Goldilocks' Comments and Global Economic News for the evening of August 6, 2023

Goldilocks' Comments and Global Economic News for the evening of August 6, 2023

Good evening Dinar Recaps,

Goldilocks posted comments and links on the global financial system this evening:

Venezuela has formalized its request to join BRICS.

The country has the largest proven oil reserves on the planet.

Read: https://twitter.com/goldtelegraph_/status/1688253311311319041?s=46

BREAKING NEWS

CREDIT CARD DEBT IN AMERICA HITS $1 TRILLION FOR THE FIRST TIME ON RECORD

More records.

Read: https://twitter.com/goldtelegraph_/status/1688236749229568000?s=46

~~~~~~~~~~

I will be out of the office tomorrow (Monday)  throughout the entire day. Maybe Tuesday.

I have to upgrade my computer and my cell phone, so I will be learning a new system tomorrow.

If this continues into Tuesday, I will let you know.

* Goldilocks

~~~~~~~~~~

Market indicators tell us we are in a decline.

Watch the dollar this week. CPI is still a concern. The reading of the CPI index is on Tuesday. Inflation is still with us.

More on this when I return.

© Goldilocks

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks Articles Q & A Room

https://t.me/+gqQYBsK0ZCpkMDg5

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Iraqi News Highlights Sunday Afternoon 8-6-23

Iraqi News Highlights Sunday Afternoon 8-6-23

Tlm724 Administrator Bondlady’s Corner

Baghdad And London Are Discussing Iraq's Steps In Joining The International Financial System

Money  and business   Economy News – Baghdad  Finance Minister Taif Sami discussed with the British Ambassador to Baghdad, Stephen Hitch, on Sunday, the development of joint cooperation in the field of economy, the exchange of experiences, and Iraq's steps in joining the international financial system.The Ministry of Finance said in a statement, "The Minister of Finance, Taif Sami Muhammad, received today, Sunday, the British Ambassador to Baghdad, Stephen Hitch, and his accompanying delegation.

The two parties also discussed "mechanisms of joint cooperation in the field of supporting financial and banking policies, building human capacities, discussing Iraq's steps to engage in the international financial system, and the most prominent procedures and reforms that the government is taking in the field of the banking and financial sector, in a way that contributes to enhancing economic development in Iraq."   Views 36  08/06/2023 - https://economy-news.net/content.php?id=35523

A Partnership Between The International Islamic Bank And CR2 To Develop Banking Services In Iraq

Economy | 11:18 - 05/08/2023  Baghdad - Mawazine News   The International Islamic Bank (IMTB) in Iraq announced the signing of a strategic partnership with CR2 Company, with the aim of developing banking services.

This partnership represents an important stage for the International Islamic Bank, as it will contribute to the transformation of banking services into a digital format and promote advanced digital banking solutions in the Iraqi market.

This partnership will provide secure and enhanced digital banking services to individual and corporate customers, with an excellent user experience, simple payment processes, and access to a wide range of banking services anytime and anywhere.

The partnership will also include the development of a mobile banking application for the International Islamic Bank, which is compatible with customer needs and provides simple and digital financial services such as money transfer and electronic payment.

These innovative mobile banking solutions will enable customers to manage their accounts and access a wide range of banking services directly from their smartphones.

In addition, this partnership will develop new products and services that meet the current and future needs of the Iraqi banking market.

The partnership aims to increase reliance on digital technology services among the existing customer base, and expand the new customer base by improving banking services.

This partnership comes in response to the vision of the Central Bank of Iraq for digital banking services, and aims to promote digital transformation in banking services by expanding the digital presence of the International Islamic Bank in Iraq.

Kieran Kilcullen, CEO of CR2 commented, “We are delighted to sign this partnership with the International Islamic Bank to provide innovation solutions for digital banking services.

It is an important step in meeting the needs of customers, and we are very proud of the opportunity to play the role in supporting the bank with our expertise and innovation from markets across The world The banking and payments landscape continues to change, and we see many opportunities for banks to take leadership positions with innovative, secure, and easy-to-use digital solutions that enable their customers to succeed.”

Suha Al-Kafaei, Managing Director of the International Islamic Bank commented, “It is important that we continue to develop and innovate the International Islamic Bank.

This partnership with CR2 will provide us with the development of banking products. We are very pleased with this opportunity that will provide digital banking and future banking solutions, according to what is happening around This relationship will ensure that the International Islamic Bank becomes a leading party in finding pioneering solutions for our clients, whether in the retail sector or in the business sector.

About the International Islamic Bank The

International Islamic Bank was established as an independent financial entity, offering a wide range of services that meet the needs of individuals, institutions and companies, in addition to the basic services represented in personal and commercial accounts, Islamic Murabaha, investment financing, opening letters of credit, credit operations and letters of guarantee online, in addition to electronic services multi.

We proceed according to a focused economic banking vision towards providing digital technological innovation (banking) in managing money remotely through an administrative staff specialized in the field of banking information management technology and creating an integrated digital banking environment that comes through the product of a case study of global development (governance) mixed with the need of the market and business management for advancement With a tight digital banking economy in the Iraqi market, the region and the world.

We are also proud of obtaining a 91% assessment of the quality of services from the Central Bank of Iraq, a certificate of evaluation of 4/5 for (governance) practices and institutional innovation, and some important international awards, including the award for the best bank in the diversity of services and products in Iraq in 2022 by the International Federation For Arab bankers, and other awards and posts.

Join us to shape the future of banking in Iraq.

For more information, please visit the website: www.imtb.iq

About CR2

CR2 is a pioneer in the field of banking and payments services, providing innovative digital banking solutions to more than 100 banks in 60 countries around the world. . The company is distinguished by its experience in providing digital banking services such as issuing cards and ATMs, and provides advanced solutions through its platform “Bank World”. In addition, access to financial technology solutions through its external partners and its wide global presence. The company aims to promote digital transformation

in Banking industry, improving customer experience and facilitating access to financial services through digital channels.    https://www.mawazin.net/Details.aspx?jimare=232726

The Dollar Exchange Rates Rose With The Closing Of The Stock Exchange In Baghdad

Economy  Sunday, August 6, 2023 Baghdad / The National News Center,the dollar prices rose today, Sunday, in the Baghdad markets, with the closure of the main stock exchange in Al-Kifah.

The correspondent of the National News Center said, “The dollar prices rose with the closure of the Al-Kifah and Al-Harithiya stock exchanges, as prices recorded 150,500 dollars against 100 dollars, while the prices this morning were 150,000 dinars against 100 dollars.”

He added, "The selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 151,000 Iraqi dinars, while the purchase price reached 149,500 dinars for every 100 dollars."

https://nnciraq.com/220327/

The Central Bank Reveals The Total Sales Of Foreign Currency For The Day

Sunday 06 August 2023 14:09 | Economical Number of readings: 285  Baghdad / NINA / - The Central Bank of Iraq announced today, Sunday, that its total sales of foreign currency through the electronic window amounted to more than 212 million dollars.

The total amounts of transfers abroad (remittances, credits) amounted to 196,417,010 dollars, while the total amounts of cash sales amounted to 15,980,000 dollars, and the total sales amounted to 212,397,010 dollars.

The bank stated that the selling price for amounts of documentary credits and international settlements for electronic cards amounted to (1305) dinars per dollar, while the selling price for amounts of transfers abroad was (1310) dinars per dollar, and the cash sale price was (1310) dinars per dollar./ End 11

https://ninanews.com/Website/News/Details?key=1069139

Iraq Exports 7 Million Barrels Within A Month To America

Sunday 06 August 2023 | Economical Number of readings: 339  Baghdad / NINA / - The US Energy Information Administration announced today, Sunday, that the amount of Iraqi oil exports to America amounted to about 7 million barrels during the month of July.

The administration said, "The quantity of Iraq's exports of crude oil to America during the month of July amounted to 6 million and 975 thousand barrels, with an average of 225 thousand barrels per day, down from the month of June, in which Iraqi oil exports to America amounted to 7.5 million barrels and an average of 250 thousand barrels." Daily".

And the US Energy Information Administration stated that "Iraq ranked fifth in its exports to America during the past month after each of: Canada, Mexico, Saudi Arabia and Colombia, and it ranked second in the Arab world after Saudi Arabia, whose recent exports to America amounted to 11 million and 935 thousand barrels."/ End   https://ninanews.com/Website/News/Details?key=1069098

Banking Companies Resume Their Work In Mosul

Sunday 06 August 2023 11:14 | Economical Number of readings: 423 Mosul / NINA /- The local government in Nineveh announced the resumption of banking companies' work in the city of Mosul, the center of Nineveh Governorate, after a hiatus of about (seven) years.

The governor of Nineveh, Najm al-Jubouri, told the National Iraqi News Agency ( NINA ) that "more than 80 exchange companies were allowed by the national security services to resume their work after checking their security situation."  https://ninanews.com/Website/News/Details?key=1069104

900 Million Central Sales Dollars Over The Past Week

Economy News – Baghdad  The Central Bank of Iraq's total hard currency sales of US dollars during the past week amounted to about $900 million.

And the Central Bank sold during the past week and for the four days in which the auction opened 874 million and 444 thousand and 673 dollars, at a daily rate of 218 million and 611 thousand and 168 dollars, down by 1.8 percent from what was recorded in the previous week, which amounted to 222 million and 685 thousand and 556 dollars.

The highest dollar sales during the past week were on Wednesday, when sales amounted to 222 million 888 thousand 377 dollars, while the lowest sales were on Monday, when sales amounted to 210 million 290 thousand 35 dollars.

Sales of foreign remittances during the past week amounted to 723,104,673 dollars, an increase of 79 percent compared to cash sales, which amounted to 151,340,000 dollars.

Sales went in the form of cash and remittances abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards amounted to 1,305 dinars per dollar, while the selling price of remittances abroad and the cash sale price amounted to 1,310 dinars per dollar.   Views 29   08/06/2023 - https://economy-news.net/content.php?id=35508

Integrity Organizes Red Flags Against Wanted Persons, Including The Minister Of Finance Of The Previous Government

Economy News – Baghdad  On Sunday, the head of the Integrity Commission, Haider Hanoun, sent a message to those accused of stealing tax secretariat money, or as it is known as "theft of the century," while confirming the status of "red lines" around officials in the former government of Mustafa Al-Kazemi.

Hanoun said in a press conference followed by "Al-Iqtisad News", that "the issue of tax secretariats is the largest corruption case discovered to date," considering it "a crime of corruption mixed with treason."

He added, "The issue of theft of tax secretariats will not die," calling on the countries whose nationalities the wanted persons hold, to "reach Iraq to them and arrest them."

The director of the Integrity Commission pointed out that "the red lines were placed around several officials in the previous government, and they are: the director of the office of the former prime minister, the head of the intelligence service in the previous government, the private secretary of the previous government, and all of them hold American citizenship, in addition to the minister of finance in the previous government." He holds British citizenship.

Hanoun confirmed: "The commission is continuing to advanced stages to recover the wanted persons, who are: the former director of the Commercial Bank of Iraq, Hamdiya al-Jaf, a former director general in the Ministry of Health, Nawras Abdul Razzaq, and the former director of the municipality of Hilla, Muhammad Hadi."

And he continued his speech, saying: "The number of the accused that we reached reached 48," expressing his thanks to "the Iraqi judiciary and the Arab Police Directorate in the Ministry of Interior."

Hanoun stressed, "The stay of those accused of stealing the century outside the bars will not last long."

Views 38  Added 08/06/2023 - https://economy-news.net/content.php?id=35518

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

Bond Ladys Corner

Goldilocks' Comments and Global Economic News for August 6, 2023

Goldilocks' Comments and Global Economic News for August 6, 2023

Good morning Dinar Recaps,

Goldilocks posted comments and links on the global financial system:

The Integrated Monetary and Financial Policies for Small Open Economies have completed their research. Here is their findings:

..."we show that to manage non-fundamental inflow surges and taper tantrums related to local currency debt, capital inflow taxes and FX intervention should be used instead of the policy rate and exchange rate flexibility."

The IMF Working Papers have shown in their research that a Forex Intervention is necessary instead of continuing on with interest rate changes and old policies that no longer work.

© Goldilocks

https://www.imf.org/en/Publications/WP/Issues/2023/08/04/Integrated-Monetary-and-Financial-Policies-for-Small-Open-Economies-537587

There is a short squeeze going on in the Forex markets that are affecting the dollar, and next week's CPI index reading is expected to show inflation continuing.

Market corrections are coming. The question remains, will it be a soft or hard landing. Statistics are not giving us clear direction at this point, and the markets are looking for just that... direction

.© Goldilocks

https://finance.yahoo.com/news/forex-dollar-slides-moderating-july-150957259.html

~~~~~~~~~~

The road to our new economy requires more than just electronic changes, real values are coming to the markets because of these changes and making themselves known.

© Goldilocks

~~~~~~~~~~

Ripple Labs has become a member of the ISDA, joining over 1000 institutions from 79 countries and aligning itself with financial giants like JP Morgan and Goldman Sachs.

Following a favorable legal ruling regarding the sale of XRP tokens, Ripple's ISDA membership could pave the way for increased collaboration and acceptance of cryptocurrencies in mainstream finance.

https://www.cryptopolitan.com/isda-welcomes-ripple-labs-as-trade-body/

~~~~~~~~~~

The Iraqi government on Sunday said it was suspending the popular Telegram messaging application across the country on “national security” grounds, drawing criticism on channels close to pro-Iran factions.

The service was effectively blocked by midday on Sunday, with new messages not loading for users in Baghdad. The application was still accessible to users connected using a VPN.

https://insiderpaper.com/iraq-suspends-telegram-over-national-security/

~~~~~~~~~~

The IMF has completed their economic reform research papers.

All is seen as necessary to move forward with the new digital economy.

This allows us to move forward with the integration, testing, and implementation phase of our new economy.

© Goldilocks

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks Articles Q & A Room

https://t.me/+gqQYBsK0ZCpkMDg5

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

BRICS Alliance News

BRICS Alliance News

August 5, 2023   by  Suzanne Maresca

BRICS Will Discuss Use of Local Currencies at August Summit

by Vinod Dsouza, August 3, 2023, watcher.guru

The BRICS alliance will discuss the usage of local currencies for cross-border transactions in the upcoming summit in August. The bloc of five nations will examine ways to strengthen their local economies by putting their native currencies to use. BRICS aims to eliminate the U.S. dollar for global trade, and start remittance for imports and exports using local tenders.

The South African BRICS Ambassador Anil Sooklal confirmed exclusively to Watcher Guru that the alliance will discuss matters related to native currencies. The development indicated that BRICS is serious about sidelining the U.S. dollar, and aims to keep local currencies in the driver’s seat of the global financial order.

 “Discussion focuses on deepening use of local currencies,” confirmed Sooklal exclusively to Watcher Guru. Therefore, the bloc of five nations will put forth their respective currencies to settle global trade, and not the U.S. dollar.

BRICS will combinedly decide the number of sectors in which local currencies will be put to use for international transactions. The move will strengthen local economies giving their respective native currencies a boost in the foreign exchange markets.

Settling trade within the bloc by ditching the U.S. dollar will make businesses boom in the BRICS countries. The usage of local currencies within the BRICS nations will be faster, smoother, and more cost-effective than the U.S. dollar has been.

https://tinyurl.com/3udjh6ak

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

BRICS Will Strengthen Local Currencies, Ditch U.S. Dollar

The BRICS alliance will provide other developing countries with a financial cushion to lift their economies in the coming years. The U.S. pressing sanctions against developing countries is what made them join hands and end reliance on the greenback.

The global financial powers could soon tilt to the East, leaving the U.S. and other Western countries to lose economic ground.

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

Saudi Arabia Expects BRICS Bank Entry at August Summit

by Joshua Ramos, August 4, 2023

In just a few weeks, the BRICS bloc is set to meet at an undeniably vital summit. There, the bloc will discuss everything from alternative currency options to national currency promotion, and potential expansion. Subsequently, the gathering will provide an opportunity for the bloc to set its trajectory for the coming years.

Now, reports have indicated that Saudi Arabia is likely to join the BRICS New Development Bank at the August summit. Indeed, the country has sought entry into the development bank for some time. Moreover, the move could proceed with its eventual inclusion into the economic alliance, as it has sought entry into the collective.

“In the Middle East, we attach great importance to the Kingdom of Saudi Arabia, and are currently engaged in a qualified dialogue with them,” the bank said in a recent statement. Moreover, its involvement in the bank would infuse the bloc with renewed funds. An aspect of the institution that has been concerning since Russian sanctions were imposed.

Established in 2015, the bank currently consists of Brazil, Russia, India, China, South Africa, the United Arab Emirates, Uruguay, Bangladesh, and Egypt. Additionally, the report states that the bank has approved more than 90 projects since its arrival in 2015. Moreover, it has totaled $32 billion in loans as of October 2022. Saudi Arabia will undoubtedly present a positive addition and could denote its value prior to joining the official bloc.

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

13 Countries Officially Apply To Join BRICS Alliance

by Vinod Dsouza, August 3, 2023

A total of 13 countries have officially submitted their applications to join the BRICS alliance. Inducting more countries into the bloc could be a paradigm shift in the geopolitical landscape affecting the global economy. The developing nations aim to end reliance on the U.S. dollar and trade in native currencies to strengthen their local economies. A dozen and more countries expressing interest to join the BRICS alliance indicates that the U.S. dollar is in jeopardy.

The decision to induct the 13 countries will be jointly taken by the BRICS bloc in the upcoming summit. The next BRICS summit is scheduled on Aug. 22 to 24 in Johannesburg, South Africa. BRICS is an acronym for Brazil, Russia, India, China, and South Africa.

The 13 countries that have officially applied to join the BRICS alliance are the United Arab Emirates (UAE), Saudi Arabia, Bangladesh, Venezuela, Argentina, Indonesia, Ethiopia, Bahrain, Mexico, Nigeria, Algeria, Egypt, and Iran.

Another 22 countries have expressed interest to join the bloc but have not formally applied yet. The other countries hail from Asia, Africa, South America, and Eastern Europe. The ASEAN bloc, SCO countries, and the GCC nations are also considering reducing dependency on the U.S. dollar.

Source: Golden Age of Gaia

https://dinarchronicles.com/2023/08/06/suzanne-maresca-brics-alliance-news-august-5-2023/

"Tidbits From TNT" Sunday 8-6-2023

TNT:

Tishwash:  The Sudanese advisor talks about the government's "obligation" of countries to recover money and hand over the corrupt

Today, Sunday (6 August 2023), Hisham Al-Rikabi, media advisor to the Prime Minister, Muhammad Shaa Al-Sudani, confirmed that the Iraqi government has obligated countries to recover looted Iraqi funds and hand over the corrupt to the Iraqi judiciary. 

Al-Rikabi, in a tweet on the "X" platform (formerly Twitter), said, "The government's efforts to retrieve the wanted persons to the Iraqi judiciary through Interpol will leave the countries hosting the wanted persons with no choice but to hand them over to the Iraqi judiciary for trial. link

CandyKisses: 'Coming soon'.. Iraq to appoint 70 ambassadors to represent it diplomatically in the world

Baghdad - NAS  

The Parliamentary Foreign Relations Committee revealed that Iraq has adopted a policy of productive diplomacy and revealed a plan to appoint about 70 qualified ambassadors to represent Iraq diplomatically in the world soon.     

A member of the committee, Jabbar al-Kinani, explained in a statement to the official newspaper affiliated with "Nas" on Sunday (August 6, 2023), that "the task of nominating ambassadors will be equally between the Ministry of Foreign Affairs, which will nominate 35 candidates, and their representatives for the participating political forces

Considering that the issue of diplomatic representation is political and not administrative, which requires a balance in providing the best qualified for the position of Iraq's ambassador to the countries of the world, and avoiding employing figures affected by the cultures of authoritarianism and sectarian and national conflict that prevailed in the country in previous times."    

"The Foreign Relations Committee undertakes two main tasks; the first is to legislate laws that require their preparation in accordance with successive developments and events, and the second is the supervisory role and productive job performance to support the aspirations of citizens in development and investment, enhance Iraq's international standing, confront all hostile foreign tendencies, and strengthen the bonds of friendship and economic and political relations with the countries of the world," al-Kinani said.  

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

Tishwash:  Al-Nusairi: The Central Bank's statement is a roadmap to ensure monetary stability 

 Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, confirmed that the central bank’s statement clarifying the basic facts related to the exchange rate (US dollar) in the local markets and the role of the central bank in providing foreign currency through its official sources, is the road map for the new phase to achieve stability in the money market, in a way that maintains To stabilize the exchange rate and help recover the Iraqi dinar and reach a point of balance with the announced official price, which is 1,320 dinars per dollar.

Al-Nusairi indicated, in an interview with "Al-Iqtisad News", that what is called the parallel market is not real, and that what is present in the circulation of foreign currency is a black market that is controlled by speculators by withdrawing the official cash dollar from some non-authorized money changers and outlets for the purpose of covering illegal imports and through illegal border crossings.

Official, which was clearly identified in the statement. Because the source of the dollar in Iraq is the Central Bank exclusively, and there is no other source of the dollar that may come from exports to the private sector, the arena, or transfers to residents abroad.

Al-Nusairi stressed that the system currently adopted to provide the dollar at the official rate is done through the electronic platform exclusively for external transfers and documentary credits for merchants and businessmen, and through international money transfer companies (Western Union and MoneyGram) for personal external transfers abroad such as study and treatment wages, etc., and through banks. And metaphorical money changers A, b, and mediator C. Cash dollars are transferred to travelers  in accordance with the instructions in force.

He hinted that the Central Bank follows the market closely in accordance with Law 56 of 2004 through its inspection and oversight teams, and it constantly addresses the obstacles that prevent small traders from entering the electronic platform and works to facilitate them, targeting their gain and securing the necessary flexibility for them to obtain the dollar at the official rate and facilitating tax and customs procedures in coordination with government agencies. In order to preserve the safety of money movement and foreign trade, adhere to the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015, comply with international standards, and maintain the stability of our financial and banking system and protect it from risks.

Al-Nusairi concluded his speech by inviting the competent government agencies, the media, merchants, businessmen and citizens to cooperate with the government measures issued by the Prime Minister and work to implement the instructions and regulations of the monetary authority for the purpose of maintaining stability in the exchange rate and the recovery of the Iraqi dinar, especially since it is strong and covered by foreign cash reserves exceeding 113 One billion dollars now, and let our motto always be (Our dinar is our sovereignty)  link

Mot: WHY do I find these Just before Going to Bed??? - Now I Will Wonder All Night siiggghhhhh

What if they're not stars, but holes poked into the top of the container so we can breathe.

Mot:  .. Don´t know much about history

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

Sunday Morning Iraq Economic News Highlights 8-6-23

Sunday Morning Iraq Economic News Highlights 8-6-23

An Expanded Meeting To Discuss The Draft Oil And Gas Law

Money  and business  Economy News – Baghdad  Yesterday, Wednesday, the Ministry of Oil announced the holding of an expanded meeting to discuss the draft oil and gas law, while confirming that it came out with recommendations.

The ministry stated, in a statement received by "Al-Iqtisad News", that "based on the package of legislative reforms that came in the government curriculum, specifically what came in the twenty-third axis regarding the preparation of the draft oil and gas law, and based on the directive of the Prime Minister, Muhammad Shia'a Al-Sudani, to expedite the completion of this project and with the participation of all The relevant parties in this strategic national project, a meeting was held today in the presence of the two deputy prime ministers (Minister of Foreign Affairs - Minister of Oil), the delegation of the region, the governors of the oil-producing provinces, the prime minister's advisors and the leadership cadre in the Ministry of Oil.

She added, "The meeting dealt with the importance and objectives of this law and the need to complete it as soon as possible, with the participation of the region, the oil-producing governorates, and representatives of the Prime Minister's Office." The Ministerial Council voted on by the House of Representatives, as well as being the mainstay for investing oil and gas wealth in the best international practices and in a manner that secures the interest of all the Iraqi people.

She indicated that "the meeting resulted in the following recommendations:

1- Forming committees to follow up on this issue and organizing subsequent meetings.

2- A working paper is presented by the committees on the basis of the vision presented by the ministry, the Kurdistan Regional Government and the producing provinces in light of the discussions that took place during the meeting and the previous discussions to be studied by these committees in order to prepare the final draft of the oil and gas law.

Views 20   08/06/2023 - https://economy-news.net/content.php?id=35506

Dollar Speculation.. A Profession That Spreads In Baghdad And The Iraqi Provinces And Affects The Economy

August 6, 2023  Baghdad / Obelisk Al-Hadath: A new category is emerging in the Iraqi trade market, and they are the major smugglers and speculators at the dollar exchange rate in Baghdad and other provinces.

The issue of the exchange rate of the dollar has turned into a battle between the state, which insists on completing the reform of the financial and banking system on the one hand, and a group of speculators and smugglers on the other, according to the description of the Prime Minister, Muhammad Shia' al-Sudani.

Dollar speculators are individuals or entities that buy and sell dollars or foreign currencies quickly and frequently with the aim of making a profit from exchange rate fluctuations.

These entities include banks, financial firms, individual investors, and sometimes even some government institutions. These entities seek to exploit the differences in foreign exchange rates to make quick profits.

The activities of currency speculators prompted the Central Bank of Iraq to review the work of banks and exchange companies to verify funds, and the Integrity Commission has applied procedures to 40 exchange companies and their work will be regulated in entering the financial market.

There is a significant impact of dollar speculators on the Iraqi economy, which relies heavily on oil revenues as a main source of hard currency, and due to fluctuations in oil prices and unstable economic and political conditions, the value of the Iraqi dinar has been greatly affected.

A few days ago, the National Security Agency carried out an operation that overthrew a network of major currency speculators, who were setting an exchange rate and communicating with small speculators to withdraw dollars from the market for them.

These speculators were associated with others in the Kurdistan region, through whom currency was being smuggled.

Dollar speculation in Iraq leads to sharp fluctuations in the exchange rate, which affects the predictive ability of individuals and companies, increases inflation and negatively affects economic and social stability. The fluctuation of the exchange rate could also exacerbate the government's financial conditions and affect its ability to implement development programs and provide basic services to citizens.

And in August 2023, the National Security Agency was able to overthrow the largest smuggling networks in their possession of 14 million dollars intended for smuggling, while the defendants admitted to using fake companies as a cover for smuggling currency .. Also, 12 accused of smuggling currency were overthrown in the governorates of Basra, Diyala and Muthanna, in possession of more than 300 million dinars.

At the same time, the Border Ports Authority announced that it had thwarted an attempt to smuggle more than 48,000 dollars at the Zurbatiya port through a GMC driver.

In July 2023, the security forces were able to overthrow a network that traded in dollars, and 14 million dollars intended for smuggling were seized along with 50 billion Iraqi dinars that were on their way out of Iraq.

Despite the continued prosecution of networks and the arrest of dozens, it did not reveal the contacts of these influential networks.

And a member of the Finance Committee, Faisal Al-Naeli, stated that there are hands that withdraw the dollar to patch the exchange rate so that certain parties from bank owners or merchants can benefit from it.

Writer Muhammad Fakhry al-Mawla said in an article that the state's economic approach must be clear through a series of measures aimed at stabilizing the local market and removing the influence of the parallel (black) market on it and on the citizen.

Activist Aziz talks about private banks that have fake companies that withdraw the dollar from the currency auction, go to the black market, and flee outside Iraq under the pretext of importing from fake companies that do not exist.  Prepared by Muhammad Al-Khafaji   https://almasalah.com/archives/61546

Financial Expert: The Dollar Will Settle At 1,500 Dinars In The Parallel Market

2023-08-06 03:59  Shafaq News/ Financial expert Hilal Al-Taan expected today, Sunday, that the exchange rate of the dollar will stabilize at its current rates in the parallel market, indicating that the bank's cash sales do not cover the local market.

Al-Taan said in an interview with Shafaq News agency, "It is expected that the dollar will stabilize at 1,500 dinars in the parallel market, after its prices decreased slightly."

And he indicated that "the demand for the dollar is still great in the parallel market, despite the Central Bank's measures."

He added that "the delay in transfers for the purpose of being audited by the international banks that Iraq contracted with led to merchants resorting to the parallel market to buy the dollar," noting that "the bank's cash sales are also few and do not meet what the market needs internally."

The price of the dollar fell against the Iraqi dinar, reaching today, Sunday, 1500 per dollar.  LINK

A Senior Delegation From Barzani's Party Arrives In Baghdad Tomorrow, Sunday, To Discuss The Budget And Oil File

policy  ,  05/08/2023 20:02  , Number of readings: 513  Baghdad-Iraq today:  The Kurdistan Democratic Party sends a delegation to Baghdad to discuss the implementation of the federal budget law, the preparation of the draft oil and gas law, and many other issues.

And media sources affiliated with the Democratic Party reported that a high-ranking delegation from the political bureau of the party will visit Baghdad tomorrow (Sunday) to meet with the parties to the state administration, including the coordination framework.

The source said, "The delegation will discuss the implementation of the Sudanese cabinet program, the implementation of the federal budget law, the preparation of a draft oil and gas law, and a number of other issues with the parties."

According to the sources, the delegation will be headed by Fadel Mirani, Chairman of the Executive Committee of the Political Bureau, and includes Hoshyar Zebari, Mahmoud Muhammad, Pashtwan Sadiq, Fouad Hussein, and a number of other members of the Bureau, which is the highest leadership body in the party.  LINK

The Kurds Continue To Pressure Sudani To Release Their Share Of The Budget

Policy  06/08/2023  Number of readings: 231 Baghdad - Iraq today:  The head of the parliamentary bloc of the Kurdistan Democratic Party, Vian Sabri, stated that the federal government must pay the region's dues in compliance with the budget law.

Sabri said in a tweet: "After the Kurdistan Regional Government abided by the provisions of the oil and non-oil budget, and despite the appeal submitted by the region to the Federal Court on Articles (2-11-12-13) of the budget, the federal government must fulfill the remaining dues." For the Kurdistan region for the month of June and paying all the region's dues for the month of August, in compliance with the budget law and its schedules, voted on in the House of Representatives.

[rtl]She added, "The budget is rights and duties, and the most important thing is adherence to it, because it establishes the state's political stability before the economy."  LINK

Experts Propose Solutions To Stabilize The Dollar

Economical  2023/08/06    Baghdad: Shukran Al-Fatlawi  Experts in the financial affairs have identified a number of solutions that would create stability in the dollar exchange rate, putting at the forefront of these solutions the tightening of control over border crossings to implement the Central Bank’s proposal to prevent the import of goods not funded by documentary credits and official transfers issued by it,

pointing out that this The decision, if implemented, would lead to a significant decrease in the parallel exchange rate, stressing at the same time the necessity of transferring all transactions to the Iraqi dinar, and increasing the use of electronic points of sale.

And the Central Bank stated, last week, 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 legalized, or announce exchange rates fabricated by speculators, and the competent authorities must stop the platforms and sites that use it.” It announces the exchange rates for a specific currency.

In order to address the phenomena that led to fluctuations in the exchange rates of the dollar, and to reduce the phenomenon of the illegal market, the Central Bank confirmed working with the government and relevant authorities to take a number of measures, including the use of merchants and importers of the channel established for that, through the electronic platform, to achieve the objectives of this system and prevent the use of The cash dollar is 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, as well as motivating and supporting categories of merchants to enter the electronic platform by simplifying procedures, especially tax ones, and determining their ceilings in advance.

According to the categories, and deposited in the account of the General Authority for Taxes through its accounts in banks.

And in continuation of Al-Mukrazi’s efforts to curb unofficial exchange rates, the Deputy Governor of the Central Bank, Ammar Hamad, confirmed that “the Central Bank provides exchange companies with weekly quotas of dollars for the purpose of selling them to travelers at the official rate 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.

The financial expert, Dr. Nabil Al-Marsoumi, explained to "Al-Sabah" that the dollar, like any commodity, is affected by supply and demand, so the greater its scarcity, the higher its value, and this is an existing economic fact. The Central Bank has the right to take a decision to set an administrative rate for the official exchange.

The spokesman believes that "the issue of the parallel price cannot be overlooked, and we cannot attribute the latter to speculators, since the demand for dollars in the parallel market is mostly real demand, and it is related to two basic issues, the first is that not all Iraqi travelers are able to obtain the official dollar, especially The traveler to the countries sanctioned by America.

He added that the spending of Iraqi travelers for the year 2022 in Iran was about 3 billion and 410 million dollars, which is the largest spending among tourists, and constitutes 55 percent of the total foreign tourists, and they obtain this money from the parallel market because the central bank does not finance or sell travelers since 2018. These countries have the official price, and therefore this is a real demand, not an imaginary one related to speculation.

And Al-Marsoumi indicated that the second issue is related to the fact that the demand for dollars in the parallel market is for the purposes of financing trade with Iran, which is the largest part, with more than $10 billion annually representing imports, and a smaller amount with Syria.

Al-Marsoumi stressed that the Central Bank submitted a very important proposal to the border crossings to prevent the import of goods not funded by it, that is, not funded by documentary credits and bank transfers, pointing out that this decision, if implemented, would reduce the parallel price, as it closes an important window of demand. On the dollar from the parallel market in financing trade, and therefore the exchange rate of the two exchanges will be very close.

For his part, financial expert Hassan Abd confirmed to "Al-Sabah" that "achieving the stability of the exchange rate and making it at close levels between the official and the parallel requires transferring all transactions to the Iraqi dinar," explaining by saying, "Here we will find that everyone will be convinced of the importance of the Iraqi dinar and there is no need for the dollar."

He added, however, that this must be accompanied by tight working mechanisms, and that the dollar be available in the market without trouble.    https://alsabaah.iq/81764-.html

Saturday Afternoon Iraq Economic News Highlights 8-5-23

Saturday Afternoon Iraq Economic News Highlights  8-5-23

Why Was The Oil And Gas Law Not Legislated Earlier? An Expert Explains

Economy  |Today  Baghdad today - Baghdad   Today, Saturday (August 5, 2023), economist Nabil Al-Marsoumi explained the reasons for not enacting the oil and gas law previously, while pointing to five points that impede its approval.   

 Political Differences

Al-Marsoumi said in a post followed by "Baghdad Today": "Although two versions of the draft oil and gas law were issued, one in 2007 and the other in 2011, no oil and gas law has been legislated in Iraq due to the great difference between the political forces on many issues."

He pointed out that "the most prominent of these differences is giving the region the authority to license in the field of exploration and development of discovered undeveloped fields," noting that "this is contrary to the jurisdiction of the National Oil Company, which leads to a conflict between the jurisdiction of the region and the National Oil Company and the jurisdiction of the Ministry of Oil."

He added, "This discrepancy would prevent the existence of a unified system for contracts in the different regions of Iraq, and giving the regions the right to conclude licensing contracts prevents the implementation of a federal policy for oil and gas, and there will be two oil policies, one in the center and the other in the region."

 Article (112 First)

And Al-Marsoumi indicated that "there is a major disagreement in the interpretation of Article (112/First) of the constitution, which requires the central authority to manage the oil and gas extracted from the current fields in coordination with the regions. Developed as well as exploration blocks, and this understanding leads to the interpretation of the regions that he will take over the management of oil and gas.

He continued by saying: "Giving the validity of licenses for oil operations for exploration and production contracts in the center and the regions after presenting the initial contract to the Federal Council, leads to duplication in oil policy and affects the economic policy of Iraq due to the potential difference of visions between the Federal Council and the Ministry of Oil."

 Negotiating Side

He pointed out that "giving an important aspect of the negotiating role of the Federal Oil and Gas Council and its tasks to the Kurdistan region and the irregular oil-producing cities in a region may weaken the negotiating role of Iraq and exacerbate the risks surrounding the implementation of a unified strategy in the country."

And he stressed that "in the event of the loss of a unified central policy, competition and disagreement will prevail between the National Oil Company and between the regions and governorates, which will lead to disagreement instead of cooperation that guarantees the unity of the people and the country, while the constitution gave the task of managing oil and gas wealth to the federal government in partnership with the regions and governorates."

 Government Movement

And on (August 2, 2023), the Prime Minister, Muhammad Shia Al-Sudani, held a meeting dedicated to discussing the draft federal oil and gas law, in preparation for its approval by the Council and its submission to Parliament.

The media office of the Prime Minister stated, in a statement received by "Baghdad Today," 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." to legislate it, according to the legal and constitutional contexts.  LINK

Does The Government Have Pressure Papers To Pass The Oil And Gas Law? An Economist Answers

The economist, Nabil Al-Ali, saw that the Iraqi government has many pressure cards to pass the oil and gas law, while he considered the current time “very appropriate” to pass it under the dome of parliament.

Al-Ali said, in a press interview seen by Taqaddam, that “the Prime Minister, Muhammad Shia’ al-Sudani, has reactivated dialogues and understandings again between the political forces after discussing the oil and gas law.”

He added, “The current time is very appropriate for the central government, in order to write the law and present it to Parliament; Because of the appropriate conditions and pressure papers that the government enjoys, ensuring that it passes it with central visions.

The economist explained, “The oil and gas law is a political commitment signed by the parties to the State Administration coalition prior to the formation of the government, and it is considered a governmental commitment and it is important to pass it.”

And Al-Ali indicated that “passing the oil and gas law inside the dome of parliament set a ceiling for it during the first 6 months of the government’s life.”  https://takadum-news.com/archives/177092

Disclosure Of Negotiations With The US Federal Reserve To Solve The Dollar Crisis In The Iraqi Market

Policy   05/08/2023, Number of readings: 195   Baghdad-Iraq today:  A member of the Parliamentary Finance Committee, Thamer Dhiban Al-Hamdani, confirmed that there is negotiation with the Federal Bank to solve and address the dollar crisis.

Al-Hamdani said in a press statement, “The truth is that there were no sanctions against Iraq, and there were no sanctions on these banks, and these banks are operating at the present time, but they were denied the acquisition of dollars from the Central Bank. He added, "There is negotiation with the Federal Bank to solve this problem, and it is the central bank's duty to address errors and address them before taking these measures from the Federal Bank."He pointed out, "We call on all companies, merchants, and contractors to review the central bank center, to acquire the dollar and enter the platform, since the platform is the protector of money and not to smuggle the currency out of Iraq."  LINK

The Federal Decision Is A Road Map For {Oil And Gas Law

The first  2023/08/05   Baghdad: Huda Al-Azzawi   Law experts and observers of political affairs saw that the decision of the Federal Supreme Court issued in February of last year 2022 regarding oil and gas in the Kurdistan region of Iraq drew a road map to regulate the relationship between the federal government and the region in the field of extracting, producing and exporting petroleum wealth, and that this decision It could lead - if it is agreed to implement it - to the ripening of an integrated oil and gas law that has been delayed for more than 16 years.

And the legal expert, Muhammad Majeed Rasan Al-Saadi, stated in an interview with "Al-Sabah" that "the oil and gas law has been suspended since 2007 because there was no agreement and agreement on the terms of the previous draft law."

 He added, "The Federal Supreme Court's decision on 2/15/2022, which included the ruling on the unconstitutionality of (the oil and gas law of the Kurdistan Regional Government) No. (22) of 2007 and its cancellation for violating the provisions of 6 articles in the Iraqi constitution, obligated the region's government to hand over all oil production from the oil fields."

 In the Kurdistan region and other regions to the federal government represented by the Federal Ministry of Oil and to enable it to use its constitutional powers regarding oil exploration, extraction and export.

He pointed out that "the decision is clear, and the Ministry of Oil has the right to pursue the invalidity of oil contracts concluded by the regional government with external parties (states and companies) regarding oil exploration, extraction, export and sale, in addition to obligating the regional government to enable the Iraqi Ministry of Oil and the Federal Financial Supervision Bureau to review the oil contracts concluded."

With the regional government regarding the export and sale of oil and gas for the purpose of auditing and determining the financial rights owed by the regional government.

He added, "The Federal Court's decision to draw a road map for legislation (oil and gas law) that regulates the relationship between the federal government and the region and the rest of the provinces producing and exporting oil and gas," stressing that "the opportunity is ripe today to conclude an agreement between the center and the region, especially since this parliamentary session is devoid of bargaining."

 To obtain partisan or factional gains in return for voting on important national legislation, as in previous parliamentary sessions,” according to the legal expert.

Al-Saadi said, "The regional government is now beginning to feel the size of its will against the will of the federal government," noting that "the struggle of the region with successive central governments is a biased conflict on the basis of nationalism, so the failure of the national political project has caused the failure of the regional government's management economically, socially and politically,

so We believe that there is a real will on the part of the federal government, led by Prime Minister Muhammad Shia'a al-Sudani, to end this file," noting that "the credit goes to the hammer of the Iraqi judiciary and the hammer of the President of the Federal Supreme Court, which woke up the dreamers and made them submit to the will of reason and logic," he said.

As for the head of the “East Center for Strategic Studies and Information,” Ali Mahdi Al-Araji, he explained in an interview with “Al-Sabah” that “the federal government is trying, like its predecessors, to find a final and realistic solution that serves all parties in the center and the region, as the political forces have not agreed since 2005 until today on a specific approach.” Fixed oil and gas.

Al-Araji expressed his pessimism about "enacting a law that serves reality and the Iraqi street," adding, "I am not inclined to the dark side, but I stand on the facts of the stage. For his own good."

He added, "The federal government can work on issuing wonderful legal texts that end the crisis and weaken the joints of dispute with the region if the working paper it will issue is applied to the legislative authority, but at the same time, and based on a reading of the political reality, I believe that the determined efforts will remain in place." on the shelf next to the previous ones.

 Edited by: Muhammad Al-Ansari   https://alsabaah.iq/81726-.html

Why Was The Oil And Gas Law Not Legislated In Iraq Previously?.. Political Differences 18 Years Ago

Policy  2023-08-05 Source:  Alsumaria News   969 views  Alsumaria News – Politics  Political disagreements over the issue of managing the oil fields of the Kurdistan region of Iraq prevented a vote on the oil and gas law, despite its economic importance, which has been awaiting legislation in parliament since 2005, which stipulates that the responsibility for managing the oil fields in the country should be entrusted With a national oil company, supervised by Baghdad.

The law was introduced many times during the previous parliamentary sessions and was not included in the parliamentary laws and legislations.

Economist  Nabil Al-Marsoumi   said in a post followed by  Alsumaria news , "Although two versions of the draft oil and gas law were issued, one in 2007 and the other in 2011, no oil and gas law has been legalized in Iraq because of the great difference between the political forces on many issues, including:

First: The dispute over giving the region licensing authority in the field of exploration and development of discovered undeveloped fields. This is contrary to the competence of the  National Oil Company , which leads to a conflict between the competence of the region, the  National Oil Company  and the competence of the  Ministry of Oil .

This discrepancy would prevent the existence of a unified system of contracts in the different regions of Iraq. Giving the regions the right to conclude licensing contracts prevents the implementation of a  federal oil  and gas policy. There will be two oil policies, one in the center and the other in the region.

Second: There is a major disagreement in the interpretation of Article (112/First) of the Constitution, which requires that the central authority manage the oil and gas extracted from the current fields in coordination with the regions. Exploration patches and this understanding leads to the interpretation of the regions that they will take over the management of oil and gas.

Third: Giving the authority to license oil operations for exploration and production contracts in the center and regions after presenting the initial contract to the  Federal Council. This leads to duplication in the oil policy and affects the economic policy Iraq due to the potential difference of visions between the  Federal Council   and the  Ministry of Oil.

Fourth: Granting an important aspect of the negotiating role  Federal Oil  and Gas Council   and its tasks to the Kurdistan region and the oil-producing cities that are not organized in a region may weaken the negotiating role of Iraq and exacerbate the risks surrounding the implementation of a unified strategy in the country.

Fifth: When a unified central policy is lost, competition and disagreement will prevail between the two  National Oil Company  And between the regions and governorates, which will lead to disagreement instead of cooperation that guarantees the unity of the people and the country.  

While the constitution granted the task of managing oil and gas wealth to the federal government in partnership with the regions and governorates.

On February 15 of last year 2022, the Federal Supreme Court issued a ruling that the oil and gas law of the regional government of 2007, which regulates the oil industry and its extraction in the region, was unconstitutional. This ruling came after the regional government concluded contracts with foreign oil companies. Provincial government refusedKurdistanFederal Court decision, relinquishing control over oil exports.

The oil and gas law legislation - which has been suspended since 2005 - would regulate and support the oil sector, by regulating investments in the oil and mineral aspects, especially with regard to managing the part of the region.Kurdistan.   LINK

Parliamentary Finance Committee: The Budget Will Be Implemented During The Current Week

Iraq  10:47 - 2023-08-05  Today, Saturday, the Parliamentary Finance Committee confirmed that the federal budget law will enter into force during the current week, pointing out that the budget instructions will be circulated to all ministries.

Committee member Thamer Dhiban Al-Hamdani said in a press statement, "The general federal budget for the first time is sent to the State Shura Council in order to scrutinize its items," pointing out that "the budget will be implemented during the current week."

He added, "The budget instructions will be circulated to all ministries, agencies and governorates, and the government will proceed to achieve its items according to a service and economic vision."

He pointed out that "the regulatory authorities will start monitoring the mechanism for disbursing funds and projects according to a plan that had been prepared in advance to avoid wasting money."

https://kirkuktv.net/AR/Details/16697

Goldilocks' Comments and Global Economic News for August 5, 2023

Goldilocks' Comments and Global Economic News for August 5, 2023

Good morning Dinar Recaps,

"Example balance sheet of a central bank. Net equity equals the difference between assets and liabilities. Capital, reserves, and provisions included in net equity are simply referred to as “capital” in this article."

This gives you an idea of why Central Banks hold gold.

During a crisis, the price of gold holds steady or it will go up in value to balance the books.

© Goldilocks

https://www.gainesvillecoins.com/blog/german-central-bank-gold-revaluation-account-underlines-soundness-balance-sheet

The above is an example of a revaluation account held at the Deutsche Bank.

Take a look at the different accounts. It is not hard to notice that gold is the most held in this particular account.

This goes to show you that the price of gold is what revalues EVERYTHING during times of a banking crisis.

At the present time, we are tokenizing everything. Gold and other real-world assets back the tokens. Tokens are attached to assets giving them real values.

This is why we spent the last year and a half talking about the new monetary system from the ground up as it is being digitized, and now, tokenized.

The new digital economy backed by gold is the bridge to bringing real values to an inflated set of assets on a global scale.

"This new monetary system is commonly known as the Digital Asset-based Trading System."

"All roads lead to gold, and gold will set you free."

© Goldilocks

https://www.gainesvillecoins.com/blog/german-central-bank-gold-revaluation-account-underlines-soundness-balance-sheet

~~~~~~~~~~

The Consumer Price Index measures how much households are paying for goods and services. This reading is expected to take place next week.

The cargo shipping industry is giving us clues that goods and services have significantly slowed down. This is an indicator that gives us a clue as to what we may see next week.

In the meantime, we have a market that is seeking direction right now. If the CPI reading next week comes in low, you will see lower readings on the markets unless we have a market intervention with the 1.007 trillion dollar deficit that was just created in borrowing money for such cases that we are seeing now in Q3.

I just want to point out to you that the markets are not as good as they appear and a great deal of intervention is taking place behind the scenes to keep us from seeing real numbers so far.

This is why we may see a rapid change in the markets at any moment.

Investors are catching on and more people are buying gold and other commodities as a result.

© Goldilocks

https://www.kitco.com/news/2023-08-04/CPI-could-be-a-make-or-break-moment-for-gold-next-week-as-prices-look-for-direction.html

https://www.bls.gov/cpi/

https://www.digitaljournal.com/world/maersk-sees-weaker-demand-for-shipping/article

~~~~~~~~~~

Russia Says BRICS Developing Alternative Currency To US Dollar, As Combined GDP Is Higher Than G7 - Russia Briefing News
https://www.russia-briefing.com/news/russia-says-brics-developing-alternative-currency-to-us-dollar-as-combined-gdp-is-higher-than-g7.html/

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks Articles Q & A Room

https://t.me/+gqQYBsK0ZCpkMDg5

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

"Tidbits From TNT" Saturday 8-5-2023

TNT:

CandyKisses:  Parliamentary Finance: The budget will be implemented during the current week

Information / Baghdad

The Parliamentary Finance Committee confirmed on Saturday that the federal budget law for the next three years will come into force this week, pointing out that the budget instructions will be circulated to all ministries.

Committee member Thamer Theban al-Hamdani said in a statement to Al-Maalouma that "the general federal budget for the first time is sent to the State Shura Council in order to audit its items," pointing out that "the budget will be implemented during the current week."

He added, "The budget instructions will be circulated to all ministries, authorities and governorates, and the government will begin to implement its provisions according to a service and economic vision."

He pointed out that "the regulatory authorities will start monitoring the mechanism for disbursing funds and projects according to a plan that had been prepared in advance to avoid wasting money."

And the Parliamentary Finance Committee confirmed earlier that the federal budget law for the next three years will enter into force during the next few days, pointing out that sub-committees have been formed to monitor exchange operations.

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

CandyKisses:  Iran signs a 25% increase in exports of goods to Iraq from a border crossing

The supervisor of the Customs Control Department in Kermanshah province, Ali Asghar Abbaszadeh, said on Saturday that goods and merchandise worth 327 million, 370 thousand, and 549 dollars were exported to Iraq through the Parvizkhan port during the first four months of the current Iranian year (which began on March 21, 2023), recording a growth of 25 percent compared to the same period last year.

Iranian state media quoted Abbaszadeh as saying that during this period, goods weighing 872,491 tons were carried out through the Parvizkhan port outside the country.

He added that the volume of goods exported through the port in this period recorded an increase of 25 percent in terms of value, and 52 percent in terms of weight compared to the same period last year.

The Iranian customs official continued by saying that the goods exported through the Parvizkhan border crossing included: fruits and vegetables, steel sheets, simple and ribbed rebar, water cooler, all kinds of tiles, plastic products, cakes and biscuits.

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

Tishwash:  Why was the oil and gas law not legislated in Iraq previously?.. Political differences 18 years ago

Political disagreements over the issue of managing the oil fields of the Kurdistan region of Iraq prevented a vote on the oil and gas law, despite its economic importance, which has been pending legislation in parliament since 2005, which stipulates that the responsibility for managing the oil fields in the country should be entrusted With a national oil company, supervised by Baghdad.

The law was introduced many times during the previous parliamentary sessions and was not included in the parliamentary laws and legislations.

The economist saidNabil Al-MarsoumiIn a post that followedAlsumaria NewsAlthough two versions of the draft oil and gas law were issued, one in 2007 and the other in 2011, no oil and gas law was legislated inIraqBecause of the great difference between the political forces on many issues, including:

First: The dispute over giving the region licensing authority in the field of exploration and development of discovered undeveloped fields. This is contrary to the jurisdiction of the National Oil Company, which leads to a conflict between the jurisdiction of the region and the jurisdiction of the National Oil CompanyOil Ministry. This disparity would prevent the existence of a unified system of contracts in the regionsIraqThe different that giving the regions the right to conclude licensing contracts prevents the implementation of a federal oil and gas policy. There will be two oil policies, one in the center and the other in the region.

Second: There is a major disagreement in the interpretation of Article (112/First) of the Constitution, which requires that the central authority manage the oil and gas extracted from the current fields in coordination with the regions. Exploration patches and this understanding leads to the interpretation of the regions that they will take over the management of oil and gas.

Third: Giving the authority to license oil operations for exploration and production contracts in the center and the regions after presenting the initial contract toFederal Council. This leads to duplicity in the oil policy and affects the economic policy of Iraq due to the potential difference of visions between the Federal Council andOil Ministry.

Fourth: Granting an important aspect of the negotiating role of the Federal Oil and Gas Council and its tasks to a regionKurdistanAnd the oil-producing cities that are not organized in a region may weaken the negotiating role of Iraq and exacerbate the risks surrounding the implementation of a unified strategy in the country.

Fifth: When a unified central policy is lost, competition and disagreement will prevail between the National Oil Company and between the regions and governorates, which will lead to disagreement instead of cooperation that guarantees the unity of the people and the country. While the constitution granted the task of managing oil and gas wealth to the federal government in partnership with the regions and governorates.

On February 15 of last year 2022, the Federal Supreme Court issued a ruling that the oil and gas law of the regional government of 2007, which regulates the oil industry and its extraction in the region, was unconstitutional. This ruling came after the regional government concluded contracts with foreign oil companies. Provincial government refusedKurdistanFederal Court decision, giving up control over oil exports.

The oil and gas law legislation - which has been suspended since 2005 - would regulate and support the oil sector, by regulating investments in the oil and mineral aspects, especially with regard to managing the part of the region.Kurdistan.    link

Mot: . Ssshhhhhhhhhhhhhhh - or This Can Happen to You When the RV Hits!!!

Mot- Disappointed Hacker

MilitiaMan and Crew: The Iraq CBI - The Iraq GOI - The Iraq Exchange Rate

The Iraq CBI - The Iraq GOI - The Iraq Exchange Rate

MilitiaMan and Crew:  9-4-2023

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

MM: Cars to be bought with only dinar…not the dollar. Banks will only finance in dinar –not dollars..  They are not backing down and this is a good thing

Please listen to entire video for all the news.

https://www.youtube.com/watch?v=Kqxf8F1SE7U

Iraqi News Highlights Late Friday Evening 8-4-23

Iraqi News Highlights Late Friday Evening 8-4-23

Tlm724 Administrator Bondlady’s Corner

A New Comment From The Central Bank Regarding The Dollar Exchange Rate

Market  Economy News – Baghdad  Today, Friday, the Central Bank of Iraq confirmed that the exchange rate offered in applications and communication sites is not real. The Deputy Governor of the Central Bank, Imad Hamad Khalaf, said, "What is published through applications or communication sites is an unreal price and should not be dealt with, and the price set by the Central Bank of 1320 is the official and real one."  He added, "The Central Bank and government decisions obligated citizens and commercial stakeholders to deal in dinars, and they should not deal in a second currency.

Whoever wants to buy dollars for travel or foreign trade purposes can buy through official outlets and at the official price."  Views 591     08/04/2023 - https://economy-news.net/content.php?id=35497

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

Economy | 03/08/2023  Baghdad - Mawazine News  On Thursday, the Central Bank directed licensed banks to increase their capital. And it was stated in a letter by the Deputy Governor of the Central Bank, Ammar Hamad Khalaf, that “based on the decision of the Board of Directors of this bank, it was decided to increase the bank’s capital to no less than 400 billion Iraqi dinars during a maximum period of 12/31/2024, in three installments, provided that Each payment is not less than 50 billion Iraqi dinars, and the bank has the right to make the increase in one payment within a maximum period of 12/31/2023.

And he added, “Banks must increase the operating capital of foreign bank branches by no less than 60% of the operating capital within a maximum period of 12/31/2023,” noting that “in the event that banks do not comply with the above, they initiate mergers or are subject to acquisition or liquidation.” "

https://www.mawazin.net/Details.aspx?jimare=232624

Al-Sudani Directs To Adhere To Work In Accordance With The Provisions Of The Central Bank Of Iraq Law

Economy News – 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 media office of the Prime Minister, received by "Al-Iqtisad News", stated that "in confirmation of the government's approach to continuing reform of 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 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."

Views 102 08/03/2023 - https://economy-news.net/content.php?id=35481

Planning: We Are Working On Preparing Development Plans For The Next Five Years

Money  and business   Economy News – Baghdad  Today, Friday, the Ministry of Planning revealed efforts to translate the national document for population policy into plans, while confirming that it is working on preparing development plans for the next five years.

"The national document for population policy was launched at the end of last May, and it included 11 axes that covered the aspects of life from birth to old age, and related to reproductive health, childhood, rights and obligations, as well as empowering youth and women and supporting them economically," said the ministry's spokesman, Abdul Zahra Al-Hindawi.

He added that "the document took into account the climatic effects and their repercussions on the Iraqi reality, as well as the axis of vulnerable groups of the elderly, the disabled and children, and other axes related to housing and education."

He pointed out that "the document represents a directive for the state's policy in its sectors, whether governmental or the private sector," noting that "the ministry works in coordination with the relevant authorities and ministries to translate the goals and policies included in the axes of the document into plans."

In the same regard, Al-Hindawi said, "The Ministry of Planning is working on preparing development plans for the next five years, and the axes of the national document will have a clear presence regarding population issues and the poverty reduction strategy."

Views 42 08/04/2023 - https://economy-news.net/content.php?id=35487

Oil Minister: “OPEC +” Decided To Keep The Production Decision Unchanged

Friday 04 August 2023 16:37 | Economical Number of readings: 190  Baghdad / NINA / - Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani affirmed the support of the Ministerial Committee to monitor production in OPEC +, to maintain the production policy unchanged, with an emphasis on closely evaluating the oil market conditions.

Abdul-Ghani said, during his participation in the forty-ninth meeting of the Joint Ministerial Committee for Production Monitoring, in the “OPEC Plus” group, that the meeting included a review by the committee via video call of crude oil production data for the months of May and June 2023, pointing to the ministers’ praise for the commitment of OPEC member states and other countries.  

The producer allied with it declared cooperation, and urged all participating countries to continue their support and commitment in order to achieve balance and stability in the oil markets.

In turn, the spokesman for the Ministry of Oil, Assem Jihad, said, "The Ministerial Committee for Production Control took this measure after reviewing the data and developments in the oil market during the past months, and it will not hesitate to take new measures to ensure more stability and balance for the oil market."

He added, "OPEC Plus's procedures and agreements have contributed to achieving more stability and balance in the face of geopolitical, security, health, economic and other challenges."/ End 5

https://ninanews.com/Website/News/Details?key=1068836

A Bank That Opens Commercial Transactions In Chinese Yuan To Merchants

Economical 2023/08/01  Baghdad: Ali Muwaffaq, Al Janoob Islamic Bank opened new transactions for traders in the Chinese yuan, and is also preparing to start dealing in the euro currency, in an effort to facilitate commercial exchanges and ease pressure on withdrawing the dollar from the market. 

The authorized director of the bank, Uday Saadi Ibrahim, told Al-Sabah that the bank opened dealings in the Chinese yuan currency to facilitate the affairs of merchants and their dealings, given the volume of extensive trade exchange with China. 

He added that there is a tendency to work in the euro currency as well during the coming period in an effort to provide a basket for the rest of the currencies in front of traders and not to limit the process to dollars.  Ibrahim stated that the bank's management took a decision to more than double its capital to 510 billion dinars, as the first private bank to have such a capital. 

Ibrahim stressed that the shift to electronic payment has many positives, especially for merchants, as the bank imported POS devices in large quantities, in addition to the fact that teams from the bank educated this group about the importance of the shift to work with electronic systems, as we have a plan to deploy dozens of devices throughout the country. 

He explained that one of the most important objectives of the bank's strategic plan is digital transformation through the provision of banking services through electronic payment systems, as we have invested large sums in this aspect by deploying exchange machines in most areas and issuing cards that contain many privileges,

in addition to investing in cash points. Electronic payment through POS devices, which is part of the current government approach.

He pointed out the importance of intensifying citizens' awareness of the importance of electronic payment, aswe formed teams to visit all commercial areas to educate the benefits of using it.  Ibrahim pointed out that the bank signed a large investment contract with the Ministry of Construction and Public Municipalities to implement the project for collecting water fees electronically, as we started implementing it in many governorates, including Kirkuk, Nineveh, Karbala and Diyala. 

He added that the bank purchases special smart meters and does not cost the state anything, and the bills are paid through electronic cards or systems on the bank's mobile phones, and thus the state guarantees their full rights.  Ibrahim added that the project comes within the framework of electronic payment plans to guarantee the rights of all parties, indicating that the project is a first stage and will be followed later by another stage of collection from the owners of commercial plots in an effort to develop the government collection system.

For his part, the deputy managing director of the bank, Ali Shaker, told Al-Sabah that, from the beginning of this year until the end of last June, the bank opened 112 bank credits in the amount of one billion, 239 million and 936 thousand dollars. 

 He added that the bank granted loans amounting to 116 billion dinars, while its cash assets amounted to one trillion and 461 billion dinars.    https://alsabaah.iq/81460-.html

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

Bond Ladys Corner