Foundation’s new program is known as Avalanche Vista, and its intention is to bring new digital versions of traditional investment products to the platform."

Source: Inside Bitcoins

https://t.me/c/1545617426/64896

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If you are looking for real information that is up to-date and spot on the minute, I would encourage you to go to the "Gippers News Reader" room on Telegram.

My friend Sam has talked to the owner of this room on occasion and told me about his desire to help people. It is one I frequently go to for solid information you can trust.

It talks about things going on in our economy as well as other information. I would encourage you to add this to your list of rooms to read.

Dave used to work for Ronald Reagan during his time of office, and he knows the importance of bringing in information that will help you make informed decisions going forward on every aspect of your life.

© Goldilocks

https://t.me/+Thh6fZ5bQJfRxU3f

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Q & A Room

https://t.me/+gqQYBsK0ZCpkMDg5

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Sunday Afternoon Iraq Economic News Highlights 7-30-23

Sunday Afternoon Iraq Economic News Highlights 7-30-23

Adviser To The Prime Minister: Measures To Stabilize The Dollar Exchange Rates

Money  and business  Economy News _ Baghdad  Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced a movement to stabilize the dollar exchange rates, stressing the provision of soft financing operations for importers at the official exchange rate.

Saleh said, in an interview with the Iraqi News Agency, followed by "Al-Iqtisad News", that "the foreign trade of small merchants constitutes the highest number in the import commercial market activity, and its rate may reach 60 percent of the local market's needs for imported goods."

He added, "With the aim of dismantling the monopolistic financing trade ring to finance foreign trade and the entirety of external transfer operations resulting as dangerous mediating forces that carry a lot of colored noise between the small trader and the financing of trade in foreign currency, whether in the position of international compliance or the disposal of foreign currency outside the stability controls, in addition to its danger in spreading A dangerous pricing pattern based on floating the prices of goods and services at the parallel market exchange rate, which leads to a dangerous transfer of inflation from the exchange market to the general level of prices and endless price disturbances.

Therefore, the Iraqi Trade Bank works with direct openness in providing soft financing operations for small importers and at the official exchange rate outside the loop. the monopolist".

He pointed out, "This matter will lead to providing a flexible commodity supply and help to establish stability in the parallel exchange market, in addition to removing the forces of commercial monopoly from the most dangerous mediation process between small traders and the exchange market, in a way that achieves stable competitiveness in which the parallel exchange rate matches the official exchange rate." gradually".   0 views   07/30/2023    https://economy-news.net/content.php?id=35402

Economist: The Recent Measures Of The Government And The Central Bank Will Contribute To Raising The Value Of The Dinar Against The Dollar

Policy  Economic expert Abd al-Rahman al-Mashhadani confirmed that the recent government measures, in addition to those of the Central Bank, will contribute to raising the value of the Iraqi dinar against the dollar.

Al-Mashhadani, in a statement to Dijla, indicated that “the sanctions of the US Treasury against the 14 banks were taken by the government, upon the direction of Prime Minister Muhammad Shia’ al-Sudani, to build a transfer of 116 exchange companies that were receiving their weekly shares of dollars from the punished banks to other banks, which will necessarily lead to an increase in the value of the Iraqi dinar.”  

Al-Mashhadani added, "These measures, if they are actually applied and continued, will push the value of the dollar down further against the Iraqi dinar, and the actual value may reach 140,000 dinars."  ]https://www.dijlah.tv/index.php?page=article&id=332364

The Iraqis Spent 3.4 Billion Dollars In Iran In 2022!...Another Reason For The High Price Of The Dollar

Economy  2023-07-30 |Source:  2,703 views  Alsumaria News – Economy  Economic expert Nabil Al-Marsoumi considered, today, Sunday, July 30, 2023, that tourism is another source for the high price of the parallel dollar, while Iraqi tourists spent $3.410 billion in Iran during the past year 2022.

Al-Marsoumi mentioned in a post entitled "Tourism is another source of the parallel dollar's high price," which I followed  Alsumaria News  And that "Iraqis accounted for 55% of the total number of foreign tourists who entered Iran in 2022," noting that "foreign tourists spent 6.2 billion dollars in Iran in 2022, while Iraqi tourists spent 3.410 billion dollars in 2022."

He added, "Because of the US sanctions that do not allow Iraqi travelers to Iran to convert the dinar into dollars at the official rate, the Iraqis are forced to request or buy the dollar, which is a real request and not for the purposes of speculation at the parallel price, so the gap between it and the official rate widens."

 The official exchange rate is 1320 dinars to the dollar in the Iraqi budget, but the parallel rate witnessed a strong rise in the Iraqi markets during the past days, reaching 157 thousand dinars per hundred dollars.

This comes after the United States  imposed sanctions on 14 Iraqi banks, in a campaign against 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

Barzani Imposes Control Over Areas Outside The Borders Of The Region And Seizes Its Wealth

Information / Baghdad... Peshmerga forces continue to impose their control over many areas outside the borders of the region, although they are areas not under the authority of the Kurdistan government, as there is no justification for continuing control, other than obtaining oil wealth in Nineveh Governorate, as is the case with some areas in Kirkuk, despite the demands for those forces to leave the areas they control to ensure the return of the people there and to hand over its authority to the federal government.

The representative of the province of Niveh, Abd al-Rahim al-Shammari, told Al-Maalouma, that "a delegation went to the head of the Kurdistan Democratic Party, Massoud Barzani, in order to withdraw the Peshmerga forces from the areas over which it imposes its control in the province of Nineveh, and this was done in 2018 and promised to return those areas."

To its people, and this was repeated when the delegation also went in 2020 and 2023 and promised the same words, but Barzani, despite the delegations that met him and the promises he made to them, but they were not implemented and the Peshmerga forces did not withdraw from the lands they control in Nineveh Governorate,

"pointing out that "The people of the areas controlled by the aforementioned forces resorted to the method of demonstration and organizing vigils in order to meet their demands for the Peshmerga to leave their areas, and they promised to escalate in the event that their demands were not implemented, especially since those forces control villages in Rabia, from Mahmoudiya, Cairo, Safia, as well as in Zummar, such as Al-Sheehan, Jadiriya, and villages In al-Hamdaniya, Wana, Tilkaif and Makhmour. 

On the other hand, former MP Ghaleb Muhammad Ali told Al-Maalouma that "there is a group of oil fields under the control of the regional government and located within the areas of Article 140, including the Safiya and Ain Zala fields, but the latter has returned to the control of the federal government, in addition to that there are a number of The wells, including the Bay Hassan field, which is under the control of the militias of the Barzani family, as its revenues do not enter the regional government or the federal government,

if the aforementioned family still controls them even though they are outside the map of the region’s fields,” explaining that “Neichirvan Barzani had an agreement with the Turkish BOTAS company in the previous period With the aim of exporting 30 percent of the region's oil to the Zionist entity, in addition to exporting oil to any other country in return for Ankara obtaining certain sums in return for the export. 

On the other hand, the spokesman for the Arab Council in Kirkuk, Azzam al-Hamdani, confirmed to Al-Maalouma that "there are fears of the military entry of the Peshmerga in conjunction with the restoration of the political work of the party in Kirkuk, as the Arab component rejects national conflicts supported by armed arms," ​​noting that "The Democratic Party is trying to consolidate the identity of Kirkuk in Kurdistan."    LINK

Politician: All Turkish Dams On The Iraqi Border Are Funded By Zionism

Information / Baghdad .. The political observer, Muhammad Kazem, revealed, on Sunday, that the Zionist entity had financed the construction of all dams built on the Iraqi-Turkish border.

  Kazem said in a statement to Al-Maalouma, that "Turkey has built several dams to withhold water from Iraq and deprive it of its water share as a means of pressure," noting that "most of these dams are funded by the Zionist entity and the United States of America, foremost of which is the Ataturk Dam, known as the GAP Dam. The largest Turkish dams built on the Euphrates River.

He added that " the Zionist and American financing of the Turkish side to build dams is a weapon used to subjugate Iraq and drag it to normalization with the Zionist entity , in addition to the presence of Turkish ambitions in the north of Iraq . "

It is clear, Kazem, that "the Iraqi government can get out of the water crisis in many ways, including the use of the economic card, as the trade exchange between us is more than 17 billion dollars annually, especially since Turkey is living in a suffocating economic crisis, as well as turning to international organizations such as the United Nations, the International Security Council and the Court of Justice International, because international law allows us to obtain water quotas determined within the law of the riparian countries. LINK

The Dollar And Electricity Ignite Tomorrow's Session.. Parliament Complained About Delaying The Implementation Of The Budget

Information / Baghdad .. A member of the State of Law Coalition, MP Muhammad al-Ziyadi, expressed, on Sunday, his discontent with the government’s failure with several files, most notably the failure to implement the budget and the failure to address the rise in dollar prices and the electricity crisis, stressing that Parliament is determined to get out of the agenda of tomorrow’s session and go to solve the crises.

Al-Ziyadi said, in a statement to Al-Maalouma, that "the representatives are determined to ask several questions inside the parliament dome, away from the paragraphs of the parliament's agenda," noting that "tomorrow's session will be a heated session and a parliamentary revolution."

He added, "The proposals that will be presented are related to not launching the budget for a moment, the issue of banks, and the extent of the seriousness of the Ministry of Finance and the Central Bank in addressing the continued high exchange rate of the dollar and its impact on the standard of living of citizens, as well as insisting on hosting the Minister of Finance to learn about the steps that the ministry is taking to reduce water scarcity,

In addition to asking the government for what it has implemented from the government program, in addition to the hot and intractable file of electricity.

Al-Ziyadi explained that "these files are the challenges we face, and the parliamentarian must know what is going on in terms of solutions to them without limiting them to a small group of politicians and not caring about the people's representatives," noting that "we are not against the government, but we must know what has been achieved and what are the procedures to face the challenges of the necessary files." Foremost among them is the issue of electricity, water scarcity, and the continued rise in the exchange rate of the dollar.    LINK

3 Officials Explain The US Ambassador's Tweet About The Dollar: The Exchange Rate Will Be 145

SAT, 07-29-2023, TAYSEER AL-ASADI  An advisor to the Prime Minister and a former official in the Central Bank and academics said that the US ambassador’s tweet about a dialogue between Baghdad and Washington regarding the dollar means that the US Treasury Department has become “convinced” of the procedures of the Central Bank of Iraq, and they expected that the fluctuation wave in the exchange rate would end, to return to touching 145 dinars. .

d said. Mahmoud Dagher - Academician and former Central Bank official to Network 964: The relationship between the Central Bank and international parties is strong, given that most of our trade, revenues, and investments are in dollars. He explained that the measures taken against the 14 banks are not sanctions, as the American ambassador said, but only restricted the dealings of these banks.

 Many currencies, including the dollar, because most banks in the world do not want to deal with banks against which there are restrictive measures.

The rise in the exchange rate is a reaction to the restriction of the 14 banks.

He added, "I think now that there is a decrease in the exchange rate, but I confirm that it will not return to the official rate, which is 1,320 dinars, as long as part of the dollar sales goes to finance trade with the penalized countries." Less than 150 thousand, provided that some statements do not affect the monetary market.

As for Sabhan Mulla Jiyad - the Sudanese political advisor, he said: I think there is an understanding between the Central Bank of Iraq and the US Treasury, and it is clear that the treasury did not put other banks on the list as it was rumored. Enter the coin auction.

He also said that I expect stability in the exchange rate, and a return to 150 thousand dinars to the dollar, and it may decrease more during this week.

As for Abd al-Rahman al-Mashhadani - an economist and academic, he stated to the same source that I have reservations about the measures taken by the Central Bank, which were praised by Ambassador Romansky. The sanctions are not the first of their kind, and all banks were punished for the same reasons, which are currency smuggling and money laundering operations.

And he said, after the issuance of sanctions from the US Treasury, the Central Bank was supposed to not be satisfied with removing these banks from the currency window and dealing in dollars, it had to request documents from the US Treasury, in order for comprehensive investigations to be carried out, if these banks were accused, then this is a disaster, but to take The central bank measures above treasury measures, as this is incorrect behavior. Noting that despite my reservations about the Central Bank's procedures, I expect a gradual decrease in the exchange rate to 154 or 155 thousand dinars per 100 dollars.

He added, "I believe that the transfer of 116 exchange companies to other non-punished banks has limited the possibility of the exchange rate exceeding 160,000 dinars, and perhaps within a week we may see a return to the exchange rate to 147,000 dinars." Follow ups  https://non14.net/public/158899

"Tidbits From TNT" Sunday 7-30-2023

TNT:

CandyKisses:  Because of the collapse of electricity. Massive demonstrations expected in the coming hours – urgent

Baghdad Today - Baghdad

Today, Saturday (July 29, 2023), the American newspaper Barons expected popular "demonstrations" in Iraqi cities during the next few hours, in the event of continued power outages in Iraq.

The newspaper said through a report translated by (Baghdad Today), that the Iraqi Ministry of Electricity officially announced a complete power outage in Iraqi cities during the day Saturday at twelve o'clock in the afternoon, as a result of a fire hit a power A transmission station in Basra province, promising to "repair faults and restore power" within hours.

The newspaper pointed out that Iraqi families suffer from continuous power outages of up to ten hours a day in normal circumstances, as some families rely on private generators to compensate for the lack of energy, which is not available to a large part of them because of Their high cost, according to their description.

The newspaper expected "popular demonstrations" in the event of continued power outages in the country during the next few hours, stressing that temperatures in Baghdad and the cities of the south reach about fifty degrees Celsius, which contributes to an increase in popular tension.

Earlier in the day, the Ministry of Electricity confirmed the gradual improvement of the production and loads of the national system, with the reconnection of transmission lines.

The media office of the ministry said, in a statement received by "Baghdad Today", that "the electrical system continues to gradually improve its loads and production after resuming the operation of its generating units, and connecting the power transmission lines that were disconnected due to emergency technical accidents that caused the electricity to go out."

And she indicated that "efforts are now mobilized at the National Control Center, and the areas are being re-equipped successively with electricity, after isolating the places of emergency accidents."

Since this afternoon, the national system has witnessed technical accidents represented by the burning of Al-Bakr station in Basra, as well as the bombing of three transmission towers in Salah Al-Din, which led to the collapse of the electricity system in all governorates of central and southern Iraq.

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CandyKisses:  Exceeds 50 degrees Celsius. Iraq promised a very hot wave from Monday

{Local: Al-Furat News} Weather forecaster Sadiq Attia announced this evening, Saturday, that the country is on a date with a very hot wave starting from Monday and continuing until the end of the week.

LilFish:  50 celsius is 122 fahrenheit, whew!

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Tishwash:  Revealed the consequences.. The Associated Press: The power outage in Iraq is "deliberate."

On Saturday evening (July 29, 2023), the Associated Press announced that the fire and explosions that hit the country's electric power system were "deliberate," revealing the "continuing" consequences of the power outage. 

The agency said in its report, which was translated by "Baghdad Today," that the fire that broke out at the Al-Bakr power station in Basra Governorate for power transmission, which was declared an accident by the Iraqi Ministry of Electricity, coincided with the explosions of power transmission towers in the Haditha region, west of the country.

And she emphasized that "the two accidents caused the Iraqi cities, especially in the center and south, to lose electricity completely after it was cut off from both sides." 

And she continued, "Although the Iraqi authorities announced that the fire was accidental, they also announced the opening of an investigation into the two incidents," noting that there are reports that the aforementioned acts of vandalism were intended to occur. 

The agency also confirmed that the complete power outage in Iraqi cities led to "sequential effects", the most important of which was the cessation of water supply for homes as a result of the water plants losing the energy necessary to operate their equipment, noting that maintenance work may require a longer time given the damage to the network from two sides. link

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CandyKisses:  Parliamentary Committee: Foreign workers transfer 300 million dollars a month to their countries

Information / Baghdad.. 

The Parliamentary Labor and Social Affairs Committee revealed, on Saturday, that quick measures had been taken to determine the transfers of foreign workers with the governor of the Central Bank. 

The deputy head of the committee, Hussein Arab, said in an interview with Al-Maalouma agency that "the monthly transfer rate of this labor abroad is more than 300 million dollars per month." 

He added, "Most of the money that comes out of Iraq is legal," noting that "measures must be taken to revive the economy and stop the depletion of hard currency as a result of the presence of foreign workers." 

He stressed that "his committee will discuss the file of foreign workers' remittances with the governor of the Central Bank," noting that large numbers of foreign workers entered Iraq by illegal means and in violation of the law and controls. 

A member of the Parliamentary Labor and Social Affairs Committee, Nasik Mahdi Al-Zengi, has called on the government and the competent authorities to put an end to the influx of foreign workers of various Arab and Asian nationalities, revealing that there are one million foreigners workers in the country. 

Mot: .. Have Ya Ever Noticed!!!!

Mot: ..... Such ""Wisdom"" YOU Gain from following ole ""Mot""

Iraqi News Highlights Early Sunday Morning 7-30-23

Iraqi News Highlights Early Sunday Morning 7-30-23

Tlm724 Administrator Bondlady’s Corner

Deleting Zeros And Printing A New Currency Will Raise Inflation

Special|..Economic expert Ahmed Saddam warned today, Thursday, against printing a new currency, pointing out that this will lead to an increase in the level of inflation.

Saddam said in an interview with Al-Jarida , that “printing a new currency with no expansion of non-oil commodity production, i.e. the absence of real growth in non-oil domestic product, will lead to raising the level of inflation, meaning the depreciation of the currency against the dollar and the instability of prices, and therefore no This can be considered a solution that alleviates the monetary crisis in Iraq. 

He explained, "Resorting to deleting zeros, this option cannot work unless there is stability in the dollar exchange rate, economic diversification and political stability, and these conditions are not available in Iraq at present, meaning that deleting zeros under the current circumstances may be feasible only from a computational point of view."   If there will be ease in transactions in large numbers, no more, and this procedure is not feasible if we take into account the costs that the central bank will bear to print a new currency.   https://jaredaiq.net/News/4984

The Banking System Is Facing Serious Disturbances: Cash Withdrawal Operations Are Expanding!

Special  |.. The economic advisor, Ziyad Al-Hashemi, said today, Wednesday, that the operations of withdrawing cash balances from accounts with local banks are among the dangerous signs that indicate a weakness in the level of confidence and concern about the loss of the monetary value of savings in Iraqi banks, which led to the tendency of dealers to withdraw their savings from the dinar and search for dollars..

And Al-Hashemi told Al-Jazeera that the fever of these withdrawals may expand as a result of the continued rise in exchange rates and the state of turmoil in the banking system remaining unresolved, and this will generate a significant decrease in the cash balances with banks, and this may eventually lead to the collapse of those banks and the declaration of their bankruptcy.. 

Al-Hashemi added, “This dangerous scenario reminds us of the collapse of US banks that occurred a few months ago as a result of the widespread and continuous cash withdrawal by dealers, and this caused great confusion in the US banking system, which prompted the US Federal Reserve to intervene urgently to save the US banking system.” 

He pointed out, “The Central Bank of Iraq must be ready to deal with all scenarios, especially since there are no viable solutions on the horizon for the structural problems of the Iraqi banking system and the resulting continuous rises in the exchange rate of the dollar, which is matched by a continuous erosion of the value of the Iraqi dinar.”   https://jaredaiq-net.translate.goog/News/4977

A Parliamentarian Opens Fire On The Central Bank: Laureate Smuggles Dollars To Iran!

follow-up  |. A member of the Parliamentary Finance Committee, Muhammad Nouri, said yesterday, Saturday, that the smuggling of dollars to Iran is carried out by means of “lorias”, which are (large load wheels).

And he added, during his hosting of the eighth program presented by colleague Ahmed Al-Tayeb and followed by “Jarida”, that “the central bank governor does not have a strategy to get out of the dollar crisis, and he did not answer clearly the questions of the members of the Finance Committee.” 

He pointed out that "the governor of the central bank does not have any plan to solve the dollar crisis."  Nuri warned, saying, "The coming days will bring big and heavy surprises regarding the central bank," explaining that "the banks were working to provide cover for smuggling the dollar." 

He continued, "The punished banks began to buy dollars from the markets to cover smuggling requests for dollars."  Nuri pointed out that "suspicions are hovering about the" dinar "with which the dollar is bought from the central bank," noting that "Iran prints" Iraqi dinars "to buy central bank dollars and then burns." 

He revealed that "dollar smuggling to Iran is done by "lorries," adding that "Iran is buying dollars from Iraq using fake Iraqi currency."  Nuri pointed out that "the budget lost 13 trillion dinars due to the exchange rate cut."   https://jaredaiq.net/News/4993

Iraq Leads The Middle East With The Numbers Of Civil, Islamic And Economic Banks Clarifying

Economy     Source: Alsumaria News    2,133 views  Alsumaria News – Economy  Economist Nabil Al -Marsoumi revealed today, Wednesday, the percentage of the number of private banks in the Middle East, among the fact that Iraq is leading countries in the number of private banks.

Al -Marsoumi said in a post followed by Alsumaria News, that

"Iraq is first in the number of private banks in the Middle East," noting that

"the total number of banks in Iraq is 81 banks."  And the economist indicated that

"the number of government banks in Iraq is 7 banks," adding that

"the number of private banks is 74."  Al -Marsoumi explained that

"the percentage of private banks to the total number of banks in Iraq is 91%."  He added that

"this percentage is the highest in the Middle East, where the number of banks in Turkey (43), Egypt (41), Saudi Arabia (31), Iran (30), Jordan (26), and Algeria (20)", reached, revealing that " The number of banks registered in a superpower like Britain (54) banks only.

*Islamic Masar in Iraq

He stressed that "the number of Islamic banks in Iraq is 29 banks, and this means that Islamic banks in Iraq constitute more than a third of the banks in Iraq," explaining that "Islamic banks affected by US sanctions amounted to more than half of the total number of banks accused of money laundering and the smuggling of the dollar, which is considered Foreign currency window window is the main source of its profits.

At the time, the Wall Street Journal quoted US officials as saying that the United States had prevented 14 Iraqi banks from conducting transactions in dollars. 

The newspaper report stated that "the ban imposed by the Treasury and the Federal Reserve Bank in New York comes within the framework of a comprehensive campaign to convert the US currency into Iran," the newspaper report stated.

Penalties affected banks like:

*Islamic Advisor for Investment and Finance

*Islamic Carthas Bank for Investment and Finance

*The Islamic Spectrum Bank for Investment and Finance

*Elaf Islamic Bank

*Arbil Bank for Investment and Finance

*Islamic International Bank

*A bank via Iraq for investment

*Mosul Bank for Development and Investment

*Al -Rajeh Islamic Bank

*Sumer Commercial Bank

*Islamic International Trust Bank

*Islamic Money Bank

*Islamic World Bank for Investment and Finance

*Zain Iraq Islamic Bank for Investment and Finance

 https://www.alsumaria.tv/news/economy/462849/العراق-يتصدر-الشرق-الأوسط-بأعداد-المصارف-الأهلية-و

The Iraqi Trade Bank Decides To Expand The Financial Transfer Process For Merchants

2023-07-29 | Source:    Alsumaria News        2,550 views  The Iraqi Trade Bank decided, on Saturday, to expand the scope of the external financial transfer process for merchants to import consumer goods at the exchange rate of the Central Bank of Iraq, stressing that this matter came from the directions of the Presidency of the Council of Ministers. 

The bank said in a statement, “Based on the directions of the Presidency of the Council of Ministers and the Central Bank of Iraq to limit the rise in the exchange rate of the dollar against the dinar in the local markets,

and to support the import process in accordance with legal frameworks and correct and sound contexts in a way that guarantees the safety of financial transfer operations, which reflects positively on individual merchants and shop owners.” commercial".

The statement added, "The Iraqi Trade Bank (TBI) decided to take the initiative to expand the scope of the external financial transfer process by allowing the aforementioned groups to import consumer goods at the exchange rate of the Central Bank of Iraq 1320 dinars per one dollar, provided that the value of the external transfer for each individual merchant per month does not exceed (one hundred thousand). dollar)". 

The bank pointed out that "work will be in this matter, starting in the bank's branches in the capital, Baghdad, and work will be expanded in other branches outside Baghdad soon, according to the instructions of the Trade Bank of Iraq."

https://www.alsumaria.tv/news/economy/463123/المصرف-العراقي-للتجارة-يقرر-توسيع-عملية-التحويل-ال

The Baghdad Job, History’s Biggest Bank Heist

The biggest bank heist in history (and why you've never heard of it)

The Economist   3.06M subscribers  170,409 views  Jul 28, 2023  In 2022 news broke that $2.5bn had been stolen in Iraq, the biggest bank heist ever. Nicolas Pelham, The Economist's Middle East correspondent, follows the money

01:41 - The investigation begins

02:28 - Where did the money come from?

03:55- Who was Nur Zuheir?

04:29 - Following the trail in Baghdad

08:11- Corruption in Iraq

13:21 - The government changes course

15:46 - Who is complicit, really?

16:50 - What happened to the money?

Artwork based on illustrations by Mike McQuaid

 https://www.youtube.com/watch?v=V4-8WDPyS7U

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

https://www.bondladyscorner.com/