"Tidbits From TNT" Friday Morning 8-11-2023

TNT:

CandyKisses:  State of Law Coalition: Anyone who participated in the theft of the century will be punished by the hand of justice

Baghdad - Iraq Today:

MP for the State of Law bloc, Jawad Al-Ghazali, said that everyone who participated in the case of "theft of the century" will be held accountable and its file is not finished yet.

Al-Ghazali said in a press statement, "The previous government headed by Mustafa Al-Kazemi came after demonstrations, one of the reasons for the protest was corruption, but it caused the waste of the country's money and many thefts."

He added, "Some of those who came in the previous government had nothing and overnight they became owners of trillions," noting that "the law in Iraq is not strict against politicians or officials."

He explained that "the file of theft of the century is not over and everyone who participated and was involved in it will be held accountable," pointing out that "the government is serious in this matter."

CandyKisses:  Al-Fatah: US forces continue to transfer terrorists to Iraqi territory

Information / Baghdad..

Ali Al-Zubaidi, a member of the Al-Fateh Alliance, confirmed today, Friday, that the American forces are present in the Iraqi-Syrian border areas and are working to transfer terrorists towards Iraqi lands, pointing out that ending the flow of terrorist elements towards Iraq requires strong security measures.

Al-Zubaidi told Al-Maalouma, "The transfer of terrorists to Iraq has not stopped, and ISIS elements are still infiltrating or, through American wheels, being transported from Syria towards Iraqi territory."

He added, "The terrorists are being transferred from Al-Hol camp towards Nineveh Governorate, and then towards the other camps in the Kurdistan region, where the transfer of ISIS towards Iraqi territory did not stop with the protection of the American forces."

He pointed out that "the transfer of terrorists to Iraq is a huge security breach, as the National Security Service intervened in this matter, and National Security Adviser Qassim Al-Araji directed this issue in order to stop the flow of terrorism towards Iraq, as it needs to take strong security measures to ensure that terrorism does not enter the territory of Iraq." 

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Harambe:  Iran secures release of over $10bn of blocked funds: source - Mehr News Agency (8/11/23)

TEHRAN, Aug. 11 (MNA) – Iran has reportedly managed to secure the release of more than 10 billion worth of funds that have been illegally blocked in South Korea and Iraq for several years because of US sanctions.

 A source has told official IRNA news agency that the release of the funds under the deal include $6 billion worth of assets blocked in South Korea as well as a “significant amount of Iranian funds held in the Trade Bank of Iraq”.

The source made the statement on Thursday after media reports said Iran and the US had reached a prisoner swap deal that also included the release of Iranian funds held in South Korea.

"For months, Islamic Republic of Iran has started indirect talks for the exchange of prisoners between #Iran 🇮🇷 and the #USA based on humanitarian reasons. These negotiations took too long with American political approach and tying unrelated issues, but the situation is changing," Nour News wrote on X.

The statement said the funds in South Korea had already been changed into euro in a bank in Switzerland and were ready to be transferred to an account in the central bank of Qatar as agreed under the prisoner swap deal with the US.

The source confirmed reports that the prisoners had been transferred “to a place outside prison” for the purpose of exchange, adding, however, that they would not be freed until the funds were transferred to accounts designated by Iran.

It came after reports by US media outlets including the New York Times and the CNN quoted sources as saying that Washington will allow the transfer of nearly $6 billion of Iran’s assets in South Korea to an account in the central bank of Qatar where Iran can use them for purchases of food and medicine.

They said the US will also release several Iranian prisoners as part of the deal which will see Iran free five American prisoners.

They claimed that four of the prisoners had been already released from a prison in Tehran into house arrest. The report said the fifth American prisoner was already under house arrest in the country.

Despite having no diplomatic relations with the US, Iranian officials have said in the past that they will be open to prisoner exchange talks with the US out of respect for humanitarian issues.

However, Iran has denied reports that it will accept any restricted access to its blocked funds in other countries, including for humanitarian purchases.

The Iranian government started a procedure earlier this month to refer the dispute with South Korea over the blocked funds to international arbitration.

A lawmaker in the Iranian parliament said earlier this week that Iran will have many options to force South Korea pay back the debt it owes to Iran for purchases of energy products in the past.

https://en.mehrnews.com/news/204420/Iran-secures-release-of-over-10bn-of-blocked-funds-source

Mot: ..... Just Asking!!!! 

Mot: ... Soooo Sad - First Day of School it is

Iraqi News Highlights Thursday Evening 8-10-23

Iraqi News Highlights Thursday Evening 8-10-23

Tlm724 Administrator Bondlady’s Corner

Oil Is Falling Amid Anticipation Of Inflation Data In America And Fears Of Demand

Thursday 10 August 2023 09:22 | Economical  Number of readings: 436  Baghdad / NINA / - Oil prices fell due to fears of slowing Chinese demand and shrinking global supply

Oil prices fell today, Thursday, after recording in the previous session their highest levels in several months, as a result of high crude stocks in the United States and the emergence of weak economic data from China, which increased Concerns about global fuel demand.  Brent crude fell nine cents, or 0.1 percent, to reach $87.46 a barrel. West Texas Intermediate crude fell six cents, or 0.1 percent, to $84.34.

Yesterday, Wednesday, US Energy Information Administration data showed that crude inventories rose by 5.9 million barrels last week to 445.6 million barrels, while weak economic data from China affected market sentiment.

Investors are awaiting the main inflation data in the United States, which is scheduled to be published later in the day. / End 2   https://ninanews.com/Website/News/Details?key=1069930

Prime Minister: The Government Is Continuing On More Than One Level To Improve The Reality Of The Electrical System / Expanded

Thursday 10 August 2023 11:40 | Economica lNumber of readings: 377  Baghdad / NINA /- Prime Minister Muhammad Shia'a Al-Sudani affirmed today, Thursday, that the government is continuing on more than one level to improve the reality of the electrical system. "

The two units will contribute to reducing the operating budget spending," Al-Sudani said during his inauguration of the two installed units at the Al-Amarah gas power station.

According to a statement by his media office, Al-Sudani blessed the efforts of the staff working in the Ministry of Electricity and the executing company to complete this project, which will supply the system with a new capacity of 250 megawatts .

And the Prime Minister confirmed, during the inauguration of the two complex units, that these strategic projects will contribute to reducing the expenditure of the operational budget, especially with regard to importing gas, and they are among the ongoing projects since 2019, and come within the government's direction to complete the stalled and lagging projects.

He pointed out: "The direction of the government and the Ministry of Electricity, during the last stage, focused on implementing combined cycle projects, and the first phase was signed to produce approximately 1140 megawatts of electrical energy, and it is hoped to sign the second phase of combined cycle projects, so that the total energy reaches To 4 thousand megawatts will be used without the need for additional fuel.

And Al-Sudani indicated that the government is continuing on more than one level to improve the reality of the electricity system, stressing that all the problems and crises that the electricity system was exposed to are outside the control of the ministry, due to the problem of importing gas, which the government addressed through decisions taken for the first time, as the issue of payment of dues was resolved. By bartering crude and black oil with neighboring Iran, which supplies Iranian gas to operate the stations.

Al-Sudani also referred to future and permanent solutions to invest in gas that is burned and not invested, through a Total contract or the fifth round or contracts that are expected to be signed soon. These projects, which will also provide energy independence and dependence on Iraqi gas. / End 2

https://ninanews.com/Website/News/Details?key=1069975

Iraq Is Discussing Cooperation With Egypt In The Field Of Industrial Cities Projects

Thursday 10 August 2023 | Economical Number of readings: 380  Baghdad / NINA / - The Industrial Cities Authority affiliated to the Ministry of Industry and Minerals discussed ways of cooperation with the Egyptian side in the field of establishing industrial cities projects.

A statement by the Ministry of Industry stated that the Director General of the Authority, Hamid Awad Muhammad, discussed with the Egyptian Ambassador, Walid Muhammad Ismail, frameworks for joint cooperation in the field of establishing and developing industrial cities in Iraq, in the presence of the Egyptian Deputy Ambassador, the Commercial Adviser of the Egyptian Embassy in Baghdad, and a number of officials in the Authority

The meeting also, according to the statement, presented the activity of the industrial cities in Iraq and the investment opportunities available in this field, and discussed the desire of the Egyptian side to work with the ministry to establish and develop the industrial cities and establish joint cities in a way that serves the interest of the two brotherly countries.  https://ninanews.com/Website/News/Details?key=1069976

The Single Treasury Account...A Step In The Right Direction.

Economy News-Baghdad  How will the unified treasury account solve Iraq’s financial problems in light of the many difficulties and chronic challenges, including administrative and financial corruption, inefficient management of public money and waste in the state’s resources and its financial and economic institutions, in addition to all that, the most important challenge is the lack of a clear account for the proper management of state resources.

The application of the unified treasury account system will reduce corruption and will allow the Iraqi government to view the actual daily balance to determine government expenditures instead of distributing these expenditures to more than one account, as the central dealing with government bank account balances through the unified treasury account will enhance electronic practices in payment systems Collecting tax and customs revenues, controlling government spending, and identifying daily, weekly, monthly and annual revenues for all sectors of the state and its institutions instead of accounts specialized in each of these sectors.

The strange thing is that the government does not know the areas of spending and revenues, and the deal of the century is the best evidence and example of not knowing these revenues and they are linked to some of them. Institutions and personalities who exploited their information about these revenues with some loopholes, and tax funds were seized, amounting to $ 2.5 billion. .

In order to reduce these thefts, the government did well in the beginning by activating the unified treasury account, which requires great efforts in light of the knowledge of everyone that there are political, economic and governmental mafias that will hinder this project because it will expose them and reduce the possibility of thinking about large corruption operations similar to the theft of the century.

The unified treasury account is part of information systems solutions and is managed, monitored and followed up by the general accountant in the Iraqi Ministry of Finance and the central public treasury department.

 Therefore, opening separate accounts for state institutions and managing their affairs separately contributed to corruption and theft of public money. It is noted that much of the daily revenues of taxes, customs and traffic The Department of Real Estate, Health and Education Revenues, the Capital Municipality and other institutions have their separate accounts and their realized revenues, and they take allocations from the general federal budget.

With these revenues transparently, the Iraqi government will know the size of the revenues, and with follow-up and monitoring, corruption will be reduced to large extents, because it is unacceptable to spend a budget of up to 200 trillion dinars, and we do not get revenues for the state of up to 25%.

We read thatThere are non-oil revenues of 11 trillion dinars, but the truth is that only one trillion dinars reach the state treasury, and the survival of reality in this way means the collapse of the Iraqi economy with any crisis affecting the prices of the exported oil.

In one of the seminars of the College of Administration and Economics, Al-Mustansiriya University, and in the presence of the speaker, Deputy Dr. Magda Al-Tamimi, she says, when auditing the accounts of the general federal budget, the amount of one billion Iraqi dinars, we do not count it from revenues or expenditures on the basis that this amount does not constitute or affect the total account, which is a small amount at a time.

Al-Tamimi, when visiting the Japanese parliament, a cup of tea and one piece of organization in a bag (a piece of cloth) was presented as hospitality to a delegation traveling to the Japanese parliament. It was counted as expenditures for this parliament at the time.

I remembered the accounts of the State of Iraq, one billion Iraqi dinars, a small amount that is not counted in the revenues and expenditures of the general budget, and examples The similarities are many.*

Accordingly, we find that the Sudanese engineer’s government’s step in establishing the unified treasury account is a step in the correct and beneficial direction. It is unacceptable for the state to budget within the limits of 200 trillion Iraqi dinars, and the revenues do not exceed one percent.

Therefore, the implementation of the unified treasury account within the framework of developing the work of public finance should be accompanied by efforts, monitoring and follow-up.

Sustainable, which sets the goal of efficient exploitation of public money and public financial management in a way that enhances control and follow-up, and this matter will reduce corruption and waste and achieve additional revenues that may reach 50% by reducing corruption and modifying the various administrative systems to become automated and electronic.

The application of this system will reduce fraud and fraud on state funds, and the seizure documents will not be repeated, as happened in the theft of the century, through 247 checks that were disbursed by companies between the years 2021-2022. Therefore, the application of the unified treasury account system is inevitable and a necessity to get rid of a long period of time of waste and corruption.

In order for the revenues to reach the public treasury properly, with determining the productivity of the institutions and their expenditures, and controlling the work of the public administration, this unified account will force the state institutions to transfer the revenues and disclose the expenditures clearly. The continuation of the state of administrative and financial corruption, the inefficiency of public money management, and the waste of economic resources. Emotions, the phenomenon of free riding, and the patriarchal economy do not build a state that might build a luxury for its downfall. It is in the interest of the state and society to control its annual revenues and expenditures.

What do we do when global demand for crude oil changes, what do we do when finding energy alternatives, what do we do when crude oil prices drop.

The unified treasury account is an imperative condition for completing the digital transformation of managing public finances, information and financial data. Without this account, there is no control over the daily, weekly, monthly and annual cash flows, thus starting the implementation of this project, as well as adjusting the equality of governance, financial discipline, accountability and transparency.

In addition to the foregoing, we recommend the use of state experiences with regard to the public treasury account, especially the Japanese experience, and proceeding with the application of this project with the electronic financial management project, following up the implementation of the electronic payment project, as well as automating work in the General Authority for Taxes and the General Authority for Customs, and following up on real estate fees funds, health and education revenues, the Capital Secretariat, and others. Other government agencies and agencies.

Assistant Professor Dr. Sadiq Al-Bahadli,  College of Administration and Economics,

Al-Mustansiriya University  Views 134   08/10/2023 - https://economy-news.net/content.php?id=35609  

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

https://www.bondladyscorner.com/

Iraqi News Highlights Thursday Afternoon 8-10-23

Iraqi News Highlights Thursday Afternoon 8-10-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Announces Fines Imposed On Exchange Companies

Economy  Thursday, August 10, 2023 Baghdad / National News Center   Today, Thursday, the Central Bank of Iraq announced that the fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 66 billion Iraqi dinars during the past six months.

A table of the bank showed that “the fines imposed on banks and financial companies during the past six months, starting from January, and until the end of June, amounted to 66 billion and 423 million and 972 thousand and 453 dinars, indicating that the fines also included 290 administrative penalties for these banks and non-bank institutions.” Distributed between warning, caution and respite.

And the table indicated that “the month of April witnessed the highest fines for banks and non-financial institutions, as these fines reached 17 billion and 440 million and 383 thousand and 447 dinars, with administrative penalties amounting to 17 penalties, while the month of June witnessed the lowest fines, amounting to 8 billion and 353 million and 387 thousand and 476 dinars with administrative penalties amounting to 50 penalties.

The table did not show the names of the banks on which fines and administrative penalties were imposed.   The Association of Investors in the Iraq Stock Exchange criticized early June that the Central Bank of Iraq had increased fines on banks, noting that it would affect the profitability of investors in the shares of these banks.    https://nnciraq.com/220870/

Service Council: A Directive To Address The Ministry Of Finance To Provide It With Deletion And Creation Data

Money  and business  Economy News _ Baghdad  Today, Thursday, the Federal Public Service Council stressed the need to direct departments to address the Ministry of Finance to provide them with data on deletion and creation.

The Council stated in a statement received by "Al-Iqtisad News", that "the Federal Public Service Council, and in implementation of the directives of the Prime Minister, Muhammad Shia'a Al-Sudani, and under the supervision of the Chairman of the Federal Public Service Council, Mahmoud Al-Tamimi, the Coordination and Follow-up Department with the ministries and government agencies today held a meeting with representatives of the ministries, governorates and non-governmental bodies." associated with the Ministry.

He added, "The meeting was moderated by the Director General of the Coordination and Follow-up Department with ministries and government agencies, Ziyad Sabah Aber, representing the head of the Federal Public Service Council, and in the presence of Lina Turki, the head of the promotions department, who is responsible for following up the file in the department. from the same component.

He stressed that "this comes to support the state's message in embracing its children from all nationalities, sects and minorities without discrimination."

Views 32  08/10/2023 - https://economy-news.net/content.php?id=35611

The Iraqi Market Trades Shares Worth 6 Billion Dinars In 5 Sessions

Money  and business   Economy News – Baghdad  The Iraqi Stock Exchange announced today, Thursday, the weekly trading indicators.

The market said in a statement that, during the second week of August, it organized five trading sessions from Sunday (August 6) to Thursday (August 10), and the following indicators were achieved during this week: 1. The number of shares traded during this week amounted to more than 9 billion shares.

2. The value of shares traded this week amounted to more than 6 billion dinars.

3. The trading index in the market closed for the first session of the week at (723.32) points, while the index closed at the end of the week at (767.97) points, achieving an increase of (5.81%) from its closing at the beginning of the session.

4. During the week, more than (4900) buying and selling contracts were executed on the shares of the companies listed in the market.  Views 19  08/10/2023  https://economy-news.net/content.php?id=35613

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

Economy  Thursday, August 10, 2023 Baghdad / The National News Center  The price of the dollar rose today, Thursday, 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 152,500 dollars against 100 dollars, while the prices this morning were 152,200 dinars against 100 dollars.”

He added, "The selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 153,000 Iraqi dinars, while the purchase price reached 152,000 dinars for every 100 dollars."

https://nnciraq.com/220964/

Makiya: We Are Working To Establish The Elements Of An Attractive And Ideal Environment For Investment In Iraq

Money  and business  Economy News – Baghdad  The head of the National Investment Commission, Haider Muhammad Makiya, stressed today, Thursday, the need to speed up procedures related to obtaining approvals for investment projects.

And the authority stated in a statement, that "the head of the National Investment Commission, Haider Muhammad Makiya, chaired a meeting in the presence of the Director General of the Single Window and Investor Services Department in the authority, Zuhair Shaker, and the participation of representatives and authorized persons of the sectoral authorities in the investment and window departments in ministries and other institutions."

The statement added, "Makiya discussed the procedures for activating the powers of representatives of the departments and departments of the single window and investor services in ministries and government institutions."

Makiya stressed the necessity of accelerating the procedures related to obtaining approvals for investment projects and simplifying them for companies and investors in accordance with the ruling laws. The legal framework governing the administrative path and the fundamental contexts for obtaining approvals within the specified time periods, as stated in Article (20 / Second A) of the amended Investment Law No. (13) of 2006.

And he indicated that “Article (20) is clear and stipulates that the National Investment Commission, through the single window, shall approach the sectoral authorities through their authorized representatives regarding obtaining their approval on the investment project, and those authorities must issue their decision of approval or rejection or a request for amendment within a period of (15) days from the date Notify it, and the representative of the government agencies is obligated to obtain the answer during that period, and the failure to respond from the authority from which the opinion is requested during the above period is considered approval, and in the event of refusal, it must be reasoned.

And the Chairman of the Commission continued, "Investment is a vital tributary for financing the budgets of developed countries, and we are working to establish the elements of an attractive and ideal environment for investment in Iraq through facilitated procedures in accordance with modern and automated systems and initiating strategic steps towards vital projects in various sectors at the level of the capital, Baghdad, and all governorates."

Views 27  08/10/2023 - https://economy-news.net/content.php?id=35614

Iraq And Jordan Discuss Common Issues In The Economic, Trade And Investment Fields

Economy |  10/08/2023  Baghdad - Mawazine News  Today, Thursday, the Minister of Planning, Muhammad Ali Tamim, discussed with the Ambassador of the Hashemite Kingdom of Jordan, Montaser Al-Zoubi, a number of issues of common interest in the economic, trade and investment fields.

A statement by the ministry said, "Minister of Planning Muhammad Ali Tamim received, today, the Ambassador of the Hashemite Kingdom of Jordan to Iraq, Muntaser Al-Zoubi, and his accompanying delegation."

He added, "During the meeting, they discussed a number of issues of common interest and ways to develop bilateral relations and cooperation between the two countries in the economic, trade and investment fields, as well as discussing mechanisms for working with the decisions of the joint Iraqi-Jordanian-Egyptian Coordination Council."  https://www.mawazin.net/Details.aspx?jimare=233002

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

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Goldilocks' Comments and Global Economic News for August 10, 2023

Welcome back Goldiocks!!

Goldilocks' Comments and Global Economic News for August 10, 2023

RJ:  Good morning Dinar Recaps,

Goldilocks is back and posted comments and links on the global financial system:

PayPal is using a new stablecoin backed by US dollar deposits through the US Treasury Department.

1935 - Present. August - "Congress authorizes the transfer of land in Fort Knox, Kentucky from the military to the Treasury.

Remember, stablecoins represent a country's currencies. It looks like the US Treasury is putting some skin in the game backing a digital US dollar coin by the US Treasury Department.

This will give PayPal's new US digital coin a real value (gold) in their monetary transactions.

Now, we can begin to understand why cryptocurrency clarity is so important in getting it right the first time when Congress passes this piece of legislation that is currently going through the House and moving towards the Senate next.

© Goldilocks

https://www.digitalinformationworld.com/2023/08/paypal-adds-new-american-dollar-backed.html

US Mint Link

https://www.theblock.co/post/243569/paypal-launches-stablecoin

The Federal Reserve is launching a new program that will oversee cryptocurrency activities of banks.

"On Aug. 8, the Federal Reserve elaborated that “novel activities” included complex, technology-driven partnerships with non-banks."

This partnership will provide regulation and security to Banks who provide cryptocurrency services to their customers.

© Goldilocks

https://cryptopotato.com/federal-reserve-launches-new-program-to-oversee-crypto-activities-of-banks/

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Executive Order on Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern | The White House

White House Link

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Did you know that copper is one of the leading indicators on how a country's economy is doing?

It will not only have a great deal of use case scenarios, but it will be measuring how well our economy is doing in the next commodity-based system.

This is why those copper coins you are saving is so important. Just yesterday, my sister was showing me some new quarters she had just received.

We both noticed the difference in their weight versus an older coin that had copper in it. This is your last chance to accumulate some monetary metals that will rise in value in the next economy, and you can find them in your pocketbook or wallet.

© Goldilocks

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

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The Federal Reserve and the US Treasury are beginning to reveal their new roles in the new economy.

From our articles today, we are witnessing more government involvement in the new digital economy.

Effective oversight of the financial reporting process and monetary engagement are the stepping stones to financial inclusion we needed to see.

For the past year and a half, we have been witnessing legislation move through in the reporting process of this new Financial System.

And now, we are witnessing Financial engagement/liquidity being provided through the US Treasury and new digital banking protocols (Basel 3) forming as we speak.

© Goldilocks

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Mortgage Rates Jump to Holy-Moly 7.09%, FHA Rates to Highest in 20 Years, Pulling Rug Out from Under Home Sales in August | Wolf Street

https://wolfstreet.com/2023/08/09/mortgage-rates-jump-to-holy-moly-7-09-fha-rates-to-highest-in-20-years-pulling-rug-out-from-under-home-sales-in-august/

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Banking announcementUK Commits to Taking Forward Payments System Reforms

ByEditors, Regulation Asia

Published on 9th August 2023

The reforms will include a regulatory regime for future systemically important stablecoins used as a means of payment.

https://www.regulationasia.com/uk-commits-to-taking-forward-payments-system-reforms/

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Thursday Morning Iraq Economic News Highlights 8-10-23

Thursday Morning Iraq Economic News Highlights 8-10-23

The Dollar Crisis In Iraq.. Learn About The Dangers Of The Parallel Market On The Dinar

Economy  2023-08-10 | Source:  Alsumaria News  2,097 views  Alsumaria News - Economics Today, Thursday, August 10, 2023, economist Nabil Al-Marsoumi revealed the dangers of the parallel market on the Iraqi dinar, at a time when the central Al-Kifah and Al-Harithiya stock exchanges in the capital, Baghdad, recorded an exchange rate of 152,000 Iraqi dinars against 100 US dollars.

Al-Marsoumi said in a post titled "The Risks of the Parallel Market," followed by Alsumaria News, that "the widening gap between the official and parallel prices of the dollar against the dinar weakens confidence in the Iraqi dinar, reduces incentives to deposit money in Iraqi banks, and pushes savers to exchange the Iraqi dinar for dollars and gold, or by investing in the purchase of land." And real estate leads to a rise in prices and a decrease in the real value or the purchasing power of the dinar.

Today, the two central stock exchanges of Al-Kifah and Al-Harithiya in Baghdad recorded an exchange rate of 152,000 Iraqi dinars for 100 US dollars. As for the dollar prices in exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 153,000 dinars, while the purchase price reached 151,000 dinars for every 100 dollars.

And the Central Bank of Iraq  decided, earlier, to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of purchasing a dollar from the Ministry of Finance  reached 1,300 dinars per dollar and sold it at (1310) dinars per dollar to banks through the electronic platform, and sold at (1320) dinars per dollar. Dollars from banks and non-bank financial institutions to the final beneficiary.   LINK

Dollar Exchange Rates In The Iraqi Market Today

Economy  2023-08-10 | 5,567 views  Alsumaria News – Economy  Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets for Thursday, August 10, 2023.

And the two central stock exchanges of Al-Kifah and Al-Harithiya in Baghdad recorded this morning, an exchange rate of 152,000 Iraqi dinars against 100 US dollars. As for the dollar prices in exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 153,000 dinars, while the purchase price reached 151,000 dinars for every 100. dollar.

And the Central Bank of Iraq  decided, earlier, to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of purchasing a dollar from the Ministry of Finance  reached 1,300 dinars per dollar and sold it at (1310) dinars per dollar to banks through the electronic platform, and sold at (1320) dinars per dollar. dollars from banks and non-bank financial institutions to the final beneficiary.   LINK

The Ministry Of Finance Publishes The Amended Tables Related To Article (76) Of The Budget

Economy |  09/08/2023   Baghdad - Mawazine News  The Ministry of Finance announced the publication of the amended tables for Article (76) of the Federal General Budget Law.

And the ministry stated, in a statement, which Mawazine News received a copy of, that "according to the directives of the Minister of Finance, Taif Sami, the ministry published the amended schedules related to Article (76) of the Federal General Budget Law No. (13) for the year 2023."

The tables can be viewed via the following link:  https://t.me/mawazin/23548

https://www.mawazin.net/Details.aspx?jimare=232945

Conditions That Caused An Internal Crisis.. What Is The Importance Of Iraq Joining The Global Financial System?

Baghdad today – Baghdad  Today, Wednesday (August 9, 2023), the Parliamentary Finance Committee reviewed the benefits and importance of Iraq joining the global financial system, especially with Iraq beginning to implement the requirements and conditions required for that, which caused a crisis in the dollar market prices.

Committee member Jamal Cougar told "Baghdad Today" that "there is a real importance for Iraq's accession to the international financial system, as Iraq still needs to develop its financial and banking system in order to keep pace with developments."

And Cougar indicated that "Iraq's accession to the international financial system will enhance the world's confidence in the Iraqi financial and banking system, and this matter opens a new door for foreign investment in Iraq. Iraq needs the world's confidence in its financial and banking system and removes any suspicions about it."

It is noteworthy that the application of the Swift system, restrictions on the dollar, combating money laundering and terrorist financing, and other steps that Iraq began to initiate two years ago, which caused a crisis in exchange rates, are all requirements for joining the global financial system.

The Minister of Finance, Taif Sami, had discussed a few days ago with the British ambassador to Iraq, Iraq's steps to engage in the international financial system and the most prominent measures 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.   LINK

The Senior Iraqi Delegation In Washington.. "Two Birds With One Stone".

Baghdad today - follow-up  The visit of Iraqi Defense Minister Thabet al-Abbasi, accompanied by senior military leaders, to Washington is the highest visit by Iraqi officials to the United States since the formation of the government of Prime Minister Muhammad Shia al-Sudani in October of last year, a step that could pave the way for further development in relations between the two countries. According to observers .

Al-Abbasi arrived in Washington last Monday, at the head of a high-ranking delegation that included the Commander of the Counter-Terrorism Service, Lieutenant General Abd al-Wahhab al-Saadi, Chief of Staff of the Army, Lieutenant General of Special Forces Abd al-Amir Rashid Yarallah, Deputy Commander of Joint Operations Lieutenant General Qais al-Muhammadawi and other senior officials .

Al-Abbasi and his accompanying delegation met with many US military officials, led by Secretary of Defense Lloyd Austin and his assistant Celeste Wonder, and US representatives from the Joint Chiefs of Staff, the Defense Security Cooperation Agency, the US Central Command, the State Department and the National Security Council .

In a joint statement issued on Tuesday, the two sides affirmed their joint commitment to continue bilateral military cooperation in all fields, especially combating ISIS, working to prevent the return of its activity, and training the Iraqi military forces .

The two sides also stressed their commitment to developing Iraq's security and defense capabilities, and they consulted on opportunities to expand Iraqi participation in the military maneuvers led by the US Central Command .

The statement renewed Washington's support for Iraq's sovereignty and security, and stressed that the US forces are present in Iraq at the invitation of the Iraqi government only to support the Iraqi security forces in their war against ISIS .

The Government of Iraq reaffirmed its commitment to protecting the personnel and advisors of the United States and the international coalition, convoys and diplomatic facilities, according to the joint statement .

Commenting on the visit, writer and political analyst Aqil Abbas indicates that it falls within the framework of preparation for the next session related to the strategic framework agreement, whose "date may be announced soon ."

Abbas, who resides in the United States, adds that "the only two aspects that work well in the strategic framework agreement are the security and energy file and the American companies operating in Iraq ."

Abbas asserts that "usually there are initial meetings related to the strategic framework agreement, prior to reaching the summit meeting between the two parties," and it is likely that "this meeting will include US President Joe Biden and Prime Minister Muhammad Shia'a al-Sudani. "

According to a report published by the "Voice of America" ​​website,  Washington and Baghdad hope to take decisive steps to expand their partnership from one focused almost entirely on confronting ISIS to one that some US officials describe as a full-fledged government alliance .

After meeting Abbasi last Monday, Austin said the United States "realizes that its military mission will change in Iraq as local forces build their capabilities," describing the talks as part of "the next step in our strategic defense partnership." 

On the other hand, Abbasi stated that it is important to "preserve the victories" that the Iraqi and American forces have already achieved, "as well as to strengthen relations and cooperation with the United States .

The United States has about 2,500 soldiers in Iraq tasked with advising and assisting the Iraqi security forces as they pursue the remnants of ISIS .

Before Monday's meeting between Austin and Abbasi, US Deputy Assistant Secretary of Defense for the Middle East Dana Stroul said that her country is interested in establishing a permanent defense relationship with Iraq within a strategic partnership for many years to come .

US State Department officials say this includes focusing more on the Iraqi economy, noting that some US companies such as "Cinnabon" and "Burger King" have already opened stores in Baghdad .

And the "Voice of America" ​​website quotes a State Department official, who spoke on condition of anonymity, saying, "This is a very strong symbol and a sign that the Iraqis want American products and want American business, even if it is in the form of concessions. "

"We would like to continue to expand our involvement in the field of energy, particularly in helping Iraqis build greater self-sufficiency in their energy sector," the official added, stressing the focus on finding ways to "preserve the employment of Iraqi youth. "

US officials say they are also encouraged by Iraqi progress in fighting corruption, pointing to improvements in the banking sector in particular, although Washington's decision to blacklist 14 Iraqi banks for allegedly laundering money on behalf of Iran sparked protests last month .

American officials are also aware that there is competition from other countries that want to increase security cooperation with Iraq, such as China, Russia and Turkey .

"This is why this dialogue is so important," Stroul said. "We have to work with the Iraqis on a comprehensive picture to take advantage of those defense and security resources ."

Abbas asserts that the arrival of a delegation that includes the Minister of Defense, the Commander of the Anti-Terrorism Force and the Chief of Staff is "evidence of the US satisfaction with the file of relations with Baghdad and that cooperation between the two parties is progressing well ."

Abbas pointed out that the talk about the existence of "political objections to Al-Sudani's visit to Washington is incorrect ."

He added, "Iraq tried more than once to ensure the realization of this visit, but the American side informed them clearly that the issue is only related to the president's schedule, which is currently preoccupied with Ukraine and other files ."

And he believes that "the American assessment of the Sudanese government tends in general to be positive, as they see that it has adhered to its pledge not to target American forces in Iraq, which no previous Iraqi government has been able to abide by. "

It is believed that "this matter is essential for the Americans, who believe that Al-Sudani is making an effort to reform many files, especially with regard to financial issues and energy dependence on Iran."  LINK

"Tidbits From TNT" Thursday Morning 8-10-2023

TNT:

CandyKisses:  Dozens Of Iraqi Airways Pilots Go On Strike

A concerned source reported on Thursday the strike of dozens of pilots in the Iraqi Airways Company.

The source said in a statement to the agency "Earth News", that "dozens of Iraqi Airways pilots went on strike, to demand an increase in financial dues, which caused the suspension of the cancellation of a number of domestic flights."

CandyKisses:  US refuses to exempt Iraq from sanctions restrictions on Russia

Economy News _ Baghdad

The head of the State Department's press service, Matthew Miller, said that the United States will continue to implement sanctions against Russia, and there are no changes in this policy.

Miller answered in the negative to a question about exempting Iraq from the restrictions imposed so that it can make payments due to Russian companies within the framework of the existing cooperation between the two sides.

"We continue to apply all sanctions against Russia, and there are no changes in policy related to Iraq and Russia," he said. "We will continue to impose restrictions on Russia to reduce its revenues from the oil and gas sector."

In addition, Miller attributed to Russia allegations of "exploiting other countries' dependence on Russian energy to exert their influence," and then added, "No, we will not change our sanctions."

Asked if Washington intended to impose restrictions on Iraq for its cooperation with Russian companies, Miller noted that "the United States will continue to implement all sanctions. But I won't talk about any specific action here

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

CandyKisses:  Government directive to speed up procedures for obtaining approvals for investment projects

Baghdad Today - Baghdad

Today, Thursday (August 10, 2023), the Chairman of the National Investment Commission, Haider Muhammad Makiya, discussed the procedures for activating the powers of representatives of the single window departments and departments and investor services in ministries and government institutions.

And the authority's media stated in a statement received by "Baghdad Today", that "the president of the national commission stressed, during his presidency of the meeting, in the presence of the Director General of the Single Window and Investor Services Department in the commission, Zuhair Shaker, and the participation of representatives and authorized persons of the sectoral authorities in the investment and window departments in ministries and other institutions, the need to speed up procedures related to obtaining approvals for investment projects and simplifying them in front of companies and investors and in accordance with the governing laws.

According to the statement, the Chairman of the Authority explained, "The mechanisms to address the challenges and problems facing the investment sector, especially those related to granting approvals from the sectoral bodies that own the land, including adherence to the legal paragraphs and materials that control the administrative path and the fundamentalist contexts for obtaining approvals within the specified time periods and as stated in Article (20). Secondly, a) of Investment Law No. (13) of 2006, as amended.

And he indicated, "Article (20) is clear and stipulates that the National Investment Commission, through the single window, shall approach the sectoral authorities through their authorized representatives regarding obtaining their approval on the investment project, and those authorities must issue their decision of approval or rejection or a request for amendment within a period of (15) fifteen years. days from the date of its notification, and the representative of the government agencies is obligated to obtain the answer within that period, and the failure to respond from the authority from which the opinion is requested during the above period is considered approval, and in the event of refusal, it must be reasoned.

The Chairman of the Commission continued, "Investment is a vital tributary for financing the budgets of developed countries, and we are working to establish the elements of an attractive and ideal environment for investment in Iraq through facilitated procedures in accordance with modern and automated systems and initiating strategic steps towards vital projects in various sectors at the level of the capital, Baghdad, and all governorates."

For his part, the Director General of the Window and Investor Services Department, Zuhair Shaker, confirmed that "his department is keen on continuous communication with the authorized persons in the various sectoral authorities to discuss the challenges and problems facing the procedures within the limits of observing the legal period, non-delay, and the nature of the problem that prevents the approval or response of the sectoral authority."

Mot:  ... HUH!! -- No Idea What YOu Mean?? Noooooopppers.. Not me

Mot:  .. did You Lose ur Cat!!!??? -- Found um I dids!! ~~~~

Wednesday Afternoon Iraq Economy News Highlights 8-9-23

Wednesday Afternoon Iraq Economy News Highlights 8-9-23

Parliamentary Finance Launches Its Expectations Regarding The Course Of The Exchange Rate During The Coming Period

Money  and business   Economy News _ Baghdad   The Parliamentary Finance Committee expected, on Wednesday, a decrease in the exchange rate during the coming period.  A member of the Finance Committee, Jamal Cougar, said, "The exchange rate of the dollar will decrease after the budget instructions were issued and the law took its way to implementation." 

Cougar added, "The government will have to pump large amounts of dollars into the local markets in the coming days."  He pointed out, "The Iraqi state's resources are in dollars, but it needs the national currency in order to pay the salaries, which take up a large part of the budget."  And Cougar went on to say that "the presence of large quantities of the dollar on the market will lead to market sufficiency and a lack of demand, and then reduce its price to a large extent." 

 Views 16   08/09/2023 - https://economy-news.net/content.php?id=35582 

Political Analyst: Oil And Gas Law Is A Game Between Baghdad And Erbil To Pass Agreements

Policy   09/08/2023 10:05   number of readings: 180   Baghdad-Iraq today:   Dr. Qahtan Al-Khafaji, Vice-Chairman of the Political Science Committee at the Iraqi Forum for Elites and Competencies, confirmed that the proposed mechanisms for managing oil and gas, whether by Baghdad or Erbil after 2003, are different and contrary to the rules of the systems adopted in the global systems.

A press interview said, “After 2003, conditions changed on the ground, and mechanisms were proposed by Baghdad and others to manage the oil of Iraq and the region, and all of these proposals are basically different and contrary to the rules of the regimes adopted in the global systems.”

He added: “In all countries of the world we always find natural and financial resources, the army, borders and foreign affairs are the concern of the federal and central government, and this is applied in America, Switzerland and Brazil, which are federal countries , but the situation in Iraq is completely different, what has been going on for years is the process of dividing and sharing imports between political blocs, and these political blocs are basically not independent for themselves, but rather linked to an external force.

The Vice-Chairman of the Political Science Committee indicated that what is happening today regarding the preparation of the Iraqi government for a new oil and gas law in the country is basically a process of procrastination, diluting and distributing the collective effectiveness of the various Iraqi capabilities .

Al-Khafaji explained that "the issue of oil and gas is a thorny, long and complex issue, even in light of a commercial political process, and I think it will take a long time, because there are many opinions within the political process that do not see the new proposals as a proper way to serve Iraq, in addition to the effective popular rejection.”

The deputy head of the Political Science Committee pointed out that "talking about a new oil law is a government game with the aim of escaping from my responsibility, because decisions within the corridors of Parliament often take long, thorny and complex procedures, in addition to that moving in this direction is a process of escaping forward and leaving the matter." This move is nothing more than a political maneuver by the official authorities in the country.

Al-Khafaji concluded, saying: “The legislation of a new oil and gas law that disperses the central administration of oil and gas or any Iraqi natural resources is outside logic and outside all approved fundamentalist state functions, whether in central states or federal states. "  LINK

Finance Invites Ministries To Receive Budget Instructions

The first  2023/08/09  : Al-Sabah  called on the Ministry of Finance, yesterday, Tuesday, to the ministries and provinces to review them in order to receive the budget instructions.

And a statement by the ministry stated, “After the approval and publication of the Federal General Budget Law, No. 13 for the fiscal years (2023, 2024, and 2025) in the official Iraqi Gazette issued in June 2023, issue (4726), we call on all ministries, governorates, agencies, and entities not associated with a ministry, to come to The headquarters of the Ministry of Finance / Budget Department / Budget Preparation Department, for the purpose of receiving a copy of the instructions for implementing the general budget and the instructions for implementing the planning budget for the public sector and self-financed agencies and companies.    https://alsabaah.iq/82058-.html

Al-Rubaie Stresses The Existence Of A Political Consensus To Pass The Oil And Gas Law In Parliament, Pending The Government's Completion Of The Final Draft Of The Law.

WED, 09-08-2023, TAYSEER AL-ASADI  The representative of the State of Law and a member of the Parliamentary Oil, Gas and Natural Resources Committee, Thana Faraj Al-Rubaie, confirmed today, Wednesday (9_ August_2023), the

existence of an agreement and desire by various forces to proceed with approving the oil and gas law between the federal government and the region. Confirming that Parliament will pass the law as soon as possible

She added, Al-Rubaie, that the Iraqi government formed a special joint committee in order to draft the oil and gas law, and it was represented by the Minister of Oil and the Minister of Natural Resources in the Kurdistan Region and the advanced cadres in the Ministry of Oil, especially the national SOMO company concerned with exporting oil.

A member of the Parliamentary Oil and Gas Committee, she said, "The law will regulate the method of extracting oil and natural minerals that are produced within the borders of the Iraqi state, including the Kurdistan region, as well as regulating oil revenues according to the interpretations of the Iraqi constitution in the section on the distribution of natural resources."

Al-Rubaie explained, "Legislation of the oil and gas law is not an easy matter, especially since the law has been postponing its legislation for many years due to political differences over it."

https://non14.net/public/159173

The Ministry Of Finance Publishes The Amended Tables Related To Article (76) Of The Budget Law

Policy  |Baghdad today - Baghdad   Today, Wednesday (August 9, 2023), the Ministry of Finance published the amended schedules for Article (76) of the Federal Budget Law.

The ministry stated, in a statement received by "Baghdad Today", that "according to the directives of the Minister of Finance, Taif Sami, the ministry publishes the amended tables related to Article (76) of the Federal General Budget Law No. (13) for the year 2023."

And on (August 7, 2023), the Federal Supreme Court decided to dismiss the claim of the plaintiffs in form in the lawsuits with the number (175 / federal / 2023), (170 / federal / 2023), (169 / federal / 2023) and (165 / federal / 2023). ) and (154 / federal / 2023) and (166 / federal / 2023), regarding the challenge to the constitutionality of some articles of Law No. (13) for the year 2023 (the Federal General Budget Law of the Republic of Iraq) for the fiscal years (2023-2024-2025),

based on Referring to the provisions of Article (22) of Internal Regulation No. (1) for the year 2022 and in the context of Article (19) thereof, because the plaintiffs are not among the persons mentioned in the aforementioned article who have the right to challenge the constitutionality of the budget law and charge them with expenses, fees and attorney’s fees, and the rulings were issued in absolute agreement and binding on all authorities.   LINK

Early Preparations For Participation In The {COP}

The first  2023/08/09   Omar Abdel-Latif  The Ministry of Environment prepared early to participate in the Conference of the Parties (COP28), which will be held in the United Arab Emirates at the end of this year, stressing that Prime Minister Muhammad Shia' al-Sudani will be the head of the Iraqi delegation to this conference.

The director of the Environmental Changes Directorate in the ministry, Youssef Muayad, told Al-Sabah: “The ministry, in coordination with the United Nations Development Program (UNDP), began preparing early for this conference, which will be held in mid-December of this year.

Informing the Prime Minister's Office of this issue; that there should be preparations in a manner appropriate to Iraq, as it has become one of the countries most affected by climatic changes, including high heat waves, desertification, water scarcity, and the drying up of the marshes.

He added, "The government was serious about delivering a message to the world that Iraq shares the world's concerns about climate change issues, with an emphasis on preserving the national interest and special circumstances, especially since it is one of the least countries in the world as a source of greenhouse gas emissions that cause global warming."

He continued, "This conference will witness for the first time the organization of Iraq with its own pavilion, and the ministry has begun early preparations for it, after receiving final confirmation of its organization, and there is a complete agenda that includes all sectors in the country, such as governmental, civil society organizations, the private sector, and representatives of the region through organizing side events."

And a cultural one that reflects success stories and represents the cultural heritage of Iraq, especially in the fields of women and youth.” https://alsabaah.iq/82061-.html

Early Preparations For Participation In The "Conference Of The Parties"

Iraq  2023/08/09  Baghdad: Omar Abdul Latif   The Ministry of Environment prepared early to participate in the Conference of the Parties (COP28), which will be held in the United Arab Emirates at the end of this year, stressing that Prime Minister Muhammad Shia al-Sudani will be the head of the Iraqi delegation to this conference.

The director of the Environmental Changes Directorate in the ministry, Youssef Muayad, told Al-Sabah: “The ministry, in coordination with the United Nations Development Program (UNDP), began preparing early for this conference, which will be held in mid-December of this year.

Informing the Prime Minister's Office of this issue; that there should be preparations in a manner appropriate to Iraq, as it has become one of the countries most affected by climatic changes, including high heat waves, desertification, water scarcity, and the drying of the marshes.

He added, "The government was serious about delivering a message to the world that Iraq shares the world's concerns about climate change issues, with an emphasis on preserving the national interest and special circumstances, especially as it is one of the least countries in the world as a source of greenhouse gas emissions that cause combustion and global warming."

He continued, "This conference will witness for the first time the organization of Iraq with its own pavilion, as the ministry began early preparations for it, after receiving final confirmation of its organization, and there is a complete agenda that includes all sectors in the country, such as governmental, civil society organizations, the private sector, and representatives of the region through organizing side events."

And a cultural one that reflects success stories and represents the cultural heritage of Iraq, especially in the fields of women and youth.”

Moayad indicated, "Continuing coordination with the United Nations Development Program to form a negotiating delegation that includes more than 20 people representing all relevant sectoral ministries in addition to representatives of the region, and there will be continuous training workshops until next December."

He stressed that "there is coordination with the (Iraq Damage) campaign to hold workshops for journalists and media professionals, emphasizing the issue of Iraq's participation and its media dimension, and interactive discussions for youth and what is their role and vision in the next conference, as well as workshops for civil society organizations."

 He pointed out that the purpose of all this is not only for the negotiating paper to be governmental, but rather to be national.

Therefore, we were keen to take the visions of civil society organizations, youth and the regional government to combine them with the governmental vision to train the negotiating delegation on it, as it is included in the speech of the Prime Minister, who is hoped to be Head of the Iraqi delegation to the conference.

He noted that "the ministry will arrange activities for Iraqi youth, such as university students and outstanding students, to present side events at the Dubai conference, and to continue preparing many documentaries that represent the reality of climate change in Iraq."

He explained that "there is a focus of the visions and outputs of the preparatory conference held in the German city of Bonn at the headquarters of the Climate Secretariat, which focused largely on fossil fuels and how to develop plans to get rid of them, especially since the Iraqi economy is 90 percent dependent on it," noting that "the baseline for We know that Iraq is not one of the countries that cause global warming, so the importance of the conference and high early preparations will be some negotiating texts that will focus heavily on fossil fuel issues and how to get rid of it with timetables, and Iraq and the Group of Seventy-seven and OPEC and Arab countries are against this trend, so we will start By building partnerships and lobbies, and there will be a diplomatic move by the Ministry of Foreign Affairs on this issue," expressing his fear that fossil fuel issues will be included in the final statement, phase-out, or restrictions on its use, which will cause a decrease in global demand for it.

Edited by: Muhammad Al-Ansari   https://alsabaah.iq/82045-.html

MilitiaMan and Crew: IRAQ - OUR DINAR - PRIVATE SECTOR - CENTRAL BANK OF IRAQ

IRAQ - OUR DINAR - PRIVATE SECTOR - CENTRAL BANK OF IRAQ

MilitiaMan and Crew:  8-9-2023

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

MM: The news out of Iraq this week has been steller. Some good news-Article came out saying  “ Financial experts for the adoption of the slogan “ Our Dinar”  And, the Iraqi people are starting to focus on the dinar as the main currency. The US dollar is being phased out.

Please listen to the replay for all the news…….

https://www.youtube.com/watch?v=nkNGrypYY9Y

Vietnam, Iran boast potential to boost economic, trade ties: forum | Vietnam+ (8/9/23)

TNT:

Harambe:  Vietnam, Iran boast potential to boost economic, trade ties: forum | Vietnam+ (8/9/23)

 The Vietnamese and Iranian economies are reciprocal, and the two countries have a lot of potential to advance their economic and trade cooperation, making it match the good bilateral political and diplomatic relations, heard a forum on August 9.

he forum on policies and laws to promote economic, trade and investment ties between Vietnam and Iran was jointly held by the Vietnamese Ministry of Industry and Trade, the Vietnamese Embassy in Iran, and the Iran Chamber of Commerce, Industries, Mines and Agriculture, as part of National Assembly (NA) Chairman Vuong Dinh Hue’s ongoing official visit to Iran.

In his remarks, Hue said bilateral trade and investment activities between the two countries have been developing fruitfully and will be on par with their political and diplomatic ties.

He highlighted good sentiments and mutual respect between Vietnam and Iran, their multi-faceted cooperation, and collaboration and mutual support at multilateral forums.

The top legislator used this occasion to brief the participants on achievements Vietnam has recorded in reform and international integration over the past 37 years, with its gross domestic product (GDP) reaching 410 billion USD last year.

Vietnam is striving to reach a GDP growth rate of 6.5% this year, and keep inflation at around 4.5%, he added.

The country is working towards strategic breakthroughs in terms of economic institutions, workforce quality, science-technology, education-training, and infrastructure, especially transport infrastructure, the leader continued.

According to the NA Chairman, Vietnam’s export revenue was valued at 735 billion USD last year, becoming one of the 20 countries with the highest trade value in the world.

Vietnam has also been named among the world's top 20 host economies for foreign direct investment (FDI) by the United Nations (UN) with an inflow of 450 billion USD poured into 37,000 projects, Hue went on.  

The leader suggested Vietnam and Iran remove obstacles to raise their bilateral trade in the near future and continue perfecting legal frameworks to facilitate the operations of their businesses and investors.

He urged working groups for trade exchange and payment to step up their operations, emphasising that the two countries have signed many agreements on double taxation avoidance, judicial assistance and customs, along with memoranda of understanding on technology and education.

Within the framework of the official visit, the two sides have reached more cooperation documents, covering collaboration between the legislative bodies, plant and animal quarantine, culture and education, among other fields.

The Vietnamese legislature has been making all-out efforts to consolidate the legal system, and untangle knots for foreign investors in the country, the NA Chairman affirmed, noting that the Vietnamese and Iranian legislatures will work together to supervise the governments’ implementation of the documents, especially those in economy, trade and investment.

He said the two countries’ chambers of commerce and industry should organise more cooperation activities and delegation exchanges to tighten connectivity between localities and enterprises.

Hue expressed his belief that the bilateral economic, trade and investment ties will grow further in the time ahead.

Speaking at the event, Chairman of the IranChamber of Commerce, Industries, Mines and Agriculture Hossein Selahvarzi called for greater efforts by both sides to promote their economic and trade cooperation.

Talar Poshti, Chairman of Industries and Mine Committee of the Iranian Parliament, said Iran has put forth many programmes and plans to strengthen cooperation with Vietnam, stressing they will likely help promote the economic, trade and investment ties.  

Meanwhile, Pour Ebrahimi, Chairman of the Iranian Parliament's Economic Committee, expressed his impressions on Vietnam’s socio-economic achievements, and affirmed that the Iranian government and people want to enhance economic and trade cooperation with the Southeast Asian nation.

He also noted hope that Hue’s visit will open up a new chapter for the bilateral economic and trade collaboration.

https://en.vietnamplus.vn/vietnam-iran-boast-potential-to-boost-economic-trade-ties-forum/265938.vnp

KTFA Members "News and Views" Wednesday 8-9-2023

KTFA:

Turk182:  With Financial Experts in Iraq, calling for the Adoption of the Slogan (OUR DINAR) in all News Media outlets. Makes one wonder.  

With the Instructions for the Tripartite Budget now being Officially Published in the Gazette this past Monday (08/07/2023) one could liken that to the Iraqi Government holding out an Ice Cold SNO-CONE in front of the Iraqi Citizens, as they sit in 110 Degree Weather.  Just teasing them with this, knowing full well they must give this Sno-Cone to the Citizens before it melts all down their arms.

I would suspect that the CBI revalues the Rate of the Iraqi Dinar to roughly $ 1.00 USD to $ 1.00 IQD within the coming days.  (With the Publishing of the Tripartite Budget Instructions now Official) Numerous Long Overdo Project that are in the Tripartite Budget have no been kicked into high gear, and have begun.

Turk182 cont…..None of the Projects in the Tripartite Budget can be begun at a Toilet Paper, Program Rate of 1310 +/-.  The Tripartite Budget needs the Rate of $ 1.00 USD to $ 1.00 IQD as much, if not more, than the Country of Iraq needs it.

IF, the CBI really wants to put a major dent in all the Black Market buying/selling of the USD, then they could easily come out the gates with a $ 1.30 IQD to $ 1.00 USD, and then Game-Over.  No more buying/selling on the Black Market for the USD, as the IQD would hold more value, THUS Fulfilling the Promise to the People from Sudani & the Government, giving the People VALUE & PRIDE back in their Country/Currency.

I would suspect, they would keep this Rate of the IQD on the $ 1.00 to $ 1.30 range for several months, until that can pull in as much of their Dinar from outside of their Borders, back into the CBI Treasure Chest.  They want to return the Citizens of Iraq back to a Rich/Powerful/Proud Nation, (Not looking to make those outside their Borders Wealthy, knowing full well where the crisis/devaluation started with) 

This Revaluation of the Iraqi Dinar HAS ALWAYS been about the CITIZENS OF IRAQI.  IMO

M:  Outstanding analysis, summary, hypothesis Turk182...since Sudani stated that the Dinar is more Valuable than the USD....+&1.00 for the Dinar would seemingly keep that promise...unless he was talking about the long term value of the DINAR which I don't believe is the case IMO!!!!

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

Paulette:  Hey Turk, Can you explain why they can't do it????   After all, the budget value is based in USD.  The rate would seem to just affect how many IQD are needed and nothing else.....?????  

Turk182:  Iraq is a Proud Nation, they have gone to extreme measures to ensure that the ONLY currency to be used in Iraq, is the Iraqi Dinar.  They have arrested Citizens, Merchants, and the like, for continuing to use the USD ….How would it look, IF, after the extreme push to get the Citizens of Iraq to ONLY USE THE IRAQI DINAR, How would it look for the Government to now proceed with Funding/Opening/Implementing their Tripartite Budget based on the US Dollar, which they so desperately, want to, and need to, get away from. IMO

Patriots12:  IMO   at 1310 they could roll it out but would run out of money due to hjigh cost of materials needed to be brought into country without a new rate, a new rate will allow them to buy more materials   ect...   1310 will bankrupt them internationally  all IMHO 

Turk182:  I couldn't agree more.  That is why, IMHO they need to adjust the Purchasing Power of the Iraqi Dinar SOONER rather than later. I believe, that they will adjust it to $ 1.00 or slightly higher to the USD for a period of several months.  As i mentioned earlier, that want to grab as much of their Dinar as they can from outside their boards, so that the majority of people that truly benefit, as they should when they let this thing floats, will be the Citizens of Iraq. IMHO I can't see how they can let this drag on much further without a Rate Change.

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

Clare:  Parliamentary Finance launches its expectations regarding the course of the exchange rate during the coming period

8/9/2023   Baghdad

The Parliamentary Finance Committee expected, on Wednesday, a decrease in the exchange rate during the coming period.  

A member of the Finance Committee, Jamal Cougar, said, "The exchange rate of the dollar will decrease after the budget instructions were issued and the law took its way to implementation."  

Cougar added, "The government will have to pump large amounts of dollars into the local markets in the coming days."  

He pointed out, "The Iraqi state's resources are in dollars, but it needs the national currency in order to pay the salaries, which take up a large part of the budget."  

And Cougar went on to say that "the presence of large quantities of the dollar on the market will lead to market sufficiency and a lack of demand, and then reduce its price to a large extent."    LINK

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

Clare:  Al-Sudani issues directives regarding electronic payment

8/9/2023  Baghdad

On Wednesday, Prime Minister Mohamed Shia Al-Sudani chaired a meeting to follow up on the completion of the unified treasury account and electronic payment procedures at POS points of sale.

During the meeting, according to a statement by Al-Sudani's office, "the progress made in completing the unified treasury account was reviewed, and the subsequent positive indicators reflected on the national financial and banking system."

Al-Sudani stressed, "These steps come within the government's efforts to implement financial and banking reforms, and the unified treasury account will be an added contribution to anti-corruption measures and limiting the ability of corrupt people to exploit loopholes."

Al-Sudani directed that “an amendment be made to the electronic payment system No. 3 of 2014, as well as the approval of the electronic payment document by the Financial Supervision Bureau as a substitute for the paper receipt, as part of a series of procedures towards employing and approving electronic payment at POS points of sale in an expanded manner, in the public and private sectors.” .   LINK

Sir Shawn:  So this amendment and procedural changes are the last steps needed  towards the lower denominations acceptance at the POS. If you listen carefully you can hear a pin drop…
IMO…..

Patriot12:  yes  and IMO the critical account set up t0 recieve funds for the HCL  closer and closer   when that date is  who knows   IMO

Clare:  2 billion dinars, the profits of 5 Iraqi companies during the first quarter of 2023

8/9/2023  Baghdad

5 Iraqi companies achieved profits amounting to more than 242 billion dinars during the first quarter of the year 2023. 

According to a report on corporate profits during the first quarter of the year 2023 issued by Al-Rabee Financial Brokerage Company, reviewed by Al-Iqtisad News, 5 companies made more profits. From 242 billion dinars, after continuing its good performance. 

Asiacell Telecom Company ranked first, achieving more than 123.8 billion dinars, after its profits grew by 71% compared to the same period in 2022, followed by Zain Iraq Telecom Company, which achieved a return of more than 40.5 billion dinars, with a growth rate of 579%.

And Pepsi Baghdad ranked third with a value of 26.6 billion dinars, up by 303%, followed by the Bank of Baghdad, whose profits amounted to more than 29.4 billion dinars. 

And in the last place came the National Bank of Iraq, which achieved about 22 billion dinars. LINK

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

Clare:  The region seeks to export its agricultural crops to the Gulf countries

8/9/2023 Baghdad

The regional government is negotiating an agreement to export poultry meat, table eggs, apples, grapes, figs and honey produced within its territory to the Gulf states, in addition to continuing to export abundant quantities of the potato crop to the UAE.   

The advisor to the Ministry of Agriculture and Water Resources in the region, Shaima Jamal Kokha, said in an interview with the official newspaper, followed by "Al-Iqtisad News", that the most important and supportive steps for the private sector by the Ministry of Agriculture in the regional government is to find local and regional markets for agricultural products, revealing that there are negotiations to agree on Exporting poultry meat, table eggs, apples, grapes and figs, in addition to honey.   

In the same context, she indicated that a contract was concluded to export five thousand tons of potatoes to the United Arab Emirates through two private sector companies in the region, noting that 500 tons of potatoes will be sent to the UAE weekly.  

Kokha added that the quantities of local potatoes during the past years have increased many times compared to what preceded them, thanks to the interest and support that the government gives to the agricultural sector, attributing the increasing demand outside Iraq for crops produced in the region, to their quality and conformity with approved international standards.  LINK

Wednesday Morning Iraq Economic News Highlights 8-9-23

Wednesday Morning Iraq Economic News Highlights 8-9-23

Sudanese Technical Advisor Comments On The Dollar Crisis And Reveals New Secrets

Policy   09/08/2023 Number of readings: 204 Baghdad-Iraq today:  The technical advisor to the Prime Minister, Engineer Muhammad Sahib al-Darraji, commented on the dollar crisis and other files during an interview with him.

Al-Darraji said, in a televised interview, that "the dollar file is old and its connection to the approval of the Federal Bank on transfers, and Iraq came out of Chapter VII, but not actually," explaining that "the dollar file requires The control of the central bank and banks have not been experienced in the process of converting dollars, which gave the US Federal Reserve the possibility of pressure.” Through political extortion, I personally filed a lawsuit for "billing" the transfer of funds abroad.

He added: “The banking system is inefficient and bank owners seek quick profit without taking into account the general economy of the country,” stressing that “retailers do not deal with the platform in order to escape from routine and commissions, which led to the exit of the dollar through cashiers, not banks through incorrect documents and invoices.” This led to the smuggling of dollars abroad.

Al-Daraji pointed out that "the central bank did not control the process of transferring invoices and their accuracy with the electronic platform, and there is a large increase in forged invoices," noting that "there is a problem with the reality of the money That is published on the platform and is waiting for the approval of the Federal Reserve to transfer it and waiting for the foreign auditing company, which leads to a delay. Completion of dollar transactions and transfers for merchants.

And he stressed that "the defect is not in the person of the governor of the central bank, but in the banking system that needs a bold official and thinks outside the box, although that will expose him to accountability."

Al-Daraji said, “My presence in Mosul means nothing but that Mosul is Iraqi, and it is a stricken province that needs to be reconstructed and saved through coordination between the ministries and the province, grants and loans to be distributed in a fair manner , creating social peace and reconstruction for all its regions.”

He stressed that "there are authorities responsible for auditing and supervising, and it is not my responsibility to do so, as I am the head of the Supreme Committee for the Reconstruction of Nineveh, in cooperation with the governor and other parties, and our task is to implement the government's decisions."

And the advisory to the Prime Minister stated that “the most important projects are roads, bridges, archaeological and tourist sites, and their reconstruction occupies are important, and we do not neglect schools and universities, delivering water to districts and districts, revitalizing industry through the Establishment of two industrial cities, and re-dealing in dollars in the province, the most important of which is the work of bank cards for Mosul, and this will achieve community peace.”

He pointed out that "the new Sadr City will be after Tareq neighborhood to the Al-Ma'mal area, and we are currently dealing with excesses, and it is expected that the designs will be completed within two months, and they will be started .”

Al-Daraji said, “The goal of the new city is to reduce population pressure in Baghdad through vertical construction and integrated services,” explaining that “this project is not an investment because the state is the one who will pay the first installment for the first ten thousand housing units.”

He pointed out that "trade destroys the economy and industry builds the economy, and there is an effort by the government to localize in the country despite internal and external pressures," stressing that industries "Iraq will not collapse like Lebanon because Iraq has resources and capabilities that do not exist in Lebanon, and what is happening in Lebanon is a scam.”

Al-Daraji stressed that "the scenario of previous years will not be repeated in Iraq, and it is shameful to say in Iraq now that the government is unable to pay the salaries of employees," stressing that "Iraq needs a foreign legal policy that can get Iraq out of the tutelage of the US federal government.”

Al-Daradji pointed out that "the Americans should be aware that there is a new generation in Iraq, and if America continues its approach in fighting the economy, they will be enemies again if they do not change their policy."

And he indicated that "the moves of the US ambassador prompted Al-Sudanese to prevent meeting ambassadors except with the presence of the Ministry of Foreign Affairs," explaining that "Iraq is lagging behind in the regional and international role, which prompted the US embassy staff to take provocative stances towards Iraq.”

He pointed out that "the provincial councils are constitutional, and despite that, I believe that the parliament's decision to freeze them was correct, and I hoped that the constitution would be amended and that the councils would be abolished, because they would take us back five years because of the "a system and disruption of services."

Al-Darraji concluded, "The fight against corruption takes place through three arms, which are the government, the judiciary and society. Together, these will be able to fight and eliminate corruption." LINK

Again.. Baghdad Dollar Jumps To 154 Thousand Dinars For Every 100 Dollars - Urgent

Economy  |Today  Baghdad today - Baghdad

Today, Wednesday morning (9 August 2023), the local markets in the capital, Baghdad, witnessed a new rise in the exchange rates of the US dollar against the Iraqi dinar .

The correspondent of "Baghdad Today" said that the parallel markets witnessed increases in the buying and selling of the dollar for unknown reasons, as the sale of 100 US dollars amounted to 154,000 Iraqi dinars, while the purchase price for every 100 US dollars amounted to 152,000 Iraqi dinars .

He added that the local markets are witnessing a state of confusion and panic, following the continuous follow-ups by the Economic Security and Central Bank inspectors against manipulators and speculators. LINK

The Highest In The Region.. A List Of Dollar Exchange Rates In The Iraqi Governorates

Economy  | Baghdad today – Baghdad  Today, Wednesday (9 August 2023), “Baghdad Today” publishes an evening list of dollar exchange rates in all governorates of Iraq .

And it appears from the list that the governorates of the Kurdistan region and Kirkuk recorded the highest prices for the dollar against the dinar, as it exceeded 153,000 dinars for every 100 dollars.

100$ = 152,300 Baghdad

$100 = 153,000 Erbil

100$ = 152,500 Basra

100$ = 153,000 Sulaymaniyah

100$ = 153,100 Duhok

$100 = 153,150 Kirkuk

$100 = 153,150 Halabja

$100 = 152,950 connectors

100$ = 152,800 Najaf

100$ = 152,850 grey

100$ = 152,850 Samah

$100 = 152,850 Nasiriyah

100$ = 152,800 Karbala

$100 = 152,800 with a penalty

$100 = 152,800 suits

100$ = 152,800 kuwait

$100 =152,900 Diwaniyah

100$ = 152,850 Tikrit

100$ = 152,850 architecture

LINK

Al-Sudani's Advisor: Iraq Did Not Actually Come Out Of Chapter VII, And This Is Who Controls The Dollar

Sumerian special  2023-08-08 | Source:  Alsumaria News  8,138 views  Today, Tuesday, the technical advisor to the Prime Minister, Muhammad Sahib al-Darraji, confirmed that Iraq did not actually come out from under Chapter Seven, indicating that the Federal Bank controls the dollar.

Al-Darraji said, in an interview with the program “Balmokhtas” broadcast by Al-Sumaria satellite channel, that “the dollar file is old and its connection to the Federal Bank’s approval of transfers, and Iraq came out of Chapter VII, but it is not actual,” explaining that “the dollar file requires the control of the Central Bank and banks have not been experienced in the process of converting dollars.”

What gave the US Federal Reserve the possibility of pressure through political blackmail, and I personally filed a lawsuit over the billing of money transfers abroad, and this prompted the government to take measures that harmed the Iraqi economy.

He added: “The banking system is inefficient and bank owners seek quick profit without taking into account the general economy of the country,” stressing that “retailers do not deal with the platform in order to escape from routine and commissions, which led to the exit of the dollar through cashiers, not banks, through incorrect documents and invoices, which led to To smuggle dollars abroad.

Al-Darraji pointed out that "the central bank did not control the process of transferring invoices and their accuracy with the electronic platform, and there is a large increase in forged invoices," noting that "there is a problem with the reality of the funds that are published on the platform and await the approval of the Federal Reserve to transfer them and wait for the foreign auditing company, which leads to a delay in completion." Dollar transactions and transfers for merchants.

He stressed that "the defect is not in the person of the central bank governor, but rather in the banking system that needs a bold official who thinks outside the box, although that will expose him to accountability."

Al-Daraji said, "My presence in Mosul means nothing but that Mosul is Iraqi, and it is a stricken province that needs to be reconstructed and saved through coordination between the ministries and the province, grants and loans to be distributed in a fair manner, creating social peace and reconstruction for all its regions."

He stressed that "there are authorities responsible for auditing and supervising, and it is not my responsibility to do so, as I am the head of the Supreme Committee for the Reconstruction of Nineveh, in cooperation with the governor and other parties, and our task is to implement the government's decisions."

And the advisor to the Prime Minister stated that "the most important projects are roads, bridges, archaeological and tourist sites, and their reconstruction occupies importance, and we do not neglect schools and universities, delivering water to districts and districts, revitalizing industry through the establishment of two industrial cities, and re-dealing in dollars in the province, the most important of which is the work of bank cards for Mosul, and this will achieve community peace."

He pointed out that "the new Sadr City will be after Tariq neighborhood to the Al-Ma'mal area, and we are currently dealing with excesses, and it is expected that the designs will be completed within two months, and they will be started."

Al-Daraji said, "The goal of the new city is to reduce population pressure in Baghdad through vertical construction and integrated services," explaining that "this project is not an investment because the state is the one who will pay the first installment for the first ten thousand housing units."

He pointed out that "trade destroys the economy and industry builds the economy, and there is an effort by the government to localize industries in the country despite internal and external pressures," stressing that "Iraq will not collapse like Lebanon because Iraq has resources and capabilities that do not exist in Lebanon, and what is happening in Lebanon is a A scam.”

Al-Daraji stressed that "the scenario of previous years will not be repeated in Iraq, and it is shameful to say in Iraq now that the government is unable to pay the salaries of employees," stressing that "Iraq needs a legal foreign policy that can get Iraq out of the tutelage of the US federal government."

Al-Daradji pointed out that "the Americans should be aware that there is a new generation in Iraq, and if America continues its approach in fighting the economy, they will be enemies again if they do not change their policy."

And he indicated that "the moves of the US ambassador prompted Al-Sudani to prevent meeting ambassadors except with the presence of the Ministry of Foreign Affairs [/url]," explaining that "Iraq is lagging behind in the regional and international role, which prompted the US embassy  staff to take provocative stances towards Iraq."

He pointed out that "the provincial councils are constitutional, and despite that, I believe that the parliament's decision to freeze them was correct, and I hoped that the constitution would be amended and that the councils would be abolished, because they would take us back five years because of the quota system and disrupt services."

Al-Darraji concluded, "The fight against corruption takes place through three arms, which are the government, the judiciary and society, and together these will be able to fight and eliminate corruption."  LINK

A New Blow To The US Economy... Banks Are In Danger And A Return To The Red Zone!

Baghdad today - follow-up  One week after Fitch downgraded the US's long-term debt rating, Moody's (MCO) is now slapping North America again. Specifically, to the country's banks.

Moody's Puts Banks At Risk

The agency downgraded the credit ratings of 10 small and medium-sized US banks and said it may downgrade the ratings of major banks, including US Bancorp, Bank of New York Mellon (BK), State Street Corp (STT) and Trust Financial Corp (TFC).

In a series of observations compiled by Bloomberg, Moody's points out that rising financing costs, potentially weak regulatory capital, and heightened risks associated with commercial real estate lending amid weak demand for office space were some of the tensions upon which this review is based.

The agency notes that "all these factors taken together have reduced the credit profile of many US banks, though not all banks equally."

The downgraded companies included M&P Bank (MTB), Webster Financial (WBS), BOK Financial Corp. (NASDAQ: BOKF), Old National Bancorp (NASDAQ: ONB), Pincall Financial Partners (NASDAQ: PNFP), and Falton Financial Corp. (NASDAQ: ONB). FULT).

The Northern Trust Company (NASDAQ: NTRS) and Callen/Frost Bankers (CFR) are under review for downgrade.

Moody's also gave "negative" ratings to 11 lenders, including Y Financial Services Group (PNC), Capital One Financial Group (COF), Citizens Financial Group (CFG), Fifth Third Bancorp (NASDAQ: FITB), Financial Regulators Corp (RF). ), Ally Financial, OZK Bank (NASDAQ: OZK), and Huntingdon Branches (NASDAQ: HBAN).

Will More Banks Fail?

According to opinions compiled by Yahoo Finance, investors, baffled by the collapse of regional banks in California and New York this year, are watching closely for signs of stress in the industry, as rising interest rates force companies to pay more for deposits. And increase the cost of financing from alternative sources.

According to Moody's, some banks have curbed loan growth, which is preserving capital but also slowing the shift in the lending mix towards higher-yielding assets.   LINK