Goldilocks' Comments and Global Economic News for August 4, 2023

Goldilocks' Comments and Global Economic News for August 4, 2023

RJ:  Good afternoon Dinar Recaps,

Goldilocks posted comments and links on the global financial system:

BRICS finally abandons USD for global trade settlement – Cryptopolitan

The BRICS Nations have shared in previous articles about going to National Currencies in global trade to strengthen the value of their currencies.

And now, it is official. They intend to drop the use of the dollar in these countries that make up the BRICS Nations.

The currency demand for each country that joins the BRICS Nations will increase their money velocity and price for their currencies going forward.

This de-dollarization process will take a toll on the dollar's role and demand as it levels into an even playing field by taking its place in a field of currencies circulating as much as the dollar over time.

© Goldilocks

https://www.cryptopolitan.com/brics-abandons-usd-global-trade-settlement/

India’s presidency note reveals game-changing crypto recommendations – Cryptopolitan

India's President is taking on a leadership role in formulating crypto regulatory guidelines and submitting them before the next meeting of the G20 Summit happening September 8th through the 9th.

They are submitting suggestions that will be read and Incorporated within the agenda before their next meeting on monetary guidelines set forth through the digital economy. This is expected to be proposed to the global economy.

The Financial Stability Board and the IMF are being recommended to oversee the formation of these new digital monetary policies for the world.

© Goldilocks

https://www.cryptopolitan.com/indias-presidency-on-crypto-recommendations/

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Report: U.S. Has Lost Global Leadership Position in Digital Policy – MeriTalk
https://www.meritalk.com/articles/report-u-s-has-lost-global-leadership-position-in-digital-policy/

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In today's articles, we are seeing a shifting role for the US dollar and US influence begin to take place.

The Transference of Wealth and Transference of Power is beginning to shift into Global Cooperative efforts in Quantum Technologies.

© Goldilocks

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Federal Banking Agencies Issue Basel III Endgame Package of Reforms - Gibson Dunn
https://www.gibsondunn.com/federal-banking-agencies-issue-basel-iii-endgame-package-of-reforms/

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UPI’s global ambition: The payments system needs to address many issues before it goes international – Latest News Headlines l Politics, Cricket, Finance, Technology, Celebrity, Business & Gadgets

https://www.officenewz.com/2023/08/03/upis-global-ambition-the-payments-system-needs-to-address-many-issues-before-it-goes-international/

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Thank you Dinar Recaps

Iraqi News Highlights Friday Afternoon 8-4-23

Iraqi News Highlights Friday Afternoon 8-4-23

Tlm724 Administrator Bondlady’s Corner

Central Bank: New decisions will be issued next week that may contribute to lowering the exchange rate

Thursday 03 August 2023 21:43 | Economical Number of readings: 752 Baghdad / NINA / - Today, Thursday, the Central Bank identified three categories of exchange companies for selling the dollar to travelers, and while revealing a proposal regarding the entry of imported goods through the border crossings, it indicated that there are new decisions that will be issued next week that may contribute to reducing the price of the dollar.

Deputy Governor Ammar Hamad Khalaf said to the official agency: “The central bank provides exchange companies with weekly quotas of dollars for the purpose of selling them to travelers at the official price and in limited quantities of 3 thousand dollars per traveler,” indicating, “These exchange companies are licensed through the central bank according to controls, which are in compliance with the Anti-Money Laundering Law.

He added, "One of the basic tasks of all exchange companies A, B, and mediation C is to provide dollars to travelers at the official rate and in the quantity specified by the Central Bank," noting, "There is an electronic platform that the Central Bank has been working on developing since the beginning of this year, and all dollar sales to citizens are done." Through this platform that is closely monitored by the Central Bank.

And he stated, “The Central Bank finances the market in dollars through this platform for categories of merchants and small traders and through exchange companies for travelers only,” pointing out, “Banks finance bonds of the private sector and the government sector through remittances and bond credits, and some of them sell cash dollars as the banks of Mesopotamia.” And Al-Rasheed through its outlets at airports, while exchange companies are specialized only in the process of selling dollars to travelers.

And he stated, “The Central Bank submitted a proposal to the ports and customs, which is that any goods entering Iraq must ensure that the merchant financed these imports through the Central Bank of Iraq,” pointing out, “The printing of the Iraqi currency will not be random.”

Regarding the increase in the monetary mass, Khalaf stressed that "the process of increasing the monetary mass is directly linked to the process of increasing the foreign reserves owned by the Central Bank, so any financing for the public treasury is through the exchange of dollars obtained from oil sales with dinars, and therefore any increase in the dinar mass comes mainly from foreign currency." ".

He stated, "There is no fear of any increase in the monetary mass."

And on the exchange rate, between Khalaf, "The Central Bank issued several decisions related to the banking sector," explaining that "other decisions will be issued next week, which may contribute significantly to reducing the exchange rate of the dollar."

https://ninanews.com/Website/News/Details?key=1068741

The Central Bank Launches A Package Of Measures That Will Reduce The Price Of The Dollar Next Week

Iraq  Thursday, August 3, 2023  Baghdad / The National News Center Today, Thursday, the Central Bank identified three categories of exchange companies for selling the dollar to travelers, and while revealing a proposal regarding the entry of imported goods through the border crossings, it indicated that there are new decisions that will be issued next week that may contribute to reducing the price of the dollar.

Deputy Governor Ammar Hamad Khalaf said in a televised statement, followed by the National News Center, that “the central bank provides exchange companies with weekly quotas of dollars for the purpose of selling them to travelers at the official price and in limited quantities of 3 thousand dollars per traveler,” noting that “these exchange companies It is licensed by the Central Bank in accordance with controls and is in compliance with the Anti-Money Laundering Law.”

He added, “One of the basic tasks of all exchange companies A, B, and mediation C is to provide dollars to travelers at the official rate and in the quantity specified by the Central Bank.” Through this platform that is closely monitored by the Central Bank.

And he stated, “The Central Bank finances the market in dollars through this platform for categories of merchants and small traders and through exchange companies for travelers only,” pointing out, “Banks finance bonds of the private sector and the government sector through remittances and bond credits, and some of them sell cash dollars as the banks of Rafidain.” And Al-Rasheed through its outlets at airports, while exchange companies are specialized only in the process of selling dollars to travelers.

And he stated, “The Central Bank submitted a proposal to the ports and customs, which is that any goods entering Iraq must ensure that the merchant financed these imports through the Central Bank of Iraq,” pointing out, “The printing of the Iraqi currency will not be random.”

Regarding the increase in the monetary mass, Khalaf stressed that “the process of increasing the monetary mass is directly linked to the process of increasing the foreign reserves owned by the Central Bank, so any financing for the public treasury is through the exchange of dollars obtained from oil sales with dinars, and therefore any increase in the dinar mass comes mainly from foreign currency.” ".

And he stated, “There is no fear of any increase in the monetary mass.”

And on the exchange rate, Khalaf indicated that “the Central Bank issued several decisions related to the banking sector,” explaining that “other decisions will be issued next week, which may contribute significantly to reducing the exchange rate of the dollar.”   https://nnciraq.com/219972/

The Iraqi Central Bank Issues Several Decisions Regarding Dollar Transfers And The Exchange Rate

Economy | 03/08/2023  Baghdad - Mawazine News  The Central Bank of Iraq issued, on Thursday, a new statement regarding dealing in dollars and the exchange rate, while it issued several decisions.

The bank stated, in a statement that Mawazine News received a copy of, that “following up on the recent developments in the local markets, especially with regard to trading an unofficial exchange rate in platforms, daily transactions, and its unreal and artificial fluctuations, requires us to clarify the basic facts related to foreign currency trading (the dollar). American) in the local markets, and the role of the Central Bank of Iraq in providing foreign currency through its official sources, which included all transactions permitted by law, and preventing other illegal transactions, and the need for all relevant parties to unite and cooperate in order to achieve the main general goals, including the stability of the exchange rate In the presence of sufficient foreign reserves to meet the legitimate needs of citizens, merchants and investors in foreign currency.

He added, "The source of the US dollar circulating in the local markets is the Central Bank of Iraq, which offers it through banks and exchange and mediation companies, at the official rate set (1320) dinars for one dollar.

Accordingly, what is called the "parallel market" has no reality, as it is called That description is when the market has its own sources of foreign currency, through private sector exports, local tourism, remittances of residents abroad, etc. As is the case in other countries, and then the role of the central bank is to work to achieve balance in the exchange rate, so it is a seller or buyer of the currency foreign market.

He continued, "In Iraq, the main source of foreign currency is the central bank, and based on that, the exchange market in which the dollar is traded is a speculative market in a currency with a fixed price and purposes. The competent authorities should stop platforms and websites that announce exchange rates for a fixed-price currency, which the Central Bank of Iraq is obligated to trade at its prescribed price, as long as it is its only source.

He pointed out that "to achieve the goal of controlling the movement of money and foreign trade, and in implementation of the law against money laundering and financing of terrorism, and to enhance the application of international standards, the new system is based on the implementation of all foreign transfers and documentary credits through the electronic platform, in which all operations are pre-checked from all aspects."

All, and verifying the final beneficiary, which protects the banking sector, non-bank financial institutions and all parties to these operations from the risks they face locally and internationally, and the electronic platform allows all legitimate transfers to be made without limits or restrictions, and the Central Bank does not set ceilings for banks authorized to conduct the transfer, but This depends on the bank's ability to attract customers, the correctness and accuracy of operations, and the number of its accredited correspondents abroad.

He stressed that "the implementation of personal transfers abroad, such as wages for studies, treatment, purchase of personal needs, remittances of residents, pensions for residents abroad and others, through international money transfer companies, such as" Western Union and Money Gram ", and citizens are also allowed to use electronic payment cards to be used in the purchase of goods. And services abroad, and all those operations and others are covered by the central bank at the official established exchange rate.

He pointed out that "providing cash dollars to travelers at the official rate set, through banks and exchange and mediation companies, and these operations are carried out through an electronic platform to verify the integrity of operations, and the validity of the use of those amounts for traveling citizens. This platform is currently being developed to tighten verification procedures and limit its use for the specific purpose." and at the prescribed price.

He explained that "the aforementioned system, with its three dimensions, limits any practices that would expose Iraq and its banking sector and financial institutions to risks, and by providing these channels and opening them for legitimate purposes, it makes dealing in dollars outside it an illegal practice subject to legal accountability towards the parties involved in its practice, as it is not entitled For any party or person to trade in dollars issued by the Central Bank, and it sets a price, channels, limits, and purposes for its use, and its circulation and trading in it outside the licensed authorities is considered a prohibited activity according to the law, as the Banking Law No. (94) of 2004 stipulates in Article (3) that it is not entitled Any person may engage in the business of receiving deposits, or other funds payable by the public, without obtaining a license or permit issued by the Central Bank of Iraq.

He stressed that "the application of the system of foreign transfers, documentary credits, and cash sale of foreign currency involves achieving economic, control and legal goals, including the following:

- Strengthening measures to combat money laundering and terrorist financing, and warding off the risks of local and international sanctions on all relevant parties.

" Channels that ensure the integrity and transparency of operations, and the provision of databases and important information for the purposes of planning, regulation and control.-

Achieving additional revenues for the state by subjecting all imports to procedures for comprehensive registration of their details, and the resulting fees.-

Gaining the trust of accredited international banks, which expands the network of relations between the banking sector Domestic and foreign, and increasing the number of Iraqi bank correspondents.

- Closing the outlets for illegal foreign transfers, besieging the proceeds of crime and corruption, and preventing them from finding a way to escape abroad.

Not charging imported goods the exchange rate difference resulting from paying a higher price when buying them at the unofficial price on the black market, which leads to higher prices and a negative impact on the purchasing power of citizens.

And he continued, "The groups that buy dollars from the market and cause an opportunity for speculators and beneficiaries to trade in an unofficial exchange rate are:

- importers of merchants who do not follow the fundamental methods of external transfers (remittances and documentary credits) via the electronic platform, which is available to them at the official rate, Through attempts to collect cash dollars exclusively for citizens’ travel from the market, or by using electronic payment cards intended to pay citizens’ purchases and expenses abroad, or for personal transfers for legitimate purposes.

- Importers of prohibited or narcotic substances such as drug dealers and others, or of materials that do not pass through the official border crossings, to escape the requirements of the law or customs, such as importers of cigarettes and some importers of precision instruments, so they go to the market to buy dollars that are not allocated to them to pay their bills.

- The category that generates revenues from the proceeds of crimes, such as bribes, thefts, kidnapping, extortion, selling contraband, etc., and they transfer them abroad to hide them.

- Citizens who pay for their purchases of goods and services inside Iraq in dollars, which prompts them to buy dollars from the market, and since there is no allocation from the central bank’s sales of dollars for this purpose, then their purchase is from a share allocated for other purposes, especially travel.

And he indicated that "to address the aforementioned phenomena, and reduce the phenomenon of the illegal market, and an exchange rate higher than the prescribed one, work is being done with the government and the relevant authorities to take the following measures:

Merchants and importers use the prescribed channel for that, via the electronic platform, to achieve the objectives of this system and prevent the use of cash dollars in the market for other than its purposes, and this requires obligating this category to provide evidence that the amount of their imports has been duly transferred when their goods enter Iraq at the official border crossings.

- Motivating and supporting categories of merchants to enter the electronic platform by simplifying procedures, especially tax ones, and defining their ceilings in advance according to categories, and depositing them in the account of the General Tax Authority through its bank accounts.

- Tightening control over the official border crossings and closing the unofficial crossings, and coordination between the federal government and the regional government regarding organizing and unifying the entry procedures for goods and the fees imposed on them, and preventing the entry of prohibited and legally prohibited materials.

- The competent authorities will strictly implement Cabinet Resolution No. (23026) for the year 2023, which includes limiting the sale and purchase of goods and services in Iraqi dinars inside Iraq.

He called on the Central Bank to “provide official, popular and media national support in implementing the aforementioned, to achieve the aforementioned goals, in a manner that preserves the safety and health of the movement of money and foreign trade, and staves off risks for the country, its banking sector and financial institutions, by adhering to the rules of the Anti-Money Laundering and Terrorist Financing Law.” , and relevant international standards and practices.” Ended 29/h

https://www.mawazin.net/Details.aspx?jimare=232625

The Central Bank Issues A Statement Regarding Dealing In Dollars And The Exchange Rate

The Central Bank issued a new statement regarding dealing in dollars and the exchange rate, while calling on the competent authorities to stop platforms and websites that announce currency exchange rates.

A central bank statement stated, “Following up on the recent developments in the local markets, especially with regard to trading an unofficial exchange rate in platforms and daily transactions and its unreal and artificial fluctuations, requires us to clarify the basic facts related to the trading of foreign currency (the US dollar) in the local markets, and the role of foreign exchange.”

The Central Bank of Iraq in providing foreign currency through its official sources, which included all legally permitted transactions, and preventing other illegal transactions.

He stressed "the need for all relevant parties to unite and cooperate in order to achieve the main general goals, including the stability of the exchange rate in light of the presence of sufficient foreign reserves to meet the legitimate needs of citizens, merchants and investors in foreign currency,"

noting that "the source of the US dollar circulating in the local markets It is the Central Bank of Iraq, which offers it through banks, exchange and mediation companies, at the established official price (1320) dinars for one dollar, and accordingly, what is called (the parallel market) has no reality.

And he continued, “As this description is given when the market has its own sources of foreign currency, through private sector exports, local tourism, remittances from residents abroad and others, as is the case in other countries, and then the role of the central bank is to work to achieve balance in the exchange rate, So he is a seller or buyer of foreign currency in the market, while in Iraq, the main source of foreign currency is the central bank,”

pointing out that “the exchange market in which the dollar is traded is a speculative market in a currency with a fixed price and purposes, and it is illegal trading, and it cannot be legitimized.” , or announcing exchange rates fabricated by speculators, and the competent authorities should stop platforms and websites that announce exchange rates for a fixed-price currency, obligating the Central Bank of Iraq to trade it at its established price, as long as it is its only source.

And he stated, “In order to achieve the goal of controlling the movement of funds and foreign trade, and in implementation of the law against money laundering and financing of terrorism, and in order to enhance the application of international standards, the new system is based on the implementation of all foreign transfers and documentary credits through the electronic platform, in which all operations are pre-checked from all aspects.”

All, and verifying the final beneficiary, which protects the banking sector, non-bank financial institutions and all parties to those operations from the risks they face locally and internationally,” explaining that “the electronic platform allows all legitimate transfers to be made without limits or restrictions, and the Central Bank does not set ceilings for licensed banks.”

In fact, it depends on the bank's ability to attract customers, the correctness and accuracy of operations, and the number of its accredited correspondents abroad.

And he indicated that "the implementation of personal transfers abroad, such as wages for studies, treatment, purchase of personal needs, remittances of residents, pensions for residents abroad and others, through international money transfer companies, such as (Western Union and Money Gram), and citizens are also allowed to use electronic payment cards to be used to purchase goods." And services abroad, and all those operations and others are covered by the Central Bank at the official established exchange rate.

And he stated, “Providing cash dollars for travelers at the official rate set, will be through banks, exchange and mediation companies, and these operations are carried out through an electronic platform to verify the safety of operations, and the correct use of those amounts for traveling citizens, and that platform is currently being developed to tighten verification procedures and limit its use for the purpose.” specified and at the prescribed price.

He pointed out, "The electronic platform will limit any practices that would expose Iraq and its banking sector and financial institutions to risks, and by providing these channels and opening them for legitimate purposes, it makes dealing in dollars outside it an illegal practice subject to legal accountability towards the parties involved in its practice, as no one has the right to A party or person trading in dollars issued by the Central Bank, and its circulation and trading outside the licensed authorities is a prohibited activity according to the law.

The statement noted, “Banking Law No. (94) of 2004 in Article (3) stipulates that no person has the right to engage in the business of receiving deposits, or other funds payable from the public, without obtaining a license or permit issued by the Central Bank.” Al-Iraqi," pointing out that "the application of the system of foreign transfers, documentary credits, and cash sale of foreign currency involves achieving economic, control and legal goals, including strengthening anti-money laundering and terrorist financing measures, staving off the risks of local and international sanctions on all relevant parties, and introducing Iraq's imports within channels." It ensures the safety and transparency of operations, and provides important databases and information for planning, organizing and control purposes, as well as generating additional revenues for the state by subjecting all imports to comprehensive registration procedures for their details, and the resulting fees.”

And he continued, "The system will work to gain the confidence of accredited international banks, which will expand the network of relations between the local and foreign banking sector, and increase the number of Iraqi bank correspondents, in addition to closing illegal external transfer outlets, besieging the proceeds of crime and corruption, and preventing them from finding a way to escape abroad."

 In addition to not charging imported goods the exchange rate difference resulting from paying a higher price when buying it at the unofficial price on the black market, which leads to higher prices and a negative impact on the purchasing power of citizens.

He pointed out, "The groups that buy the dollar from the market and cause an opportunity for speculators and beneficiaries to trade an unofficial exchange rate are the importers of merchants who do not follow the fundamental methods in external transfers (remittances and documentary credits) via the electronic platform, which is available to them at the official price." Through attempts to collect cash dollars that are exclusively allocated for the travel of citizens from the market, or by using electronic payment cards designated to pay the purchases and expenses of citizens abroad, or for personal transfers for legitimate purposes,

n addition to importers of prohibited or narcotic substances such as drug dealers and others, or for materials that do not pass through the official border crossings To escape the requirements of the law or customs, such as importers of cigarettes and some importers of precision equipment, they go to the market to buy dollars that are not allocated to them to pay their bills, in addition to the category that generates returns from the proceeds of crimes, such as bribes, thefts, kidnapping, extortion, selling contraband, and others.

And they tend to transfer it abroad to hide it, just as the citizens who pay for their purchases of goods and services inside Iraq are in dollars, which drives them to buy dollars from the market, and since there is no allocation from the central bank’s sales of dollars for this purpose, then their purchase is from a share allocated for other purposes, nor Especially travel."

He pointed out, "In order to address the aforementioned phenomena, and to reduce the phenomenon of the illegal market, and an exchange rate higher than the prescribed one, work is being done with the government and the relevant authorities to take the following measures, which is the use of merchants and importers of the channel established for that, through the electronic platform, to achieve the objectives of this The system and preventing the use of cash dollars in the market for other than its purposes, and this requires obligating this category to provide evidence that the amount of their imports has been duly transferred when their goods enter Iraq at the official border crossings,

and motivating and supporting categories of merchants to enter the electronic platform by simplifying procedures, especially tax ones, Determining their ceilings in advance according to categories, and depositing them in the account of the General Tax Authority through its bank accounts, as well as tightening control over the official border crossings and closing unofficial ones, and coordination between the federal government and the regional government regarding organizing and unifying the procedures for entry of goods and the fees imposed on them,And prevent the entry of prohibited and prohibited materials by law.

And he stressed "the need for the competent authorities to strictly implement Cabinet Resolution No. (23026) for the year 2023, which includes limiting the sale and purchase of goods and services in Iraqi dinars inside Iraq," calling for "providing official, popular, and media national support in implementing the aforementioned, to achieve the aforementioned goals." To it, in a way that preserves the safety and soundness of the movement of money and foreign trade, and wards off risks from the country, its banking sector, and its financial institutions, by adhering to the rules of the Anti-Money Laundering and Terrorist Financing Law, and the relevant international standards and practices.

https://www.radionawa.com/all-detail.aspx?jimare=35298

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

Bond Ladys Corner

Some Friday "Iraq News" Posted by Clare at KTFA 8-4-2023

KTFA:

Clare:  Parliamentary investment calls for questioning those responsible for the "chaos" rising dollar

8/4/2023

 A member of the Parliamentary Investment Committee called for questioning those responsible for the high exchange rate of the dollar

Asaad Al-Bazuni told {Euphrates News}: "The Finance Committee hosted several times the governor of the Central Bank to discuss the issue of the rise in exchange rates of the dollar, and that the issue of dealing with the rise in exchange rates requires remedies for the chaos that accompanies the rise in exchange rates."

And he stated, "This is the responsibility of the competent parliamentary committees, so we must move towards hosting or interrogating the concerned personalities to see clear plans and practical solutions to this matter."

Over the past days, the value of the dinar decreased steadily, bringing the dollar exchange rate to 1570 dinars, after the US Treasury's decision to ban 14 Iraqi banks from dealing in dollars, which created a gap in supply and demand for dollars in the local market.

Prime Minister Muhammad Shia al-Sudani said during a press conference last Tuesday that: "The dollar crisis is not a crisis, but rather a battle between the state, which insists on completing the reform of the financial and banking system, and an affected group, which is a group of speculators and smugglers."

The Central Bank of Iraq confirms that it is the only source of dollars circulating in the local markets, which it offers through banks, exchange and mediation companies, at the official rate (1320) dinars per dollar. 

Raghad Daham   LINK

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Clare:  Next week.. The Iraqi Central Bank launches a package of measures that will reduce the price of the dollar

8/3/2023 Baghdad

Today, Thursday, the Central Bank identified three categories of exchange companies for selling dollars to travelers, and while revealing a proposal regarding the entry of imported goods through border crossings, it indicated that there are new decisions that will be issued next week that may contribute to lowering the price of the dollar.

Deputy Governor Ammar Hamad Khalaf said, in a televised statement, that “the central bank provides exchange companies with weekly quotas of dollars for the purpose of selling them to travelers at the official price and in limited quantities of 3 thousand dollars per traveler,” noting. that “these exchange companies are licensed through the central bank according to controls.” It is in compliance with the Anti-Money Laundering Law.”

He added, "One of the basic tasks of all exchange companies A, B, and mediation C is to provide dollars to travelers at the official rate and in the quantity specified by the Central Bank," noting that "there is an electronic platform that The Central Bank has been working on developing since the beginning of this year, and all dollar sales to citizens are done.” Through this platform that is closely monitored by the Central Bank.

And he stated, “The Central Bank finances the market in dollars through this platform for categories of merchants and small traders and through exchange companies for travelers only.” And Al-Rasheed through its outlets at airports, while exchange companies are specialized only in the process of selling dollars to travelers.

And he stated, “The Central Bank submitted a proposal to the ports and customs, which is that any goods entering Iraq must ensure that the merchant financed these imports through the Central Bank of Iraq,” pointing out, “The printing of the Iraqi currency will not be random.”

Regarding the increase in the monetary mass, Khalaf stressed that "the process of increasing the monetary mass is directly linked to the process of increasing the foreign reserves owned by the Central Bank, so any financing for the public treasury is through the exchange of dollars obtained from oil sales with dinars, and therefore any increase in the dinar mass comes mainly from foreign currency.” ".

He stated, "There is no fear of any increase in the monetary mass."

On the exchange rate, Khalaf said, "The Central Bank issued several decisions related to the banking sector," explaining that "other decisions will be issued next week, which may contribute significantly to reducing the exchange rate of the dollar."   LINK

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Clare:  Integrity reveals the embezzlement of 400 million dinars from the amounts of tax revenues in Salah al-Din

8/4/2023

The Investigation Department of the Integrity Commission announced the formation of field teams in the Salah Al-Din Investigation Office to move to the General Tax Authority in the province and its branches in Tikrit, Samarra and Balad. For the purpose of making a reconciliation between the collection unit and the fund and what was deposited in the trusts account held at the treasury in the governorate.

The department added that the teams, which consisted of investigators and auditors, carry out investigation and audit work. To ensure the correctness and integrity of deposits between the tax and the treasury, indicating the amounts of tax deposits that have passed five years ago and have not been recorded as revenue for the public treasury in accordance with the Financial Management and Public Debt Law.

She explained that the team, which moved to the Samarra District Water Department, monitored the embezzlement of (358,674,447) million dinars from the amounts of deposited revenues and trusts, noting that the audit procedures in the tax branch in a country revealed irregularities in the amounts of tax trusts that were five years old and no revenue was credited to the account. The public treasury in accordance with the Financial Management and Public Debt Law for the years (2015, 2016 and 2017).

 The department pointed out that the total amounts that were not recorded as revenue amounted to (25,772,750) million dinars, and the original trusts register for the aforementioned years and arrest warrant notes (accounting 34a) and a certified copy of settlement notes (accounting 65) related to deducting trust amounts were seized.  LINK

Clare:  Day workers try to earn living in northern Iraq in temps higher than 113F

Hemin Huseyin  |27.07.2023 - Update : 27.07.2023

 ERBIL, Iraq

Construction and transportation day workers in northern Erbil province in Iraq are trying Thursday to earn a living in temperatures of more than 45C (113F).

Residents do not usually go out because of the extreme heat but day workers line up on roads and try to earn wages for the day.

They get 20 - 50 dinars ($15 - $37) depending on the work while they generally handle construction or transportation.

Shivan Mohammed told Anadolu he has been taking care of his family this way for the last 15 years.

“We are waiting to get a job here lining up from 7 a.m. to 4 p.m. every day,” he said. “The hot weather seriously threatens my health.”

“The number of jobs available for us also decreased as the dinar has lost value against the US dollar,” he said.

Mohammed noted he has six children, who are students, but said: “We are about 200 workers here. Only a few of us get a job every day.”

No precautions for extreme heat

Adil Mohammed told Anadolu that he has been working like this for 20 years between 11 a.m. and 4 p.m. every day.

He cited the reduction in the number of jobs. “This situation has caused more and more people to line up on the streets,” he said.

He lamented that there are not any kind of precautions for extreme heat and said some workers have fainted.

“Our skins have burned and become more sensitive due to waiting under the sun,” he said. “We do not have any other option, and we have to wait here as a job might be available for us at any minute.”

*Writing by Merve Berker   LINK

Iraqi News Highlights Late Thursday Evening 8-3-23

Iraqi News Highlights Late Thursday Evening 8-3-23

Tlm724 Administrator Bondlady’s Corner

 The Central Bank Intends To Take New Measures To Ensure A Reduction In The Dollar Exchange Rate

 Aug 3 21:37  Information / Baghdad...Today, Thursday, the Central Bank identified three categories of exchange companies for selling dollars to travelers, and while revealing a proposal regarding the entry of imported goods through border crossings, it indicated that  there are new decisions that will be issued next week that may contribute to lowering the price of the dollar.

Deputy Governor Ammar Hamad Khalaf said in a statement to the official TV, followed by / information / that "the Central Bank provides exchange companies with weekly quotas of the dollar for the purpose of selling it to travelers at the official price and in limited quantities of 3 thousand dollars per traveler," indicating,

"These exchange companies are licensed through The Central Bank is in accordance with controls and is in compliance with the Anti-Money Laundering Law. 

He added, "One of the basic tasks of all exchange companies A, B, and mediation C is to provide dollars to travelers at the official rate and in the quantity specified by the Central Bank," noting,

"There is an electronic platform that the Central Bank has been working on developing since the beginning of this year, and all dollar sales to citizens are done." Through this platform that is closely monitored by the Central Bank.  And he stated,

“The Central Bank finances the market in dollars through this platform for categories of merchants and small traders and through exchange companies for travelers only.” And

Al-Rasheed through its outlets at airports, while exchange companies are specialized only in the process of selling dollars to travelers]. 

And he indicated that  "the Central Bank submitted a proposal to the ports and customs, which is that any goods entering Iraq must ensure that the merchant has financed these imports through the Central Bank of Iraq," pointing out,

"The printing of the Iraqi currency will not be random."

Regarding the increase in the monetary mass, Khalaf stressed that

"the process of increasing the monetary mass is directly linked to the process of increasing the foreign reserves owned by the Central Bank,

so any financing for the public treasury is through the exchange of dollars obtained from oil sales with dinars, and therefore any increase in the dinar mass comes mainly from foreign currency."".

And on the exchange rate, Khalaf confirmed that "the Central Bank issued several decisions related to the banking sector," explaining that

"other decisions will be issued next week, which may contribute significantly to reducing the exchange rate of the dollar." ended 25 n

https://almaalomah.me/news/economy/البنك-المركزي-يعتزم-اتخاذ-إجراءات-جديدة-لضمان-خفض-سعر-صرف-ال

Al-Sudani Directs Financial Institutions To Adhere To Work In Accordance With The Central Bank Law

Information / Baghdad..Today, Thursday, Prime Minister Muhammad Shia al-Sudani directed all concerned institutions to adhere to work in accordance with what was stated in the Central Bank of Iraq Law No. 56 of 2004.

A statement by the Prime Minister's Media Office, received by Al-Maalouma Agency, stated,

"In confirmation of the government's approach to continuing reform of the financial and banking sector, and

as a continuation of the efforts made by the regulatory agencies and financial institutions concerned with controlling transparency and integrity in this vital sector, Prime Minister Muhammad directed Shiaa Al-Sudani, all concerned institutions, to adhere to work in accordance with what was stated in the Central Bank of Iraq Law No. 56 of 2004. 

He added, "The aforementioned law shows that the Central Bank of Iraq is the only body that has the authority to take all measures to regulate and monitor the work of banks and non-banking financial institutions to ensure their compliance."

He pointed out, "The Association of Exchange Companies took the initiative and pledged to work throughout the week to sell foreign currency to citizens at the approved official rate, according to the regulations and instructions of the Central Bank."

In order to follow up the work of companies and banks, the statement confirmed,

"It was decided to form a permanent committee that includes representatives of the Central Bank, the Prime Minister's Office, and the Association of Exchange Companies, to address the obstacles in the work of this sector." End/25

https://almaalomah.me/news/economy/السوداني-يوجه-المؤسسات-المالية-التقيد-بالعمل-وفق-قانون-البنك

In The Document, The Central Bank Decides To Increase The Capital Of Banks

Economy     2023-08-03 | 2,054 views Alsumaria News – Economy The Central Bank of Iraq asked today, Thursday, from local and foreign banks to increase their capital, or to "merge or be subject to acquisition or liquidation" in the event of their inability.

A document issued by the bank, seen by Alsumaria News, showed that, “Based on the decision of the bank’s board of directors No. 27 of 2023 in its session numbered 1628 held on 7/18 2023,

it was decided to increase the banks’ capital to no less than 400 billion dinars during a maximum period of December 31.” 2024, in three installments, provided that each installment is not less than 50 billion dinars on December 31, 2023, June 30, 2024, and December 31, 2024.

The document added that the bank may make the increase in one payment within a maximum period of December 31, 2023, noting that

“the operating capital of foreign bank branches is increased by no less than 60% of the operating capital during a maximum period of December 31, 2023.”

And the Central Bank stressed in its document that, “in the event of non-compliance with the instructions, it initiates the merger or is subject to acquisition or liquidation.”

  https://www.alsumaria.tv/uploadImages/ExtImages/Images1/ExtImage-387167-910179520.jpg

https://www.alsumaria.tv/news/economy/463626/بالوثيقة-البنك-المركزي-يقرر-زيادة-رؤوس-أموال-المصا

Iraq Recovers One Of Those Involved In The Case Of Stealing The "Horn" From Jordan

Policy      Iraq     breaking  2023-08-02 23:40 Shafaq News/ The Integrity Commission reported, on Thursday, that one of those involved in the theft of tax secretariats has been recovered, what is known in the media as the theft of the "horn" from Jordan.

In a statement and speaking about the recovery of the accused, the Commission's Recovery Department stated that it had recovered one of the businessmen accused in the case of theft of tax secretariats from the Jordanian authorities, noting that

the recovery process was carried out under the direct supervision and follow-up of the Prime Minister (Muhammad Shia'a Al-Sudani). 

And she added that the accused was charged with several charges of collusion with one of the most prominent persons involved in the theft of tax secretariats by providing facilities to fictitious foreign companies, and organizing an unreal waiver from these companies to the main defendant in the case.

This caused the theft of more than three trillion Iraqi dinars.

The circuit added the accused wanted for two cases, as the Second Karkh Investigation Court issued more than one arrest and search warrant against him. For the charges against him in the two cases of theft of tax secretariats and impersonation of a state official, based on the provisions of Article (11/444) of the Penal Code, and according to Resolution (160 of 1983).

The statement continued by saying that  the diplomatic effort of the Prime Minister and his opening of prospects for cooperation and bilateral relations with countries recently led to the cooperation of those countries in recovering convicts and smuggled funds, the latest of which was the recovery of convicts from the United Arab Emirates and the Sultanate of Oman, while

the Commission announced the opening of two accounts in the Rafidain Bank. in dinars and US dollars; In order to deposit refunds, including stolen tax secretariat money.

In turn, an informed source revealed, in an interview with Shafaq News Agency, the identity of the accused, saying that he is the Iraqi businessman Ahmed Al-Sarraf.

And last October, the "theft of the century" case was revealed for the first time, in which former senior officials and businessmen were involved, and

it sparked great discontent in Iraq, which in recent years has witnessed massive protests calling for an end to corruption.

The "theft of the century" became the talk of the Iraqi street, political circles, and others, until its echo spread outside Iraq and was covered by Arab and Western media.

The "theft of the century" is represented by the disappearance of 3.7 trillion Iraqi dinars (about two and a half billion dollars) from tax secretariat funds, and

it was revealed by several concerned parties about two months before the end of the term of the previous government headed by Mustafa Al-Kazemi.

https://shafaq.com/ar/سیاسة/العراق-يسترد-حد-المتورطين-بقضية-سرقة-ال-مانات-الضريبية-من-ال-ردن

CBI Announces The Reinstatement For Exchange Companies Previously Deprived Of Dollar Transactions

 Economy  Baghdad-INA  The Central Bank of Iraq - CBI announced on Thursday, the reinstatement for exchange companies previously deprived of dollar transactions.

"CBI announced the reinstatement of a large number of exchange companies that were previously deprived of dealing in the dollar currency in the governorates of (Nineveh, Anbar, Kirkuk, Salah al-Din), as the security conditions after the terrorist ISIS, in those governorates, to led to their suspension from work," stated CBI media office, in a statement received by the Iraqi News Agency (INA).

“The reinstatement of these companies came after strenuous efforts made in cooperation with security and auditing agencies",  The statement added,

"the above decision would enhance the transactions of dollar currency in these governorates to meet legitimate demands which in turn would help stabilize the exchange rate". 

https://ina.iq/eng/27893-cbi-announces-the-reinstatement-for-exchange-companies-previously-deprived-of-dollar-transactions.html

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

Bond Ladys Corner

"Tidbits From TNT" Friday Morning 8-4-2023

TNT:

CandyKisses:  Currency smuggler arrested in Baghdad with $260,

{Omnia: Euphrates News} Detachments of the Federal Intelligence and Investigation Agency at the Ministry of Interior arrested a man accused of smuggling foreign currency {dollar}.

According to a statement by the Ministry of Interior received {Euphrates News} a copy of it that the detachments of Istikharat "arrested a defendant in one of the controls of the capital, Baghdad, in possession of a sum of money of (260) thousand dollars and (140) million dinars was trying to smuggle."

The statement added that "legal measures have been taken against him to complete his investigative papers accurately."

CandyKissses: The Central Bank of Iraq continues its efforts to reduce the dollar. Authorize exchange offices to sell dollars directly

Baghdad - Iraq Today:  

The Central Bank has identified three categories of exchange companies for selling dollars to travelers, and while revealing a proposal regarding the entry of imported goods through border crossings, he pointed out that there are new decisions to be issued next week that may contribute to reducing the price of the dollar.

Deputy Governor Ammar Hamad Khalaf said in a press statement that "the Central Bank provides exchange companies with weekly shares of dollars for the purpose of selling it to travelers at the official rate and in limited quantities of $ 3,<> per traveler," noting that "these exchange companies are licensed through the Central Bank in accordance with controls and are compliant with the Anti-Money Laundering Law."

He added, "One of the basic tasks of all exchange companies A, B and mediation C is to provide dollars to travelers at the official rate and in the quantity specified by the Central Bank," pointing out that "there is an electronic platform that the Central Bank has been developing since the beginning of this year, and all dollar sales to citizens are carried out through this platform closely monitored by the Central Bank."

He stated that "the Central Bank finances the market in dollars through this platform for the categories of merchants and small traders and through exchange companies for travelers only," pointing out that "banks finance private sector bonds and the government sector through remittances and bond credits, and some of them sell cash dollars as Rafidain and Rasheed banks through their ports at airports, while exchange companies are only specialized in the process of selling dollars to travelers."

He stated that "the Central Bank submitted a proposal to ports and customs, is that any goods entering Iraq must be ensured that the trader has financed these imports through the Central Bank of Iraq," pointing out that "the printing of Iraqi currency will not be random."

On the increase in the monetary mass, Khalaf stressed that "the process of increasing the monetary mass is directly related to the process of increasing foreign reserves owned by the Central Bank, as any financing of the public treasury is through the exchange of dollars obtained from oil sales with the dinar, and therefore any increase in the dinar mass comes mainly from foreign currency."

"There is no fear of any increase in the monetary mass," he said.

On the exchange rate, Khalaf said that "the Central Bank has issued many decisions related to the banking sector," explaining that "other decisions will be issued next week, which may contribute significantly to reducing the dollar exchange rate."

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

CandyKisses:  Central bank plans to take new measures to ensure the depreciation of the dollar exchange rate

Information/Baghdad...

The Central Bank identified three categories of exchange companies for selling dollars to travelers, and while revealing a proposal regarding the entry of imported goods through border crossings, it pointed out that there are new decisions to be issued next week that may contribute to reduce the price of the dollar.

Deputy Governor Ammar Hamad Khalaf said in a statement to state television that "the Central Bank provides exchange companies with weekly shares of dollars for the purpose of selling it to travelers at the official rate and in limited quantities of $3, <> per passenger, noting that "these exchange companies are licensed through the Central Bank in accordance with controls and are compliant with the Anti-Money Laundering Law."

He added, "One of the basic tasks of all exchange companies A, B, and mediation C is to provide dollars to travelers at the official rate and in the quantity specified by the Central Bank," noting, "There is an electronic platform that the Central Bank has been working on developing since the beginning of this year, and all dollar sales to citizens are done." Through this platform that is closely monitored by the Central Bank.

And he stated, "The Central Bank finances the market in dollars through this platform for categories of merchants and small traders and through exchange companies for travelers only," pointing out, "Banks finance bonds of the private sector and the government sector through remittances and bond credits, and some of them sell cash dollars as the banks of Rafidain." And Al-Rasheed through its outlets at airports, while exchange companies are specialized only in the process of selling dollars to travelers.

And he indicated that "the Central Bank submitted a proposal to the ports and customs, which is that any goods entering Iraq must ensure that the merchant has financed these imports through the Central Bank of Iraq," pointing out, "The printing of the Iraqi currency will not be random."

Regarding the increase in the monetary mass, Khalaf stressed that "the process of increasing the monetary mass is directly linked to the process of increasing the foreign reserves owned by the Central Bank, so any financing for the public treasury is through the exchange of dollars obtained from oil sales with dinars, and therefore any increase in the dinar mass comes mainly from foreign currency." ".

And on the exchange rate, Khalaf confirmed that "the Central Bank issued several decisions related to the banking sector," explaining that "other decisions will be issued next week, which may contribute significantly to reducing the exchange rate of the dollar."

Mot:  .... Ya Thinking of Having sum ""Wee Folks"" of Ur Own – welllllllll

Mot: Not Funny Dennis - Just Not Funny!!! Siiggghhhhhh

Iraqi News Highlights Thursday Afternoon 8-3-23

Iraqi News Highlights Thursday Afternoon 8-3-23

Tlm724 Administrator Bondlady’s Corner

A Statement Issued By The Central Bank Of Iraq Regarding Dealing With Dollars And The Exchange Rate

August 03, 2023   Following the recent developments in the local markets, especially with regard to the circulation of an informal exchange rate in platforms and daily transactions and its unreal and fabricated fluctuations, imposes on us the clarification of the basic facts related to the trading of foreign currency (the US dollar) in the local markets, and the role of the Central Bank of Iraq in providing the currency Foreign through its official sources that included all the legally permitted transactions, and preventing other illegal transactions.

And the necessity of joining all the relevant authorities and their cooperation in order to achieve the main general goals, including the stability of the exchange rate in light of the existence of sufficient foreign reserves to meet the legitimate needs of citizens, merchants and investors from foreign currency.

Then we would like the following statement:

1- The source of the US dollar circulating in the local markets is the Central Bank of Iraq, which is presented through banks and exchange and mediation companies, at the official price scheduled (1320) dinars per dollar.

Accordingly, what is called the "parallel market" has no truth, as this description is launched when the market has its own sources of foreign currency, through exports of private sector and local tourism, transfers of residents abroad and others.

As is the case in other countries, at which time the central bank’s role is to achieve a balance in the exchange rate, so he is a seller or a buyer of foreign currency in the market.

In it is a speculative market with a currency specified in price and purposes, which is illegal trading, and it cannot be added to it, or the announcement of exchange rates created by speculators, and

the competent authorities should stop the platforms and sites that announce the exchange rates for a limited currency, the Central Bank of Iraq is obligated to circulate it at its price The headquarters, as long as it is its only source.

 2- To achieve the aim of controlling the movement of funds and foreign trade, in implementation of the Anti-Money Laundering and Terrorist Financing Law, and to enhance the application of international standards, the new system is based on:

  a. Implementing all external transfers and documentary credits via the electronic platform, in which the pre-audit of all operations is made from all aspects, and verification of the final beneficiary, which protects the banking sector and non-banking financial institutions and the parties to all these operations from the risks they face locally and internationally, and

the electronic platform allows all Legitimate transfers without limits or restrictions, and

the Central Bank does not set a ceilings for banking banks to conduct the transfer.

Rather, this depends on the bank’s ability to attract customers, the validity and accuracy of operations, and the number of its credible correspondents abroad.

 B. Implementing personal transfers abroad, such as the fees of study, treatment, purchase of personal needs, residents' transfers, and pension salaries for residents abroad and others, across international financial transfer companies, such as "Western Yunin and Moni Gram", and citizens are also available to use electronic payment cards to use them in buying goods and services abroad And all of these and other operations covered by the central bank at the scheduled official exchange rate.

T. Providing the monetary dollar to travelers at the official price scheduled, through banks, exchange and mediation companies, and these operations are carried out through an electronic platform to verify the safety of operations, and the validity of the use of those amounts for the traveled citizens.

This platform is currently being developed with the tightening of the verification procedures and its use of its use for the specified purpose and at the established price.

 The aforementioned system, with its three dimensions, limits any practices that expose Iraq, its banking cutting and its financial institutions to the risks, and by providing these channels and opening them for legitimate purposes, it makes dealing with dollars outside it illegal practice that is subject to legal accountability towards the joint parties in its practice, as no party is entitled to Or a person trading in dollars from the Central Bank,

and it determines price, channels, borders and purposes for its use,

and that its circulation and trading it outside the licensed bodies is an activity forbidden under the law, as the Banking Law No. (94) of 2004 stipulated in Article (3) that no person has the right to be entitled to To practice the receipt of deposits, or other funds that can be paid from the public, without obtaining a license or permit issued by the Central Bank of Iraq.

    3- The application of the system of external transfers, documentary credits and the cash sale of foreign currency involves achieving economic and legal and legal goals, including the following:

    a. Enhancing anti-money laundering and terrorist financing measures, and staving off the risks of local and international sanctions from all relevant parties.

    B. The introduction of Iraq's imports on the channels of achieving the safety and transparency of operations, and providing important databases and information for the purposes of planning, organization and control.

    T. Achieving additional revenues for the state by subjecting all imports to comprehensive registration procedures for their details, and the consequent fees.

    W. Earn the confidence of the international banks approved, which expands the network of relations between the local and external banking sector, and increasing the number of Iraqi banks correspondents.

    C. Closing illegal external transfers, besieging the returns of crimes and corruption, and preventing them from finding a way to escape abroad.

    H. Not to download imported goods, the exchange rate difference resulting from paying a higher price when purchasing it at the informal price of the black market, which leads to high prices and the negative impact on the purchasing power of citizens.

4- The categories that buy the dollar from the market and cause an opportunity for speculators and beneficiaries and the circulation of an informal exchange rate, are:

a. Importers from merchants who do not follow the fundamentalist methods in external transfer operations (transfers and documentary credits) through the electronic platform, available to them at the official price, through attempts to collect the cash dollar in exclusively for citizens' travel from the market, or by using electronic payment cards allocated to pay the purchases and expenses of citizens abroad, Or for personal transfers for legitimate purposes.

B. Importers of prohibited or narcotic drugs such as drug traffickers, etc., or materials that do not pass through the official border ports, to escape the requirements of the law or customs, such as cigarette importers and some importers of fine devices, so they intend to buy the dollar that is not assigned to them to pay its construction.

T. The category that achieves returns from the proceeds of crimes, such as bribes, thefts, kidnappings, extortion, sale of contraband, etc., and they convert them abroad to hide them.

W. Citizens who pay their purchases from goods and services inside Iraq in dollars, which leads them to buy the dollar from the market, and there is no allocation from the central bank sales from the dollar for this purpose, so their purchase will be from a dedicated share for other purposes, especially travel.

To address the mentioned phenomena, reduce the phenomenon of illegal market, and a higher exchange rate than the decision, work with the government and the relevant authorities in taking the following measures:

    1- The use of merchants and importers, the scheduled channel for that, through the electronic platform, in order to achieve the goals of this system and prevent the use of the monetary dollar in the market for its purposes, and this requires that this category be obligated to provide what proves the transfer of the amount of their funds funded when their goods enter Iraq at the official border ports.

    2- Motivating merchants and supporting them to enter the electronic platform by simplifying the procedures, especially the tax ones, and determining their ceilings in advance according to the categories, and depositing them in the account of the General Tax Authority through its accounts in banks.

    3- Providing control of the official border outlets and closing the informal outlets, coordination between the federal government and the region's government regarding the regulation of procedures for entering the goods and the fees imposed on and unifying them, and preventing the entry of prohibited and prohibited materials legally.

    4- The competent authorities assumed the strict application of the decision of the Council of Ministers No. (23026) for the year 2023, which includes limiting sales and purchases for goods and services in Iraqi dinars inside Iraq.

    We are invited to provide official national, popular and media support in the application of what was stated above, to achieve the goals referred to, in a manner that preserves the safety and health of funds and foreign trade, and to ward off the risks from the country, its banking cutting and its financial institutions, by adhering to the rules of the anti-money laundering and terrorist financing law, international standards and practices related to.

Management of the Central Bank of Iraq   https://cbi.iq/news/view/2397

Al-Sudani: The Association Of Exchange Companies Pledged To Sell Foreign Currency At The Official Rate

Policy   2023-08-03 | 13,713 views    Alsumaria News - The policy of the Prime Minister, Muhammad Shia' al-Sudani, directed today, Thursday, all financial institutions, to adhere to work in accordance with what was stated in the Central Bank of Iraq Law No. 56 of 2004, while the Association of Exchange Companies pledged to sell foreign currency to citizens at the official rate.

The media office of the Prime Minister stated, in a statement received by Alsumaria News, that "in confirmation of the government's approach to continue reforming the financial and banking sector, and to complement the efforts made by the regulatory agencies and financial institutions concerned with controlling transparency and integrity in this vital sector, Prime Minister Muhammad Shiya directed Al-Sudani, all concerned institutions, to adhere to work in accordance with what was stated in the Central Bank of Iraq Law No. 56 of 2004. 

He pointed out that "the Central Bank of Iraq is the only body that has the authority to take all measures to regulate and control the work of banks and non-banking financial institutions to ensure their compliance." 

The statement added, "The Association of Exchange Companies took the initiative to pledge to work seven days a week to sell foreign currency to citizens at the approved official rate, according to the regulations and instructions of the Central Bank."

In order to follow up on the work of companies and banks, the statement indicated that

"it was decided to form a permanent committee that includes representatives of the Central Bank, the Prime Minister's Office, and the Association of Exchange Companies, to address the obstacles in the work of this sector."

https://www.alsumaria.tv/news/politics/463625/السوداني-رابطة-شركات-الصرافة-تعهدت-ببيع-العملة-الأ

The Central Bank Is Working To Restore Suspended Exchange Companies Due To The Security Conditions Of The Hot Governorates

August 03, 2023     The Central Bank of Iraq announces the restoration of a large number of exchange companies previously deprived of dealing in the dollar currency in the governorates of (Nineveh, Anbar, Kirkuk, Salah al -Din), which has led security conditions and events after (ISIS) in those governorates to stop them.

    The Central Bank shows that the re-work of these companies came after the relevant efforts made in cooperation with the security and security authorities, and that

the above decision would enhance the arrival of the dollar currency to these governorates to meet the legitimate demands, which in turn help to stabilize the exchange rate.

The Central Bank of Iraq      information Office       August 3, 2023  https://cbi.iq/news/view/2396

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

Bond Ladys Corner

"Tidbits From TNT" Thursday 8-3-2023

TNT:

Tishwash:  The region's finances: Baghdad did not abide by the agreement to implement the budget  

Statement from the Ministry of Finance and Economy  

The Central Bank of Iraq has transferred 598 billion dinars to the Ministry of Finance in the Kurdistan region for the distribution of salaries (the sixth month), and the schedule of all ministries will be announced and to fill the deficit from local revenues.  

It is worth noting that the Kurdistan Region needs more than 940 billion dinars per month for salaries alone, in addition to consumption expenditures, institutions, the investment budget, and electricity generation costs.  

We would like to make it clear to everyone that the Iraqi federal government and the Iraqi Ministry of Finance did not abide by the agreement concluded between the Kurdistan Region and Baghdad and the implementation of the Iraqi budget law.  

And according to the budget law, it reports   

The monthly dues of the Kurdistan region are more than one trillion and 384 billion dinars.  

According to the actual spending, which currently depends on the average monthly expenditure of the Iraqi Ministry of Finance, one trillion and 174 billion dinars should have been sent to the Kurdistan Region, as the amount sent is contrary to the budget law and all agreements concluded between the two sides. link

Tishwash:  Exchange offices in Baghdad are closed for fear of arrest

The owners of exchange offices in the capital, Baghdad, reported, on Thursday, that they closed the doors of their offices for fear of the arrest campaigns carried out by the competent authorities.

Waad Al-Dulaimi, one of the owners of these offices, told Shafaq News agency, "We had to close the office for fear of arrests and confiscation of money by selling above the official price, with charges of illegal trade being charged."

He added, "The price of the dollar has become unknown in the markets because there is no parallel market, as it is prohibited to trade it in exchange offices except at the official rate," noting that "the exchange shops that opened their doors do not sell or buy dollars for fear of arrest."

Al-Dulaimi believes that "the way the government deals with the dollar problem is wrong, as it confused the markets and disrupted their work," warning that the government's way of dealing with the problem "will increase the price of the dollar instead of decreasing it." 

It is noteworthy that the exchange rate of the dollar rose to more than 156,000 thousand dinars, after US sanctions impounded 14 Iraqi banks on charges of smuggling the dollar abroad, before it decreased slightly to 151,000 dinars.

The bank is seeking to increase its sale of dollars to meet the local demand for it in the parallel market by introducing banking companies that were deprived of the currency sale window, and to increase the traveler’s share of the dollar to 3000 dollars instead of 2000.  link

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

Tishwash:  A new statement of the Central Bank regarding dealing in dollars and the exchange rate

Stop the platforms that advertise the exchange

 On Thursday, the Central Bank issued a new statement regarding dealing in dollars and the exchange rate, while calling on the relevant authorities to stop platforms and websites that announce currency exchange rates.  

 A statement issued by the Central Bank of Iraq regarding dealing in dollars and the exchange rate  

Following up on the recent developments in the local markets, especially with regard to trading an unofficial exchange rate in the platforms and daily transactions and its unreal and artificial fluctuations, requires us to clarify the basic facts related to the trading of foreign currency (the US dollar) in the local markets, and the role of the Central Bank of Iraq in providing the currency foreign affairs through its official sources, which included all legally permitted transactions, and prevented other illegal transactions. And the need for all relevant parties to unite and cooperate in order to achieve the main general goals, including the stability of the exchange rate in light of the presence of sufficient foreign reserves to meet the legitimate needs of citizens, merchants and investors in foreign currency.  

Hence, we would like to state the following:  

    The source of the US dollar circulating in the local markets is the Central Bank of Iraq, which offers it through banks, exchange and mediation companies, at the official rate (1320) dinars per dollar. Accordingly, what is called the "parallel market" has no reality, as this description is given when the market has its own sources of foreign currency, through private sector exports, local tourism, remittances from residents abroad, and others. 

In order to achieve the goal of controlling the movement of funds and foreign trade, and in implementation of the Anti-Money Laundering and Terrorist Financing Law, and in order to enhance the application of international standards, the new system is based on:  

    The implementation of all foreign transfers and documentary credits through the electronic platform, in which all operations are pre-checked in all respects, and the final beneficiary is verified, which protects the banking sector, non-bank financial institutions and all parties to those operations from the risks they face locally and internationally. Legitimate transfers without limits or restrictions, and the Central Bank does not set ceilings for banks authorized to conduct the transfer. Rather, this depends on the bank’s ability to attract customers, the validity and accuracy of operations, and the number of its accredited correspondents abroad.  

    Carrying out personal transfers abroad, such as wages for studies, treatment, purchasing personal needs, residents’ transfers, pensions for residents abroad, and others, through international money transfer companies, such as “Western Union and Money Gram.” Citizens are also allowed to use electronic payment cards to be used to purchase goods and services abroad. All these operations and others are covered by the Central Bank at the official established exchange rate.  

    Providing cash dollars to travelers at the official rate set, through banks and exchange and mediation companies, and these operations are carried out through an electronic platform to verify the safety of operations, and the correct use of those amounts for traveling citizens. This platform is currently being developed with strict verification procedures and limiting its use to the specified purpose and at the prescribed price.  

The aforementioned system, with its three dimensions, limits any practices that would expose Iraq and its banking sector and financial institutions to risks, and by providing these channels and opening them for legitimate purposes, it makes dealing in dollars outside it an illegal practice subject to legal accountability towards the parties involved in its practice, as no party has the right Or a person trading in dollars issued by the Central Bank, which determines a price, channels, limits, and purposes for its use, and its circulation and trading in it outside the licensed authorities is considered a prohibited activity according to the law, as the Banking Law No. (94) of 2004 stipulates in Article (3) that no one has the right To engage in the business of receiving deposits, or other funds payable by the public, without obtaining a license or permit issued by the Central Bank of Iraq. 

The application of the system of foreign transfers, documentary credits and cash sale of foreign currency involves achieving economic, regulatory and legal objectives, including the following:  

Enhancing anti-money laundering and terrorist financing measures, and preventing the risks of local and international sanctions from all relevant parties.  

Bringing Iraq’s imports into channels that ensure the safety and transparency of operations, and providing important databases and information for planning, organizing and control purposes.  

Achieving additional revenues for the state by subjecting all imports to procedures for comprehensive registration of their details and the resulting fees.  

    Gaining the trust of accredited international banks, which expands the network of relations between the local and foreign banking sector, and increases the number of Iraqi bank correspondents.  

    Closing the outlets for illegal foreign transfers, besieging the proceeds of crime and corruption, and preventing them from finding a way to escape abroad.  

    Not charging imported goods with the exchange rate difference resulting from paying a higher price when buying them at the unofficial rate on the black market, which leads to higher prices and a negative impact on the purchasing power of citizens.  

    The groups that buy the dollar from the market and create an opportunity for speculators and beneficiaries to trade an unofficial exchange rate are:  

    Importers of merchants who do not follow the fundamental methods of external transfers (remittances and documentary credits) via the electronic platform, which is available to them at the official price, through attempts to collect cash dollars that are exclusively for citizens’ travel from the market, or by using electronic payment cards designated to pay citizens’ purchases and expenses abroad. , or for personal transfers for legitimate purposes.  

    Importers of prohibited or narcotic substances such as drug dealers and others, or of materials that do not pass through the official border crossings, to escape the requirements of the law or customs, such as importers of cigarettes and some importers of precision instruments, so they go to the market to buy dollars that are not allocated to them to pay their bills.  

    The category that generates revenues from the proceeds of crimes, such as bribes, thefts, kidnapping, extortion, selling contraband, etc., and they transfer them abroad to hide them.  

    Citizens who pay for their purchases of goods and services inside Iraq in dollars, which prompts them to buy dollars from the market, and since there is no allocation from the central bank’s sales of dollars for this purpose, their purchase is from a share allocated for other purposes, especially travel.  

In order to address the aforementioned phenomena, and reduce the phenomenon of the illegal market, and an exchange rate higher than the prescribed one, work is being done with the government and the relevant authorities to take the following measures:  

Merchants and importers use the prescribed channel for that, via the electronic platform, to achieve the objectives of this system and prevent the use of cash dollars in the market for other than its purposes, and this requires obligating this category to provide evidence that the amount of their imports has been duly transferred when their goods enter Iraq at the official border crossings.  

Stimulating and supporting categories of merchants to enter the electronic platform by simplifying procedures, especially tax ones, defining their ceilings in advance according to categories, and depositing them in the account of the General Tax Authority through its bank accounts.  

    Tightening control over the official border crossings and closing unofficial ones, coordinating between the federal government and the regional government regarding the organization and unification of entry procedures for goods and the fees imposed on them, and preventing the entry of prohibited and legally prohibited materials.  

   
The competent authorities undertake the strict application of Cabinet Resolution No. (23026) for the year 2023, which includes limiting the sale and purchase of goods and services in Iraqi dinars inside Iraq.  

We call for the provision of official, popular, and media national support in implementing the aforementioned, to achieve the aforementioned goals, in a way that preserves the safety and soundness of the movement of money and foreign trade, and staves off risks for the country, its banking sector, and its financial institutions, by adhering to the rules of the Anti-Money Laundering and Terrorist Financing Law, and international standards and practices. related to.   ink

Mot:  And the Time for the RV is ........

Mot:  ... just soooo Ya Knows! ~~~~~

MilitiaMan and Crew: IQD - ISX - Money Transfers - Corruption Dealt Blow - Iraq Dinar

IQD - ISX - Money Transfers - Corruption Dealt Blow - Iraq Dinar

MilitiaMan and Crew:  8-2-2023

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

MM: There is a massive amount of people being arrested and charged with money laundering , and illegal trading of the dinar and the US dollar. They are trying to get rid of the black market and the budget distributed.

Please listen to full video for all the news……

https://www.youtube.com/watch?v=22DZk6B74dc

Thursday Morning Iraq Economic News Highlights 8-3-23

Thursday Morning Iraq Economic News Highlights 8-3-23

Parliamentary Finance Reveals The Reasons For The Delay In Implementing The Budget

Economy  2023/08/03 number of readings: 129  Baghdad - Iraq:  The Finance Committee spoke about the reasons for the delay in the instructions for implementing the budget by the Ministry of Finance.

Committee Member Representative Mustafa Al-Karawi said, in a press statement, that “the Ministry of Finance visited, and met with Minister Taif Sami, to search and inquire about the reasons for the delay in launching the instructions for implementing the budget, as the minister indicated that the amendment of the article on publishing the budget in Al-Waqa'i newspaper was the reason.” After it was sent to the State Council for discussion.

And the deputy stressed that “there are many problems with the issue of transfers that occurred by the House of Representatives, as well as the problem of the items that were appealed against, and there are items according to our information that will be challenged in the future, as well as there is an overlap in some items that caused confusion.”

And he pointed out that "the instructions will be issued today or next Sunday, according to what the minister indicated, as the instructions will be issued to begin implementation."  LINK

For These Reasons, An Economist Is Likely Not To Work On The Budget This Year

The economic expert, Nasser Al-Kinani, suggested that the general budget law not be implemented during the current year, while stressing that the budget has lost its effectiveness in view of the great obstacles facing its implementation from the Ministry of Finance.

Al-Kinani said in a press interview seen by “Takadam” that “the purpose of the delay that is happening now is the failure to approve a budget with these huge numbers, in addition to the large deficit that was voted on by Parliament,” noting that “in all previous budgets we did not witness this amount.” The huge number of objections to the Parliamentary Finance Committee.

And he continued, “There are new repercussions and negatives that will fall on the budget if its implementation continues to be disrupted on the ground during the current period,” noting that “the budget has lost its effectiveness in view of the great obstacles facing its implementation from the Ministry of Finance.”

Regarding the delay in implementing the budget until now, Al-Kani explains: “We expect it not to be implemented during this year, given the many economic and political facts.”

https://takadum-news.com/archives/176782

Iraq is outside the classification of the Index of Economic Freedom in 2023

Arab and international  Economy News – Baghdad  The American magazine Global Finance revealed the ranking of countries in the world according to the Index of Economic Freedom for the current year 2023, which takes into account the policies and economic conditions in 184 countries.

The Economic Freedom Index measures the impact of freedom and free markets around the world, and confirms the hugely positive relationship between economic freedom and progress.

The magazine specialized in classifying the countries of the world stated in a report seen by "Al-Iqtisad News", that "the index measures economic freedom based on 12 quantitative and qualitative factors, grouped into four broad categories or pillars of economic freedom:

1. Rule of law (property rights, government integrity, judicial effectiveness)

2. Government size (government spending, tax burden, fiscal health)

3. Regulatory efficiency (freedom to operate, monetary freedom)

4. Open markets (freedom to trade, freedom to invest, financial freedom).

This year, the UAE ranked first in the Arab world, with a score of 70.9 points on the index out of 100, while Qatar followed it in second place on the Arab list, with a total of 68.6 points.

Globally, the UAE and Qatar ranked 24th and 36th, respectively. On the global scale, Singapore ranked first with a total of 83.9 points, followed by Switzerland at 83.8 points.

The index rates between 80 and 100 points as completely free.

The global index did not witness the presence of Iraq in the classification, and did not mention any details related to it.  Views 16  08/03/2023 - https://economy-news.net/content.php?id=35474

Al-Sudani Is Discussing With The Advanced Staff Of The Ministry Of Oil The Legislation Of The Oil And Gas Law

Policy   2023/08/02  Number of readings: 480  Baghdad-Iraq today: Prime Minister Mohamed Shia Al-Sudanese directed, on Wednesday, the formation of a ministerial committee on the oil and gas law. 

The media office of the Prime Minister stated, in a press statement, that "Prime Minister Muhammad Shia' al-Sudani held today a meeting dedicated to discussing the draft federal oil and gas law, in the presence of a number of leaders of political blocs , the ministers of foreign affairs, oil and industry, and the advisor to the minister of natural resources in the KRG, Iraqi Kurdistan, as well as a number of technical and legal advisors and experts. 

He added, “The meeting witnessed a review of the latest drafts of the draft law, its details and provisions, and what the technical and legal committees worked on,” pointing out that “work is done to prepare the final draft of the law, in preparing for its approval in the Council of Ministers, and submitting it to the House of Representatives for legislation, according to the legal and constitutional contexts.” 

Al-Sudanese stressed, during the meeting, that "the draft oil and gas law is one of the basic and important laws, and it represents a factor of strength and unity for Iraq, and it has been stuck for years, at a time when The country today is in dire need to legislate it and benefit from this natural wealth, in all fields and sectors, in addition to the contribution of enacting the law in solving many outstanding problems,” explaining that “there are governorates that have not invested their wealth until today, which is considered a negative matter for all development endeavors.” 

He pointed out that "the law is part of the commitment to the ministerial curriculum, which was voted on by the House of Representatives, and it will take into account constitutional principles, in a way that guarantees a fair distribution of oil wealth, advances the reality of the economy in all its aspects, and contributes to the economic reform that the government has set in its priorities. 

Al-Sudanese directed "the formation of a ministerial that would supervise the technical dialogues between the Federal Ministry of Oil and the Ministry of Natural Resources in the region, as well as inviting the governors of the oil-producing provinces, each committee of Basra, Maysan, Kirkuk and Dhi Qar, and the general managers of government oil companies to the ongoing technical dialogues regarding the law provided that these dialogues will be followed by the completion of the political dialogue to agree on presenting the draft law.   LINK

Al-Sudani: The Draft Oil And Gas Law Is A Factor Of Strength And Unity For The Country

The first  2023/08/03  Al-Sabah,  Prime Minister Muhammad Shia’ al-Sudani held, yesterday, Wednesday, a meeting devoted to discussing the draft federal oil and gas law, in the presence of a number of leaders of political blocs, the ministers of foreign affairs, oil and industry, and the advisor to the minister of natural resources in the Kurdistan Regional Government, as well as a number of advisors and experts. technicians and legal.

The meeting witnessed a review of the latest drafts of the draft law, its details and provisions, and what the technical and legal committees have worked on, and work to mature the final draft of the law. In preparation for its approval by the Council of Ministers, and its submission to the House of Representatives for legislation, according to the legal and constitutional contexts.

Al-Sudani considered the draft oil and gas law to be one of the basic and important laws, and it represents a factor of strength and unity for Iraq, and it has been stuck for years, at a time when the country today is in dire need to legislate it and benefit from this natural wealth, in all fields and sectors, in addition to the contribution of the legislation of the law to solving many issues.

One of the outstanding problems, as he explained, is that there are governorates that have not invested their wealth until today, which is considered a negative matter for all development endeavors.

And he indicated that "the law is part of the commitment to the ministerial curriculum, which was voted on by the House of Representatives, and it will take into account constitutional principles, in a way that guarantees the fair distribution of oil wealth, advances the reality of the economy in all its aspects, and contributes to the economic reform that the government has set in its priorities."

The Prime Minister directed the formation of a ministerial committee that would supervise the technical dialogues between the Federal Ministry of Oil and the Ministry of Natural Resources in the region, as well as inviting the governors of the oil-producing provinces, each of Basra, Maysan, Kirkuk and Dhi Qar, and the general managers of government oil companies to the ongoing technical dialogues regarding the law, provided that These dialogues will be followed by the completion of the political dialogue to agree on presenting the draft law.

During his meeting with the Minister of Defense of the Republic of Estonia, Hannu Belkur, the Prime Minister discussed the friendship relations between Iraq and Estonia and areas of development, as well as reviewing Estonia's participation in the international coalition to combat terrorism, the importance of developing bilateral economic partnership, and expanding cooperation in the fields of cybersecurity and electronic governance.

Al-Sudani pointed out that the government seeks to arrange relations with the coalition, within the framework of combating terrorism, in a way that is compatible with the post-war period against ISIS gangs, and the need to confront the discourse that promotes and incites violence and terrorism, and stimulates hatred among peoples.

In the meantime, the Prime Minister chaired the third meeting of the Supreme Committee for Water, during which the position of strategic water storage in the country was reviewed, and release rates from neighboring countries, as well as follow-up on the implementation of previous directives issued by the Prime Minister, and the most prominent obstacles facing the implementation of plans prepared to confront Water crisis, and quick fixes for it.   https://alsabaah.iq/81652-.html

An Iranian Official Reveals The Details Of The Oil And Gas Agreement With Iraq

Economy |  02/08/2023  Baghdad - Mawazine News, the head of the Association of Petroleum Products Exporters in Iran, Hamid Hosseini, announced that "Iraq will send us about 30,000 barrels of crude oil and 70,000 barrels of diesel in exchange for gas exports, starting next August."

Hosseini said, during an interview with the Iranian "ILNA" agency, that his country "exported 18 billion cubic meters of gas last year, most of which went to Turkey and Iraq," adding that "Iran exported $4.5 billion of electricity and gas to Iraq during the year." only the past."

Regarding the incompleteness of the prisoner exchange deal with Europe, the head of the Association of Petroleum Products Exporters in Iran explained, "It was agreed at some point to release European prisoners in exchange for the release of 2 billion and 700 million dollars from Iran's frozen resources in Iraq, but the agreement was not completed." However, only a part of the gas dues in Turkmenistan was collected and part of it was paid to the pilgrims.

Hosseini stressed that "this issue prompted Iran to cut off electricity and gas exports to Iraq, which led to the imposition of a kind of pressure on America by the Iraqi government, the media and political parties, considering that the electricity situation in Iraq has become critical due to the decrease in Iran's gas exports by about 5000 megawatts, so that the atmosphere has become unbearable with the extreme high temperatures.

He pointed out that after these pressures, America allowed the Iraqi electricity debts to be deposited to Iran in non-Iraqi banks for a period of 120 days, in an attempt to solve part of the problem, noting that "if Iraq could start bartering in August and the American interventions could not hinder its implementation, it will continue to do so." The future so that we can meet the full dues amounting to 20 million dollars a day, and receive other goods in exchange for previous debts.”

https://www.mawazin.net/Details.aspx?jimare=232541

Baghdad Begins To Review The Budget Of The Kurdistan Region Of Iraq

Economy  08/03/2023  Number of readings: 303  Baghdad-Iraq today:  The federal government and the Kurdistan Regional Government signed a joint work agreement to review the regional government's budget, starting today, Thursday.

The KRG has submitted its reference balance to the Iraqi Ministry of Finance since July 16, Omid Sabah, chief of the cabinet office in the KRG, told the government's semi-official media.

He pointed out that "the scales were set according to the wishes and standards of the federal government, which was the desire of the Kurdistan region as well, and for this purpose, a technical team visited Baghdad and received the standards, and this includes a review of the first five months of this year in one package.” 

He explained that "the Kurdistan Region sent an official letter to Baghdad, in return, in the event of any criticism, the federal government should notify the Kurdistan Regional Government in writing." 

He also said, “It is not the duty of the Federal Ministry of Finance to audit and review the general budget of the Kurdistan region, but the federal financial control according to the Federal Budget Law in coordination with the financial control of the Kurdistan region. They should audit and review the general budget of Iraq, including the region's budget." 

He explained that "what happened is a kind of lack of experience and division of labor by the federal government and the authorities related to the budget." 

He added that "the technical delegation of the Kurdistan Regional Government is in Baghdad and signed a memorandum with the federal technical delegation regarding the trial balance, and the entire issue is scheduled to be audited today, Thursday." 

The Chief of the Cabinet Office stressed that "the situation is sensitive, and officials and parties must act professionally."  LINK

A New Reform Paper On The Parliament Table.. What Is It?

Policy  |Today   Baghdad today – Baghdad  Today, Thursday (August 3, 2023), the Parliamentary Economy and Industry Committee announced the preparation of a comprehensive economic reform paper that contributes to moving the wheel of the Iraqi economy.

A statement by the parliament's media department, which was received by "Baghdad Today", stated that "the Committee on Economy, Industry and Trade, headed by Representative Ahmed Salim Al-Kinani, and in the presence of its members, held a meeting on Wednesday to discuss preparing the items of the economic reform paper."

He added, "The committee has prepared a paper for a comprehensive economic reform of the Iraqi economy, which will contribute effectively to moving the wheel of the Iraqi economy, which suffers from structural problems as a result of the conditions that Iraq went through . "

He continued, "The reform paper will be discussed in the House of Representatives, and after its approval, the government will be obligated to implement its provisions," noting that "the House of Representatives and the Economy Committee are supportive of the steps taken by the government to revitalize the economy."

The statement indicated that "the committee stressed the need for cooperation between the legislative and executive authorities to improve the reality of the Iraqi economy .  LINK

Zimbabwe, Indonisia and Iran News Posted by Harambe at TNT 8-2-2023

TNT:

Harambe:  Zimbabwe could become world’s No. 5 lithium producer, buoyed by $1bn Chinese investment (8/2/23)

After spending more than US$1 billion to acquire mining sites in Zimbabwe over the past two years, massive Chinese investment could help catapult Zimbabwe to become the world’s fifth biggest primary producer of the material that’s vital to battery electric vehicles and the green revolution, mining consultancy CRU said.

The investments by Chinese companies, including Zhejiang Huayou Cobalt, Sinomine Resource Group, Chengxin Lithium Group and Yahua Group, could boost capacity to 192,000 tons of lithium carbonate equivalent (LCE) per year of petalite and spodumene in 2027, from 13,000 tons LCE per year in 2022, Cameron Hughes, a battery markets analyst at CRU said in a report. “These investments will place Zimbabwe as the fifth largest primary producer of lithium by 2025, after Argentina, contributing more than either Canada or Brazil,” Hughes added.

Investments by Sinomine and others mean Zimbabwe’s capacity could rise to about 11% of global LCE production in five years from just 2% in 2020, said Martin Jackson, head of battery raw materials at CRU. Still, while the capacity is “significant”, full utilization would depend on lithium demand and prices, Jackson added.

As nations seek to cut their carbon footprints, demand has surged for clean energy, fueling global competition, China has been laser-focused on the task of securing critical minerals for climate-friendly power sources like batteries. Lithium — known as “white gold” — is an essential raw material for the lithium-ion rechargeable batteries that power electric vehicles and in solar panels that store solar energy.

Several Chinese companies recently making multimillion-dollar acquisitions to secure lithium supplies in Zimbabwe has improved the South African country’s economic fortunes. Last year, Zimbabwe banned exports of raw lithium ore, forcing companies to set up local factories to process ore into concentrates before export.

 https://www.thezimbabwean.co/2023/08/zimbabwe-could-become-worlds-no-5-lithium-producer-buoyed-by-1bn-chinese-investment/

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Harambe:  Indonesia to Release Golden Visa Policy in a Week or Two -  En.tempo.co (8/2/23)

Jakarta - Indonesia's Coordinating Minister for Maritime and Investment Affairs Luhut Binsar Pandjaitan said the Golden Visapolicy would likely be issued in one or two weeks. The policy will waive visas for foreign companies or foreigners who invest in Indonesia with a certain value.

Luhut said that his ministry had just discussed the Golden Visa policy with President Joko Widodo and a number of ministers. "I think maybe this can be finished in 1-2 weeks. I'd say one week," Luhut said at the State Palace in Central Jakarta, Tuesday, August 1.

In addition to investments, Luhut said this policy would later target foreigners who have high intellectuals, including researchers from world's leading universities. He said that the Golden Visa could also be given to artificial intelligence or AI developers.

The Director General of Immigration, Silmy Karim, said that this policy would later benefit the Indonesian government. Because apart from granting visas which are very selective, companies wishing to obtain a Golden Visa must make a real investment of at least US$50 million dollars. Meanwhile for individuals, the investment value in government bonds is at least US$350,000.

"They have to make a real investment, not just on paper, not just a notary's deed. We will monitor the amount and also the activities," Silmy said.

Eligible applicants can get a multi-entry visa that is valid for five to 10 years. Later, they can conduct business and other activities in Indonesia.

Slimy added that the Golden Visa policy is also one of the government's ways to screen qualified individuals from overseas entering Indonesia. 

"Many countries have had success with issuing Golden Visas, such as the UAE, Singapore, then several European countries, and the United States. Indonesia needs to implement this policy," Silmy said.

https://en.tempo.co/read/1754850/indonesia-to-release-golden-visa-policy-in-a-week-or-two-minister-luhut-says

Harambe:  Iran’s push to be part of BRICS gains momentum – Cryptopolitan (8/1/23)

Iran’s drive to secure a place within the influential BRICS economic group has taken a bold stride forward. The nation is unabashedly exerting itself on the world stage to cement its economic future, seeking alliances with major powers within the BRICS nations, namely Brazil, Russia, India, China, and South Africa.

This is not a subtle endeavor. Iran is actively pushing for membership, and according to the country’s deputy foreign minister for economic diplomacy, no barriers are preventing its inclusion.

A determined move towards economic alliances

The present world economic order is no longer satisfactory for Iran. It’s looking elsewhere, specifically towards the BRICS nations.

Iran has not only built strong ties with China, Russia, and India but is also focusing on expanding its economic relationships with other BRICS members. The country’s leaders are not shy about their ambitions and are openly seeking membership within the bloc.

This momentum gained further traction when the Iranian foreign minister and the secretary of Iran’s Supreme National Security Council (SNSC) attended recent BRICS meetings.

Furthermore, the country’s President, Ebrahim Raisi, is expected to be a part of the forthcoming BRICS leaders’ summit, set to be held from August 22-24 in Johannesburg.

De-dollarization and the new path forward

Iran’s efforts to be part of BRICS are intertwined with its broader strategy for de-dollarization. President Raisi is unambiguous about his desire to dismantle the reliance on the U.S. dollar in global trade, calling for a shift to using national currencies.

It’s a move that resonates with a sense of defiance, aligning with Iran’s current political ideology and economic direction. In a distinct move, the nation hosted a conference in May with representatives from nine Asian countries to deliberate over de-dollarization.

This push to forge new paths and alliances indicates Iran’s drive to establish itself as an economic powerhouse, independent of Western financial systems.

Iran’s aim for de-dollarization seems to go hand-in-hand with its aspiration to join BRICS, reflecting a coordinated strategy to reshape the nation’s global economic standing. What sets the country apart in this international arena is its clear agenda and determined push.

Unlike the over 40 countries that have shown interest in joining BRICS, with 22 having formally applied, Iran’s pursuit appears more deliberate, calculated, and aligned with its broader economic and political strategy.

South Africa, this year’s host for the BRICS summit, has already made it clear that the guest list will include 69 leaders, predominantly from the Global South, excluding Western nations.

This underscores the shifting dynamics and the growing importance of these emerging markets in the global economy. Iran’s efforts to join BRICS are far from casual.

They reflect a determined strategy, a well-thought-out plan that goes beyond mere membership in an economic bloc. The push signifies Iran’s readiness to engage in major global economic realignments, challenging existing systems, and creating new alliances.

Iran’s audacity in seeking BRICS membership is not a mere footnote in international relations; it’s a clarion call, an announcement of a new chapter in its economic narrative. It’s a push filled with intent, reflecting a nation eager to redefine its role in the global economic landscape.

https://www.cryptopolitan.com/iran-push-to-be-part-of-brics-gains-momentum/

Iraqi News Highlights Wednesday Evening 8-2-23

Iraqi News Highlights Wednesday Evening 8-2-23

Tlm724 Administrator Bondlady’s Corner

The Federal Government Sends About 600 Billion Dinars To The Kurdistan Region

local | 01:38 - 02/08/2023   Baghdad - Mawazine News   The Information and Information Department of the Kurdistan Regional Government announced, on Wednesday, that the federal government has sent nearly 600 billion dinars.  The department said in a statement, a copy of which Mawazine News received, that the federal government sent a sum of money amounting to 598 billion dinars to the Kurdistan Region.

And she added, "The money comes to finance the monthly salaries of employees and workers in the public sector in the region." https://www.mawazin.net/Details.aspx?jimare=232552

A Slight Increase In The Price Of The Dollar On The Local Stock Exchange

Wednesday 02 August 2023 10:22 | Economical Number of readings: 400  Baghdad / NINA / - The exchange rate of the dollar recorded, today, Wednesday, a slight increase in the local stock exchange.

The purchase price of the dollar reached 150,750 thousand dinars per hundred dollars, while the selling price amounted to 151,750 thousand dinars per hundred dollars./ End 9

https://ninanews.com/Website/News/Details?key=1068390

Al-Sudani Holds A Meeting To Discuss The Draft Oil And Gas Law

Money  and business  Economy News – Baghdad  On Wednesday, Prime Minister Mohamed Shia Al-Sudani held a meeting devoted to discussing the draft federal oil and gas law, in the presence of a number of gentlemen; Leaders of political blocs, ministers of foreign affairs, oil and industry, advisor to the minister of natural resources in the Kurdistan Regional Government of Iraq, as well as a number of technical and legal advisors and experts.

A statement by the media office of the Council of Ministers, followed by "Al-Iqtisad News", stated that "the meeting witnessed a review of the latest drafts of the draft law, its details and provisions, and what the technical and legal committees have worked on, and work to mature the final draft of the law, in preparation for its approval in the Council of Ministers, and submitting it to the House of Representatives for legislation. according to the legal and constitutional contexts.

Al-Sudani stressed during the meeting, "The draft oil and gas law is one of the basic and important laws, and it represents a factor of strength and unity for Iraq, and it has been stuck for years, at a time when the country today is in dire need to legislate it and benefit from this natural wealth, in all fields and sectors, in addition to the contribution of Enacting the law in solving many outstanding problems,” explaining that “there are governorates that have not invested their wealth until today, which is considered a negative matter for all development endeavors.”

And he indicated that "the law is part of the commitment to the ministerial curriculum, which was voted on by the House of Representatives, and it will take into account constitutional principles, in a way that guarantees the fair distribution of oil wealth, advances the reality of the economy in its various aspects, and contributes to the economic reform that the government has set in its priorities."

Al-Sudani directed "the formation of a ministerial committee that would supervise the technical dialogues between the Federal Ministry of Oil and the Ministry of Natural Resources in the region, as well as inviting the governors of the oil-producing provinces, each of Basra, Maysan, Kirkuk and Dhi Qar, and the general managers of government oil companies to the ongoing technical dialogues regarding the law, provided that These dialogues will be followed by the completion of the political dialogue to agree on presenting the draft law. 51 views   Added 08/02/2023 - https://economy-news.net/content.php?id=35453

Formation Of A Ministerial Committee To Supervise The Dialogues Between Baghdad And Erbil Regarding The Oil And Gas Law

Iraq  Wednesday, August 2, 2023 Baghdad / National News Center  Today, Wednesday, Prime Minister Muhammad Shia al-Sudani directed the formation of a ministerial committee to supervise technical dialogues between Baghdad and Erbil regarding the oil and gas law.

A statement by his media office, received by the National News Center, stated that “the Prime Minister held a meeting dedicated to discussing the draft federal oil and gas law, in the presence of a number of gentlemen; The leaders of the political blocs, the ministers of foreign affairs, oil and industry, the adviser to the minister of natural resources in the Kurdistan Regional Government of Iraq, as well as a number of advisors and technical and legal experts.

The statement added, “The meeting witnessed a review of the latest drafts of the draft law, its details and provisions, and what the technical and legal committees have worked on, and work on maturing the final draft of the law; in preparation for its approval by the Council of Ministers, and its submission to the House of Representatives for legislation, according to the legal and constitutional contexts.

During the meeting, the Prime Minister stressed that “the draft oil and gas law is one of the basic and important laws, and it represents a factor of strength and unity for Iraq, and it has been stuck for years, at a time when the country today is in dire need to legislate it and benefit from this natural wealth, in all fields and sectors.” In addition to the contribution of the legislation of the law in resolving many outstanding problems.

He explained that “there are governorates that have not invested their wealth until today, which is considered a negative matter for development efforts in all its tracks,” noting that “the law is part of commitment to the ministerial curriculum, which was voted on by the House of Representatives, and it will take into account constitutional principles, in a way that guarantees the fair distribution of oil wealth and advances the reality of the economy.” in its various aspects, and contributes to the economic reform that the government has prioritized.”

Al-Sudani directed “the formation of a ministerial committee that would supervise the technical dialogues between the Federal Ministry of Oil and the Ministry of Natural Resources in the region, as well as inviting the governors of the oil-producing provinces, each of Basra, Maysan, Kirkuk and Dhi Qar, and the general managers of government oil companies to the ongoing technical dialogues regarding the law, provided that These dialogues will be followed by the completion of the political dialogue to agree to present the draft law.   https://nnciraq.com/219686/

Oil Prices Are Rising And Exceeding $85 A Barrel

Economy   Wednesday, August 2, 2023 Follow-up / National News Center

Oil prices jumped nearly 1 percent today, Wednesday, trading near their highest levels since April, as data on inventories of crude and fuel products showed a decline in the world's largest fuel consumer.

Brent crude futures for October were up 76 cents, or 0.90 percent, at $85.67 a barrel at 0407 GMT.

Similarly, US West Texas Intermediate crude for September rose 76 cents, or 0.93%, to $82.13 a barrel.

US oil inventories fell by 15.4 million barrels in the week ending July 28, according to market sources citing figures from the American Petroleum Institute.

Data from the American Petroleum Institute showed that gasoline inventories fell by 1.7 million barrels and distillate inventories fell by 510 thousand barrels, both indicators of strong immediate demand for fuel in the United States.

Crude oil inventories also began to decline in other regions as demand outpaced supply, which was constrained by deep production cuts from Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), which supported prices.

Analysts expect Saudi Arabia to extend its voluntary oil production cut of one million barrels per day for another month, including September, at a meeting of producers on Friday.

They predicted that oil prices may continue to rise, but they may not exceed $90 per barrel given recessionary pressures in some regions such as Europe. Moreover, after the summer peak demand has passed, “oil prices have entered the end of this round of upward trend.” https://nnciraq.com/219612/

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