Sunday Morning Iraq Economic News Highlights 8-13-23

Sunday Morning Iraq Economic News Highlights 8-13-23

American Attempts And Iraqi Solutions... The Dollar Is Between High And Low, And Government Measures

-Information / Baghdad...It became clear to everyone the impact of US banking policies towards Iraq, especially the banking sector, in an attempt to cause confusion in the movement of the commercial market and push the government into direct confrontation with the people, after the rise in most prices, although the government was able to take a decision to reduce the exchange rate after it crossed the barrier of 175 thousand dinars for every 100 dollars.

In turn, the Sudanese government drew up a new financial policy, setting the official exchange rate at 130,000 dinars for every $100.

Despite this, however, the US measures were behind the continued rise in the exchange rate in terms of restricting Iraqi banks' access to hard currency under the pretext of smuggling, speculation and the black market.

The representative of the Sadiqoun bloc, Muhammad al-Baldawi, told Al-Maalouma that "America is taking retaliatory measures against Iraq after its move towards resolving the electricity crisis, bartering oil with Iranian gas, and getting out of the dollar's impasse."

He added, "Washington seeks to impose its opinion and be dominant over decisions in Iraq, as it took retaliatory measures that caused a rise in the exchange rate of the dollar in the local markets, thus increasing the prices of goods, commodities, and foodstuffs, and causing harm to the citizen."

Al-Baldawi pointed out that "the American side seeks, through its measures, to be in control of Iraq and take whatever decisions it wants, and unlike it, it resorts to using some pressure tricks to achieve its interests and harm Iraq and its people."

On the other hand, a member of the Al-Fateh Alliance, Ali Al-Zubaidi told Al-Maalouma, that "Washington lacks a lot of credibility in the treaties and covenants that are agreed upon, as there is no fairness in continuing to deposit the country's money in the US Federal Bank."

He explained, "Iraq will end the dollar crisis if it gets rid of the hegemony imposed by the United States of America on the money for selling oil, especially since Washington imposes Chapter VII restrictions on Iraq verbally in order to achieve its own interests."

On the other hand, the economist, Safwan Qusai, confirmed to Al-Maalouma, that "the money changers in Iraq receive an appropriate commission when buying and selling dollars, which requires them to adhere to their commission, at a time when there must be a financial policy that is complementary to the central bank in its policy related to selling dollar in the parallel market.

He added, "There is an urgent need to control border crossings, as well as reduce the volume of imports without the presence of external money transfers, in addition to pushing banks towards a flexible banking system and relying on documentary credits, so that all merchants are allowed to deal with reliable suppliers."    LINK

A "Noticeable" Decline In Cash Sales At The Iraqi Central Auction

2023-08-13 02:59  Shafaq News/ Cash sales decreased in the auction today, Sunday, to 22 million dollars.

Shafaq News agency reporter stated, "The Central Bank sold today, during its auction for buying and selling US dollars, 207 million, 684 thousand and 288 dollars, which the bank covered at a basic exchange rate of 1,305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1,310 dinars per dollar for external transfers." At a price of 1310 dinars per dollar in cash.

Our correspondent added that most of the dollar sales went to boost balances abroad in the form of (remittances, credits) at 184,974,288 dollars, while the rest of 22,710,000 went in the form of low cash sales compared to last Thursday, which amounted to 36 million. and $360,000.

Our correspondent indicated that the number of banks that bought cash dollars amounted to 9 banks, while the number of banks that responded to requests for strengthening balances abroad reached 17 banks, while the total number of exchange and mediation companies participating in the auction was 54 companies.   LINK

The High Price Of The Dollar In Iraq 

SUNDAY, 08-13-2023, TAYSEER AL-ASADI  The exchange rates of the dollar against the Iraqi dinar in the local markets today, Sunday    The prices are as follows:   Selling prices 153,500 dinars per 100 dollars.   The purchase price is 151,500 dinars per 100 dollars.   Yesterday, the exchange rates of the dollar in the local markets recorded 153,250 dinars per 100 dollars    https://non14.net/public/159291

URGENT  After A Long Wait, The Ministry Of Finance Finally Publishes The Instructions For Implementing The Budget

Time: 08/13/2023 Read: 2,249 times  {Economic: Aflat News} The Ministry of Finance has published instructions for implementing the Federal Financial Budget Law, "calling" all ministries, governorates, and unrelated entities to review the ministry to receive the instructions.

And a statement by the ministry, of which {Al Furat News} received a copy, stated that: “In view of the approval and publication of the Federal General Budget Law of the Republic of Iraq No. (13) for the fiscal years (2023, 2024 and 2025) in the official Iraqi Gazette issued in June 2023 with issue (4726),

The Ministry of Finance invites all ministries, governorates, agencies and entities not associated with the Ministry to attend 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.

It is noteworthy that the House of Representatives voted on the 12th of last May on the federal general budget law as a whole, while the two federal governments and in the Kurdistan region submitted appeals to the law, and the Federal Court recently received some of them and accepted others.  LINK

A Deputy Reveals His Evidence Of Dollar Smuggling After A Request From The Prime Minister's Office

[ltr]2023.08.13 - Baghdad - people   Representative Muhammad Nuri Aziz responded, on Sunday, to a request from the Prime Minister’s Office, to reveal its evidence about the smuggling of dollars into Iran. 

Nuri said in a post, followed by "NAS" (August 13, 2023), that "after the recent statements of Representative Muhammad Nuri Aziz on the issue of dollar smuggling, the Prime Minister demands that Representative Muhammad Nuri provide evidence about his statements, as the evidence is mentioned in the text of the Prime Minister's speech in previous encounters. 

  He added, "One of the most important evidences is that the heroes of the National Security Apparatus were able to perform qualitative operations during which they managed to arrest dollar smuggling gangs, and very large sums of money were seized, more than 14 million dollars, 5 billion Iraqi dinars, check books in Baghdad governorate, and 300 million Iraqi dinars." in the governorates of Basra, Diyala and Muthanna. 

Earlier, on Thursday, the Prime Minister's office sent a letter to MP Muhammad Nuri al-Khuzaie, asking him to provide him with the information he talked about about the smuggling of dollars into Iran, via a satellite channel.   https://www.nasnews.com/view.php?cat=112618

The Dinar Is In The Central Recovery Rooms.. And Accusations Against The Americans Of Creating Crises

Aug 12 19:58 The official currency of the Republic of Iraq, and one of the historical manifestations and legacy that accompanied Mesopotamia for more than 90 years, proved its strength in the global economy, but in one way or another it began to decline and reached "unenviable" stages.

The dinar, which was previously compared to world currencies, reached the path of strength overnight and found itself ahead of many countries, as it began to be used in 1932, i.e. during Iraq's independence from Britain, and was replaced by the Indian rupee at a rate of 1 dinar = 13 rupees.

Later, he decided to link it to the US dollar without changing its value at a rate of 1 dinar = 2.8 dollars, and in 1971 Washington took a decision to devalue its currency by 7.9%, and in 1973 it decreased by 10% to become $3.3778, and it fell to 3.2169. $, which remained in circulation until the second Gulf War in 1991.

And after 2003, the local currency in Iraq began to decline day after day, which led to its reaching significantly low rates against the dollar, so the Central Bank's procedures did not help it, and America's policy towards the Iraqi economy "made matters worse."

The economic expert, Abd al-Rahman al-Mashhadani, explained the reasons for the instability of the Iraqi dinar in the local markets compared to other Arab currencies, while confirming the existence of a large discrepancy between import and export in the country's markets.

Al-Mashhadani said, in an interview with Al-News Agency, that "the central banks of the Gulf countries, whether they are Jordan, Kuwait or even Saudi Arabia, have taken a decision to price their local currency, which depends on a basket of currencies, including Iraq, as bulletins previously appeared in the newspaper in the seventies." of the last century, measured on the basis of this basket.”

And he adds, "All world currencies are attributed to the dollar, but the economies of these countries are stable and there is no problem, and the difference is obtained at the prices of market materials, that is, inflation occurs and the rates of rise increase, which happened in the Emirates, Saudi Arabia and Kuwait as well."

And the economist explains, "These countries do not deal in dollars in the markets at all, given that all financial transfers are obtained in the local currency only, and this is one of the reasons for the stability of the market," noting that "Iraq was unable to control this situation completely."

Al-Mashhadani points out, "The other matter is trade, that is, import and export, without relying on the government sector in particular. In Iraq's markets, as a result of the large discrepancy between import and export, it is natural that there will be a great demand for dollars."

And he confirms, "The Iraqi dinar is linked to the dollar before 2003, that is, from the Kuwaiti war in 1991, given that the market has always fed the import of the private sector, so there will be no stability."

The Dinar Is In The Central Recovery Rooms.. And Accusations Against The Americans Of Creating Crises

In turn, a former member of the House of Representatives, Jassem Al-Bayati, personified the reasons for the weakness of the dinar currency in the Iraqi markets, while accusing America of playing an "inappropriate" game with Iraq.

Al-Bayati mentioned, in an interview with Al-News Agency, that "the weakness of the dinar and its instability in the Iraqi markets, especially in recent times, has many reasons behind it," noting that "the first reason is the decision to re-exchange the dollar against the dinar from 1470 to 1320."

Al-Bayati explains: "There is no country that takes such a step and reduces the dollar by such a large percentage," adding: "The reduction stages are supposed to be consecutive, starting from 1460 - 1420 - 1400, and so the decline is consistent."

And he added, "We are now in a state of confusion, as we cannot obtain dollars in the local markets, not even from bank accounts," noting that "the dinar is going through a period of instability."

And the former member of the House of Representatives points out that, "The other thing behind the instability of the dinar is the connection of the issue with America, which is playing an inappropriate game with Iraq."

And Al-Bayati shows that "the decision to reduce the dinar is governmental and it bears its responsibility," noting that ""the central bank's measures to restore the strength of the Iraqi dinar did not bear fruit, and things may be complicated after more.""

He continued his speech, saying: “The decision to return the dollar to 1,320 dinars greatly affected the financial budget, and nearly 10 trillion dinars were sacrificed,” noting that “price speculators and those close to America and neighboring countries supporting Washington are the ones who obtained these 10 trillion through Buying the dollar at 1320.

"""The sources of countries' strength in the economic field are determined by several factors, foremost of which is the national currency, which requires elaborate measures to maintain its strength internally and externally, and the basis of these measures is to activate the private sector, expand the import sector and reduce exports."""

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They on many ocassions save the best for last. The National Currecny requires elaborate measurses to maintain strengh in value internally and externally, on the basis of the measures to be taken will activate the private sector and expand the impport and reduce exports. I may have this wrong, but, to build out the country, they need to do just as it is being stated.

They need to take extreme measures to get the imports increased and the exports reduced. Why? Beacuse, it is far cheaper to re-build the country with strength in the national currency. It is the foremost item that is now needed. The can later after an infrastucture build out in the private sector, they'll be able to adjust to the markets as need be once exports become more competitive.

Lets keep in mind the are going to build new industrial cities, new residential ones too. They both need supporting operational aspects. Food, energy, lodging, roads, etc.. etc.. So, this educational piece is support that there is a push to get to the market economy interlinked with the Global Financial System they plan to do now. Not later.. Wow.. imo

This is the type of data and analysis that is in Patreon with Militia Man & Crew. The data that is provided so that you can be the judge is off the charts in content. Likely as to be as good as it gets.. Check them out this weekend the DISCORD chat room has packed with so many bright minds and wonderful patrons.. See you there, tonight even. Everyone is welcome. imo ~ MM

https://www.patreon.com/posts/dinar-is-in-and-87608871?utm_medium=post_notification_email&utm_campaign=patron_engagement&utm_source=post_link

Iraqi News Highlights Saturday Evening 8-12-23

Iraqi News Highlights Saturday Evening 8-12-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance Calls For An Inventory Of All State Real Estate And Its Classification

Saturday 12 August 2023 16:19 | Economical Number of readings: 37  Baghdad / NINA / - The Finance Committee, chaired by Representative Atwan Al-Atwani, and in the presence of a number of its members, hosted today, Saturday, the Director General of the State Real Estate Department, Nadia Rasheed, and the Assistant Director General, Alia Nizar; To discuss the state real estate file,

A statement by the House of Representatives Media Department stated that "the chairman of the committee affirmed that" there are a number of observations that constitute a great responsibility that necessitate following up the department's procedures regarding them. "

And he stressed the need to develop a feasibility study for investing the lands belonging to the state in order to reach results that are in the public interest," revealing, " Many projects have stopped due to the failure to conclude contracts for their implementation by the concerned authorities, calling for a clear vision for the institution to benefit from these real estate for the public treasury.

For her part, the Director General of the State Real Estate Department, Nadia Rasheed, confirmed, "Work is working to solve the existing problems according to steps to be taken, adding that proposals are put in place to amend the internal system of the department, revealing an inventory and preliminary inventory of real estate, while the final inventory is done in coordination with the real estate registry."

It stated that it "is working to complete the system to solve a lot of red tape and eliminate corruption, based on the law and acting in the public interest."

The committee stressed “finding a clear mechanism for investing state land and how to use it according to the economic vision, as well as a feasibility study to determine the rent of residential real estate, finding an economic philosophy in the rental process, and the exploitation of unoccupied lands, in addition to the importance of carrying out administrative reforms in the State Real Estate Department, in order to development of this sector.

The committee requested "an inventory and classification of all state real estate, as part of non-oil revenues, in addition to the revenues generated from renting those real estate.

https://ninanews.com/Website/News/Details?key=1070379

Finance Minister Up To The House Of Representatives

Saturday 12 August 2023 14:54 | politicalNumber of readings: 141

Baghdad / NINA / The Minister of Finance, Taif Sami, arrived at the House of Representatives to answer the oral question asked by Representative Hadi Al-Salami about automating the customs system and collecting tax revenues./ End    https://ninanews.com/Website/News/Details?Key=1070363

A New Rise In Dollar Prices In The Local Market

Economy   Saturday, August 12, 2023 10   Baghdad / National News Center   Today, Saturday, the exchange rates of the dollar against the Iraqi dinar recorded a new high in the local market.  The selling price was 153,500 per 100 dollars, while the buying price was 153,500 per 100 dollars.

https://nnciraq.com/221161/

Oil Prices Are Rising, Supported By Demand Expectations

Saturday 12 August 2023 08:35 | Economical Number of readings: 199  Baghdad / NINA / Oil prices rose, after the International Energy Agency expected record global demand and shrinking supplies, which prompted oil to achieve gains for the seventh consecutive week, the longest series of gains since 2022. According to Reuters,

Brent crude futures rose 41 cents, up 0.5%. percent, to settle at $86.81 a barrel, while US West Texas Intermediate crude futures rose 37 cents, or 0.5 percent, to settle at $83.19 a barrel.

Within a week, Brent and West Texas crude rose by 0.37 percent and 0.49 percent, respectively.

And the International Energy Agency said: "The global demand for oil reached a record level of 103 million barrels per day in June and could reach another peak this month."/ End

https://ninanews.com/Website/News/Details?key=1070254

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

https://www.bondladyscorner.com/

Goldilocks' Comments and Global Economic News for August 12, 2023

Goldilocks' Comments and Global Economic News for August 12, 2023

RJ: Good evening Dinar Recaps,

Goldilocks posted comments and news links on the global financial system:

"The Fed may be done hiking rates, but there's another policy move that still poses a big risk to stocks."

The next phase of the market plans will be its greatest challenge. For the last 3 years, we have been moving toward the reduction of and encouragement of sectors of the market that represent essential services.

From the pandemic and shipping crisis to bank failures, there is nothing that can do more damage to a market and a global market than the reduction of a balance sheet.

This is why we have seen a rerouting of the shipping industry, banking reforms, and recent market sector reforms. It is going to form a liquidity crisis. Look for currency interventions during this time. And yes, Forex is completing their digital foreign currency reforms.

Companies go out of business during these times and bankruptcies will surface for people and the local economy. It is all about creating a skeleton structure of necessary companies that will move us forward into our new economy.

Notice what happens and who is still standing when the dust settles. It will be the next economy with many of the standing structures capable of moving into the new digital asset-based trading system.

Artificial Intelligence will be capable of coordinating Quantum Technologies with those that remain.

"It is time to buckle up buttercup."

© Goldilocks

https://markets.businessinsider.com/news/stocks/stock-market-risk-outlook-fed-balance-sheet-liquidity-drain-rates-2023-8

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Many of the Quantum Technologies that are interfacing with one another during this time are finding new liquidity providers as we speak. Some of these new liquidity providers that we have been talking about in this room will mobilize quicker than others.

I look to see a staggered reset of our new economy based upon how far along many of these new Quantum Technologies are capable of going forward.

Some of our new technologies are being activated quicker than others. Those with artificial intelligence baked into their company at this point are making Quantum leaps into the future already. If they are already interfaced with companies providing similar services, you will see an acceleration of growth within these companies that are connected.

The above sentences do not mean we have the full range of the QFS taking place as we speak. It just means that some elements of the QFS are allowing some companies to mobilize their evolution quicker than others before the payment system helps them arrive to their destination creating a revaluation among all sectors of the market.

Several assets on the market have already been tokenized and collateralized to come into compliance with those SOFR settings that began this process on July 1, 2023.

Going forward, we are going to witness the acceleration of a new set of protocols designed to change the way we do business.

Look for the caps on gold to be released and eventually reset. A reset in gold is our indicator we have come into full integration of the new monetary system with protocols set forth inside them representing new monetary policies and standards to give us guidance.

It was Dorothy who kicked her little red heels twice and followed a yellow brick road into the great beyond. Don't you just love her "golden locks" of hair.   😉

© Goldilocks

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Banking Announcement:

Ripple, the leading blockchain-based payments provider, has joined forces with the Bank for International Settlements (BIS) taskforce on cross-border payments interoperability and extension. This is a significant development for Ripple, as it demonstrates the company’s commitment to improving the global financial system.

The BIS is an international organization that facilitates cooperation among central banks. The taskforce on cross-border payments is composed of central banks, financial institutions, and technology companies. The goal of the taskforce is to develop common standards for cross-border payments.

https://timestabloid.com/ripple-joins-forces-with-bank-for-international-settlements-for-payments-taskforce-can-xrp-benefit/

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SEC Proposes Sweeping New Rules on Use of Data Analytics by Broker-Dealers and Investment Advisers

AUGUST 10, 2023

AI, BIG DATA, REGULATION, SEC

"On July 26, 2023, the U.S. Securities and Exchange Commission (SEC or Commission) proposed new rules for broker-dealers (Proposed Rule 15(1)-2) and investment advisers (Proposed Rule 211(h)(2)-4) on the use of predictive data analytics (PDA) and PDA-like technologies in any interactions with investors."

https://datamatters.sidley.com/2023/08/10/sec-proposes-sweeping-new-rules-on-use-of-data-analytics-by-broker-dealers-and-investment-advisers/

👆 See, brokers are still working with dealers on Global Payment Standards. We are not there yet my friends.

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Telegram to Integrate a Crypto Wallet Called TON Space
https://cryptodaily.co.uk/2023/08/telegram-to-integrate-a-crypto-wallet-called-ton-space

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"As part of negotiations for Saudi Arabia to recognize Israel, the United States is demanding that Riyadh keep pricing its oil in dollars, not China’s Renminbi or other currencies."

Do you see a global paradigm shift? The power and influence of the dollar is taking on a new role and influence in our world.

This is why we are witnessing the 21st Century Dollar Act come into play whereby the United States shares a dual role with China in Global Payments.

Not long ago, we took a look at this bill moving through legislation (see link below) just in case the prominence of the dollar is shared with China.

The outcome of these negotiations has the potential to level the playing field with our currency values in a way that was not possible until now.

© Goldilocks

https://geopoliticaleconomy.com/2023/08/10/us-saudi-arabia-sell-oil-dollars-chinese-yuan/

https://www.congress.gov/bill/118th-congress/house-bill/556

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Forex correlations to gold and crude oil

https://youtu.be/6ppu8RxKho0

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Gary Savage: We Are Entering the 2nd Phase of the Inflation Cycle & Gold Will Lead It

https://youtu.be/TRo5j3sddSU

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Iraqi Dinar Guru News Highlights (12 aug 2023) #iraqidinar

https://youtu.be/ipPVq2ng0E8

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The Federal Reserve Bank is BROKE! | Backstage w/Lyn Alden | Cathie Wood Bitcoin ETF prediction

https://youtu.be/W6BkXfaPwzM

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I don't usually post this much information, especially on Saturday, but I wanted to give you an idea of how quickly things are changing in the new digital economy.

It is not important that you listen to every video or read every article posted this afternoon, it is important that you get a good idea how some of these networks we have talked about are making their way around the world.

These new Network connections are countries interfacing computer Technologies allowing greater and faster trade computations to take place.

© Goldilocks

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Thank you Dinar Recaps

Iraqi News Highlights Saturday Afternoon 8-12-23

Iraqi News Highlights Saturday Afternoon 8-12-23

Tlm724 Administrator Bondlady’s Corner

An Economist For / NINA /: The Central Bank's Solutions To Adjust The Price Of The Dollar Are "Superficial And Unsuccessful."

Saturday 12 August 2023 | Economical Number of readings: 322  Baghdad / NINA / - The specialist in economic affairs, Dergham Muhammad Ali, confirmed: "The solutions put forward by the Central Bank to deal with the dollar file are superficial, unsuccessful, and do not reach a final solution."

Ali said, in a special statement to the National Iraqi News Agency ( NINA ), that "the only beneficiary from the crisis are the intermediary banks, which are owned by forces and parties that benefit from raising the exchange rate of the dollar to increase their profits, and they are the ones that cause the price to rise, and the failure to find a fully electronic direct selling window in quantities." Specific to citizens at the official price, which means that the citizen will remain hostage to these banks and companies.

He pointed out, "The use of citizens' passports to buy dollars without their knowledge is a major corruption issue and a vehicle forgery and fraud, which requires a serious investigation and presentation of the results to public opinion."

And the Central Bank of Iraq issued several packages to facilitate the procedures for requesting the US dollar, including facilitating obtaining the dollar for citizens wishing to travel abroad, and the official exchange rate of “1320” dinars per dollar is calculated through the electronic payment card issued by the licensed authorities when used in Al-Kharj./End 8

https://ninanews.com/Website/News/Details?key=1070284

Is Commercial Policy Or Banks Bear The Instability Of The Exchange Rate?

Maytham Al-Bolani  It is necessary to stand on the economic changes and transformations that took place after 2003, the most important of which is the growth of Iraqi per capita consumption, which was accompanied with external openness, which caused an increase in the volume of imports. Any controls and are not subject to taxes and fees as a result of rampant corruption in government departments and other factors.

All these factors produced an unregulated commercial system, for example, a merchant who deals in millions of dollars is not officially registered and ships goods in the names of customs clearance companies and does not have a commercial record, for fear of the tax system in Iraq,

 and therefore the system destroyed the banking system, through unregulated trade And financial transfer according to messages via social media applications, which transfer money in moments, which has become more flexible for the commercial sector, but it had adverse and negative results on the banking sector, which exposed it to risks and obtained a low rating in compliance with the rules of money laundering and terrorist financing.

The commercial sector received a shock from the US Federal Bank, which changed the rules of financial transfer from old rules established by the banking system based on the requirements of the commercial sector to solid rules through the remittance platform (despite our reservations about some technical failures in this platform), but the question is whether the commercial sector is able to adapt himself according to these banking requirements in order to be able to continue,

by implementing the procedures represented in establishing an official company first and opening bank accounts for it, and obtaining a tax record despite the harshness and brutality of the Iraqi tax system, and shipping in the names of the importers themselves and transfer by the banking system and according to international norms and the required compliance rules. .

A warning was issued against the attempts of some people to drag the banking sector to adapt its situation to a distorted commercial policy, and the opposite must be to support the commercial sector by adapting its legal status, creating tax and customs reforms to serve this sector, which has been exposed and is subject to many calamities and calamities, and maintaining a strong, discreet banking sector with the ability To keep abreast of developments and is able to meet the requirements of correct trade,  

and here is the role of the Central Bank of Iraq and its ability to exercise its supervisory role on banks and motivate them in order to develop their practical tools, and the results will be positive if the vision is completed between the commercial sector and the reforms that the government must consider, which contributes to reducing the price of dollar exchange.

150 views   08/11/2023 - https://economy-news.net/content.php?id=35633

The Central Bank Surrounds The Rise In Exchange Rates With A Package That Facilitates The Acquisition Of The Dollar

Posted On2023-08-12 By Sotaliraq  Obliging private banks to raise their capital to 400 billion dinars.Baghdad - Qusay Munther

Illegal foreign transfers, trapping the proceeds of crime and corruption, and preventing them from finding a way to escape abroad, in addition to not charging imported goods the exchange rate difference resulting from paying a higher price when buying it at the unofficial price on the black market, which leads to higher prices and negative impact in the purchasing power of citizens).

The Bank also directed authorized banks to increase their capital. Al-Zaman reviewed a letter by the deputy governor of the bank, Ammar Hamad Khalaf, in which he stated that (based on the decision of the bank’s board of directors, it was decided to increase the bank’s capital to no less than 400 billion dinars during a maximum period of time at the end of the current year, in three installments, provided that it is not less than Each payment for 50 billion Iraqi dinars). LINK

The Ministry Of Finance Denies Opening Outlets To Sell Currency With A Ceiling Of One Thousand Dollars Per Month For Each Citizen

Saturday 12 August 2023 14:45 | Economical Number of readings: 166

Baghdad / NINA / - The Ministry of Finance denied today, Saturday, opening outlets to sell currency with a ceiling of one thousand dollars per month for each citizen.

The ministry confirmed in a statement that it had not received any directives in this regard (until the date of preparation of this statement), and the ministry had not issued any directives in this regard. The ministry stressed

that if any instructions or directives are issued by the Cabinet in this regard, they will be announced via The official websites and platforms of the Ministry,./End.

https://ninanews.com/Website/News/Details?key=1070358

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Saturday 8-12-2023

TNT:

CandyKisses:  Iraq resorts to Interpol to pursue 4 of those involved in the theft of the century

Baghdad - Iraq Today:

The Economist magazine published a report in which it said that the Iraqi authorities, motivated by the magazine's recent revelations about the theft of $ 2.5 billion of state funds, called on America, Britain and Interpol to help arrest and extradite suspects in the case on the territory of those countries.

The magazine explained in a report translated by Iraq Today, that there are four senior figures in the previous Iraqi government under Mustafa Al-Kazemi wanted in the case, namely former Finance Minister Ali Allawi, Raed Johi, director of the former Prime Minister's Office, private secretary Ahmed Najati, and adviser Mashreq Abbas who live in Dubai, London and Washington.

Responsibility for further action has been transferred to Western and Middle Eastern governments.

Iraqi courts have previously confiscated property belonging to former acting finance minister Ihsan Abdul-Jabbar, who opened the investigation, and businessman Nur Zuhair was released on bail last November and also traveled abroad.

Kadhimi's allies say the ongoing manhunt is a Sudanese manhunt to distract from allies of the current government, who are also suspected of corruption.

The magazine quoted people close to Kadhimi as saying, "The leaders of Shiite groups who support al-Sudani worked with Zuhair to raise funds."

Corruption has been a staple of Iraqi politics since the Americans toppled Saddam Hussein in 2003, but the massive tax fraud described in the magazine report shows Iraqis for the first time in detail how state coffers were stormed.

"Politicians across the ethnic and sectarian spectrum have united to smuggle hundreds of billions of dollars in oil and tax revenues."

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Tishwash:  Iranian official: Conditions are ripe for the start of Saudi investments in our country

 An Iranian official considered, today, Saturday, that conditions are ripe for Saudi investments to start in Iran and vice versa, with his country's new ambassador starting his duties in Riyadh.

The Assistant for Economic Diplomacy Affairs at the Iranian Ministry of Foreign Affairs, Mahdi Safri, pointed to the visit of the Iranian Minister of Economy, Ehsan Khandozi, to Saudi Arabia, and his meetings and talks there, saying, "From our point of view, the atmosphere is very appropriate, and we hope to accelerate progress."

Safri added, "On the other hand, there are many Iranian steel factories also looking to invest in Saudi Arabia jointly," noting that "Iran can export steel products, fruits, vegetables, ceramics, porcelain, and building materials to Saudi Arabia, as the country has good capabilities and capabilities in the field of Steel, production of nanomedicines, biotechnology, medical equipment, etc.

He pointed out that "the conditions are also ripe in Iran for investment in the construction of hotels and others, and in general the atmosphere is favorable for trade and export of engineering services."

On March 10, Saudi Arabia and Iran announced the agreement, sponsored by China, to resume their diplomatic relations, which were severed 7 years ago.  link

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CandyKisses:  Chinese company wins oil exploration contract in Iraq

Baghdad - Iraq Today:

A subsidiary of China National Petroleum Corporation (CNPC) has won a 1.4 billion yuan ($194 million) engineering, construction and procurement contract to drill wells in Iraq's Rumaila oil field, as Iraqi authorities seek to open up to developing the oil industry and increasing fuel production with the energy crisis the world is going through, especially after the Ukrainian war.

Daqing Drilling Engineering said in a statement on its official WeChat account that this was the largest offshore contract it had received in the past five years.The statement did not say how many wells the company would drill under the contract.

Dacheng began drilling wells in the Rumaila field in 2010, shortly after CNBC and BP signed a 20-year service contract with Baghdad to develop the giant oil field.

A government oil official said in November that Iraq planned to increase its oil production capacity to about seven million barrels per day in 2027, with the main increases coming from the Rumaila and West Qurna-2 fields.

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Member:  Baghdad and Erbil... a near solution 8/12

The regional government has not yet touched on receiving its share of the general budget, despite the federal government's launch of the three-year budget allocations. While Kurdish deputies and officials attributed the reasons for this to the delay in the terms of agreement regarding the budget, pointing to the necessity of the region's commitment to the agreements concluded in this regard.

The former Undersecretary of the Ministry of Finance for the Kurdistan Democratic Party, Fadel Nabi Hassan, attributed the reason for the budget problem to the fact that the Kurdistan region has not taken its share of the general budget so far because it has not issued instructions for its implementation and other problems, including some items that he described as “provocative”, adding that with this, things are moving toward a solution.

A prophet added, in an interview with "Al-Sabah", that "there are interpretations of non-oil revenues as sovereign revenues, and the problem is that the region limits sovereign revenues only to customs revenues, i.e. border crossings," noting that "the financial administration divides 50% for the region and 50% for the center, while he sees The center states that the regular revenues are sovereign revenues, that is, all customs, taxes and fees in full, except for some simple fees that were imposed by some governorates after 2015.

While the former deputy Rezan Sheikh Dalir pointed out that "the implementation of the Kurdistan region's budget requires the region's commitments and agreements with it regarding the budget and its share of oil to be delivered in line with the size of the budget allocated to the region and the rest of the non-oil imports that the region must inform Baghdad about."   link

Mot:  ... Hoodies are life!

Mot:  Happy National Book Lovers Day! 

Saturday Morning Iraq Economic News Highlights 8-12-23

Saturday Morning Iraq Economic News Highlights 8-12-23

Finance Clarifies The Opening Of Outlets For Selling Dollars To Citizens

Information / Baghdad..  The Ministry of Finance denied, on Saturday, the news circulating about opening outlets to sell US dollars to citizens.

The ministry stated in a statement received by the information, that "no directives were issued regarding (opening outlets for selling US dollars with a ceiling of one thousand dollars per month for each citizen) (until the date of preparing this statement), and the ministry did not issue any directives in this regard."

And she warned that "in the event that any instructions or directives are issued by the Council of Ministers in this regard, they will be announced through the official websites and platforms of the ministry." LINK

Finance Responds To The News Of Opening Outlets To Sell The Dollar To Every Iraqi Citizen With A Specific Monthly Ceiling

2023-08-12 Shafaq News/ Today, Saturday, the Iraqi Ministry of Finance issued a clarification regarding the news circulating on communication platforms and media channels related to (opening outlets for selling US dollars with a ceiling of one thousand dollars per month for each citizen).

In a statement today, the Ministry confirmed that it had not received any directives in this regard (until the date of preparing this statement), and the Ministry did not issue any directives in this regard.

She also stressed that if any instructions or directives are issued by the Council of Ministers in this regard, they will be announced through the official websites and platforms of the ministry.  LINK

Finance Denies Opening Outlets To Sell Currency With A Ceiling Of One Thousand Dollars Per Month For Each Citizen

Policy  |Baghdad today - Baghdad   Today, Saturday (August 12, 2023), the Ministry of Finance denied opening outlets to sell hard currency, with a ceiling of one thousand dollars per month for each citizen.

The ministry said, in a statement received by "Baghdad Today", that it "would like clarification regarding the news circulating on communication platforms and media channels related to (opening outlets for selling US dollars with a ceiling of one thousand dollars per month for each citizen)."

The ministry affirmed that it had not received any directives in this regard (until the date of preparing this statement), indicating that it had not issued any directives in this regard.

And the Ministry of Finance indicated that "in the event that any instructions or directives are issued by the Council of Ministers in this regard, they will be announced through the official websites and platforms of the ministry."

Earlier, social media pioneers reported the opening of outlets to sell currency (dollars) to citizens, with a ceiling of one thousand dollars for each citizen.   LINK

$1,000 Per Citizen Per Month.. The Ministry Of Finance Issues A Clarification Regarding The Sale Of Currency

SAT, 08-12-2023, KARRAR AL-ASADI  On Saturday, the Ministry of Finance issued a clarification regarding news of "opening outlets for selling US dollars with a ceiling of one thousand dollars per month for each citizen," while confirming that it had not received any directives in this regard.

The ministry said, in a statement received by Noon News Agency, that "the Ministry of Finance would like to clarify regarding the news circulating on communication platforms and media channels related to (opening outlets for selling US dollars with a ceiling of one thousand dollars per month for each citizen)."

The ministry confirmed that it had not received any directives in this regard (until the date of preparing this statement), and the ministry did not issue any directives in this regard.

And the ministry stressed that "in the event that any instructions or directives are issued by the Council of Ministers in this regard, they will be announced through the official websites and platforms of the ministry, so clarification is required."  https://non14.net/public/159265

The High Price Of The Dollar Against The Dinar In Baghdad And The Kurdistan Region

2023-08-12 Shafaq News/ The exchange rates of the US dollar against the Iraqi dinar increased today, Saturday, in the markets of Baghdad and Erbil, the capital of Kurdistan Region.

Shafaq News agency reporter said that the two central stock exchanges of Al-Kifah and Al-Harithiya in Baghdad recorded this morning, an exchange rate of 152,250 Iraqi dinars against 100 US dollars, while the prices recorded for last Thursday were 152,000 dinars against 100 dollars.

As for the dollar prices in exchange shops in the local markets in Baghdad, they rose, as the selling price reached 153,250 dinars, while the purchase price reached 151,250 dinars for every 100 dollars.

In Erbil, the capital of the Kurdistan Region, the stock market also recorded an increase, as the selling price reached 152,500 dinars, and the purchase price reached 152,400 dinars for 100 dollars. LINK

The Exchange Rates Of The Dollar Stabilized At 153 Thousand Dinars In The Local Markets

Economy  |Baghdad today - Baghdad   Today, Saturday (August 12, 2023), the exchange rates of the dollar against the Iraqi dinar witnessed stability in the local markets.

The "Baghdad Today" correspondent said, "The sale price today, in the exchange offices in Baghdad and the provinces, reached 153,500 dinars for every 100 dollars."

"The purchase price was 151,500 per 100 dollars," he added.  LINK

MilitiaMan and Crew: Iraq Dinar - Al-Sudani Timing - Electronic Collection - Oil & Gas - DFI

Iraq Dinar - Al-Sudani Timing - Electronic Collection - Oil & Gas - DFI

MilitiaMan and Crew:  8-11-2023

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

MM:  The heat is on in Iraq….many things are happening and this is a good thing. Al Sudani issues directives to start implementing projects….they have timeframes for this.

Please listen to full video for all their news………

https://www.youtube.com/watch?v=rV61n1KvFjU

Goldilocks' Comments and Global Economic News for August 11, 2023

Good evening Dinar Recaps,

Goldilocks posted comments and news links on the global financial system:

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Tradeweb has partnered with LSEG FXall. This is an electronic platform for Global currency products. It is designed to launch FX Swap Workflows.

FX Swap Workflow is a multi-asset digital solution capable of exchanging digital processes across local currencies such as Emerging Market bonds and foreign currency swaps through a single interface.

An interface is messages passed back and forth between two computers allowing data to be assessed and approved to move forward with a currency transaction from anywhere in the world.

This new mechanism has been a part of the Forex currency reforms as of late being designed to create more efficiency and security in this sector of the market.

Clients are able to buy and sell Emerging Market bonds through this electronic mechanism allowing a "request for quote" and a "request for market" protocols to complete a trade.

It is more than just an efficient way of doing foreign currency trades. It also enhances local currency risk around the world.

© Goldilocks

https://www.assetservicingtimes.com/assetservicesnews/technologyarticle.php?article_id=14687&navigationaction=technologynews&newssection=technology

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BRICS Bank To Increase Funding in Local Currency, Ditching U.S. Dollar

As we have noticed, the price of the dollar has increased lately. And now, the decreasing value of the dollar can no longer be relied on for trade in the East.

This has forced the New Development Bank to trade and lend in local currencies strengthening their positions in the local markets.

Currently, the New Development Bank has been funding local currencies and de-dollarizing at the same time.

New liquidity is forming in the Eastern half of our world as new money velocity and new demands will forge new price patterns to emerge.

© Goldilocks
https://watcher.guru/news/brics-bank-increase-funding-local-currency-ditch-u-s-dollar

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Silvercorp Metals' Path to Sustained Growth in Today’s New Electrification Economy | SilverSeek

https://silverseek.com/article/silvercorp-metals-path-sustained-growth-todays-new-electrification-economy

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Bitcoin: US Bank Drops Crypto Bombshell, Reveals $82M BTC Reserves.

AUGUST 10, 2023 BY LIPIKA DEKA

Bitcoin continues to drive institutional interest, as revealed by SoFi Bank’s Q2 earnings report. The San Francisco-based bank is causing a stir in the financial industry thanks to its wide range of digital assets, which include Bitcoin, Ethereum, Litecoin, Cardano, Solana, and even Dogecoin.

https://www.tronweekly.com/bitcoin-us-bank-82m-btc-reserves/

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What are ISO 20022 Coins? A Guide to Compliant Cryptocurrencies

https://www.techopedia.com/definition/iso-20022-coins

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Banking announcement:

US Senators Reintroduce Digital Asset Anti-Money Laundering Act.

By Editors, Regulation Asia Published on 10th August 2023

The bill, if enacted, would require firms to start reporting crypto transactions exceeding $10,000 after 18 months.

https://www.regulationasia.com/us-senators-reintroduce-digital-asset-anti-money-laundering-act/

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Banking announcement:

The digital pound.

We are looking at the case for issuing a digital pound. This type of money is known as a central bank digital currency (CBDC).

It would not replace cash.

https://www.bankofengland.co.uk/the-digital-pound?sf180375266=1

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Currently, we have two RVs taking place. One is for the banking system. The other is for the people.

The first one has to be done before we can move to the second one.

Stay tuned.

© Goldilocks

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Market risk is climbing.

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Zimbabwe: Reserve Bank Set to Introduce Gold-Backed Digital Tokens for Daily Transactions

https://allafrica.com/stories/202308110221.html

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Thank you Dinar Recaps

Iraqi News Highlights Friday Afternoon 8-11-23

Iraqi News Highlights Friday Afternoon 8-11-23

Tlm724 Administrator Bondlady’s Corner

Al-Rafidain: These Are The Departments That Started Activating The Electronic Taxation System

Economy News – Baghdad  Today, Friday, Al-Rafidain Bank announced the departments that started activating electronic collection and switching to electronic transactions.

And the bank said in a statement, “In accordance with government directives in implementing the electronic payment system, using POS devices in ministries and state institutions and the private sector, and collecting invoice amounts and fees from beneficiaries electronically using bank cards, and to enable those wishing to pay with cards, Al-Rafidain Bank announces the departments that have begun activating the collection.” Electronic transactions and the transition to electronic transactions and the collection of funds through modern electronic systems.

The statement added, "The departments that worked with this procedure are: (Departments of the Ministry of Interior - Directorate of the Police Martyrs Fund - Directorate of Passport Affairs / Baghdad - Office of the Ministry) (Departments of the Ministry of Education - General Directorate of Financial Affairs - General Directorate of Educational Training and Development - Directorate of Public Education And domestic and foreign - Directorate of Curricula) (General Directorate of Industrial Development - Karbala Health Department / Center of the Department - Diwan of the Shiite Endowment - Petroleum Products Authority - Construction and Housing).

The statement stressed that "the activation of collection is continuous and its frequency is increasing in many departments of the state, and this service comes in accordance with the government program in promoting the culture of electronic payment and reducing the use of paper money in commercial payment and collection operations, as points of sale and various electronic payment methods will be used to facilitate the collection of amounts electronically in effective ways." It is reliable and flexible, in addition to contributing to adopting modern technological methods, simplifying procedures, and improving the level of services provided within a safe and transparent environment, as well as keeping pace with the development of the electronic payment system.”

Views 52   08/11/2023 - https://economy-news.net/content.php?id=35624

Oil Prices Fell After US Data 

Economy | 11/08/2023  Baghdad - Mawazine News  Oil prices fell today, Friday, but "Brent" crude is still above $ 86 a barrel, and this came after data showed that annual inflation accelerated in the United States, for the first time in more than a year.

And by 09:28 Moscow time, US West Texas Intermediate crude futures fell by 0.13%, to $82.71 a barrel.

While Brent crude futures fell by 0.17% to $86.25 a barrel, according to Bloomberg agency data.

Upon settlement yesterday, Brent contracts fell to $86.40 a barrel, and US crude fell to $82.82 a barrel.

And yesterday, data issued by the US Bureau of Labor Statistics revealed that the annual inflation rate in the United States rose during last July to 3.2% from 3% in June 2023.

https://www.mawazin.net/Details.aspx?jimare=233054

Al-Rafidain Bank Is Discussing With The Finance And Government Banks The Draft Internal Regulations

Economy 8-08-2023, Baghdad – conscious  Tuesday, the Rafidain Bank announced the discussion of the draft internal regulations for government banks.

The media office of the bank stated, in a statement received by the Iraqi News Agency (INA), that

"the Director General of the Rafidain Bank, the agency, Maher Hussein Rashid, chaired a meeting in the general administration of the bank that included the Director General of the Legal Department in the Ministry of Finance, Muhammad Hamza Mustafa, and representatives of government banks, in the presence of assistants and a number of Managers of departments and employees of Al-Rafidain Bank.

He added that "the meeting discussed the draft internal regulations for government banks and their compatibility with the development of the banking reality in the country."  And he continued,

"The Director General reviewed the model of the internal system of government banks, studied it, and made proposals and observations on the draft system that was completed and in accordance with government laws, specifically the Ministry of Finance, the Central Bank of Iraq, and corporate law, taking into account the governance guide," pointing out that

"the draft internal regulations for government banks It is an important start at the level of introducing advanced technological and digital updates, in line with the global systems of the banking sector.

https://www.ina.iq/191116--.html

Prime Minister: The Unified Treasury Account Will Be An Added Contribution To Anti-Corruption Measures

 Politics 08-9-2023, Baghdad – conscious  Today, Wednesday, Prime Minister Muhammad Shia'a Al-Sudani affirmed that the unified treasury account will be an added contribution to anti-corruption measures.

The media office of the Prime Minister stated, in a statement received by the Iraqi News Agency (INA), that "Prime Minister Muhammad Shia'a al-Sudani chaired today, Wednesday, a meeting to follow up on the completion of the unified treasury account and electronic payment procedures at POS points of sale."  The statement added,

"During the meeting, they reviewed the progress made in completing the unified treasury account, and the subsequent positive indicators that are reflected in the national financial and banking system." 

Al-Sudani stressed, according to the statement, that "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." 

And he directed, "to make an amendment to the electronic payment system No. 3 of 2014, as well as the adoption of the electronic receipt document 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."  https://www.ina.iq/191194--.html

For The First Time In Iraq.. A Bank Launches The "Visa Direct" Real-Time Payment Service

Economy      First Bank of Iraq     Visa Direct     Money transfer  2023-08-09  Shafaq News/ The first "digital" bank in Iraq announced the launch of the "Visa Direct" service, in cooperation with "Visa", the world leader in digital payments.

In a statement received by Shafaq News agency, the bank stated that "Visa Direct" is a real-time payment service from one side to another, which will enable Iraqi customers to enjoy real-time transfers for the first time in the country.

He pointed out that "Visa Direct" is a payment service provided by "Visa" that allows real-time payments to be sent directly to the recipient's valid debit or credit card, using the 16-digit "Visa" card number.

"We are proud to provide this pioneering service to our customers in Iraq, and we believe that this will contribute to improving responsible access to financial services in the Iraqi market," said the founder of First Iraq Bank, Kawa Junaid, according to the statement.  He added,

"By integrating financial and technological innovation with Visa's global architecture, the First Bank of Iraq will contribute to supporting Iraq's greater integration in global markets."  He continued,

"The First Bank of Iraq is proud of its advanced technologies in the field of combating money laundering and combating the financing of terrorism (AML/CFT), and its operations and staff specialized in this field." 

And he indicated that "First Bank of Iraq seeks to ensure exceptional efforts in the Iraqi market," adding, "We are committed to the highest standards (AML/CFT) and compliance with laws and regulations.

We have integrated technologies and efforts at work to take advantage of advanced compliance solutions, including  monitoring real-time transactions, and verification of digital identity and address linking, and setting limits for transactions and deposits.”

While the Director of the "Visa" Group in the Middle East, Mario Makary, explained that "Visa is looking forward to providing first-class international money movement solutions in the Iraqi market.

By using the capabilities of Visa Direct for international dealings, customers of the First Bank of Iraq will be able to access their money, move it, use it and communicate with more than three billion cards globally, while maintaining accessibility and security. 

He added, "We strongly believe that this cooperation will create better user experiences by facilitating the process of accessing, moving and using the funds of First Bank of Iraq customers through a secure digital banking platform." 

According to the statement, the advantages of the “Visa Direct” money transfer service include  speed in settlements, ease of use of phone banking, security and reliability of the global “Visa Direct” system, availability of the “Visa Direct” system globally, and lower costs for transferring money from one person to another.  https://shafaq.com/ar/اقتصـاد/ل-ول-مرة-في-العراق-مصرف-يطلق-خدمة-الدفع-ال-ني-فيزا-دايركت

The Central Bank Issues Strict Directives To Exchange Companies (Document)

Economy 2023-08-09 Source:Alsumaria News 5,047 views  The Central Bank of Iraq issued four strict directives to exchange companies regarding selling dollars on the electronic platform.

The bank said, according to a document seen by Alsumaria News, "The Central Bank of Iraq seeks to consolidate the activities of exchange companies and protect them from risks on the one hand and work to diversify their services on the other hand, and the reasons for this are to consolidate compliance and promote sound practices, in accordance with relevant laws and international standards and practices."

And based on the supervisory and supervisory role of this bank, and for the purpose of controlling cash sales of dollars to travelers through the electronic platform, we urge your companies to adhere to the following:

Document below:

https://www.alsumaria.tv/uploadImages/ExtImages/Images1/ExtImage-1358270-207451232.jpg

https://www-alsumaria-tv.translate.goog/news/economy/464220/البنك-المركزي-يصدر-توجيهات-صارمة-لشركات-الصرافة-وث

Financial Experts Call For The Adoption Of The Slogan {Our Dinar}

Economical 2023/08/08  Baghdad: Hussein Thaghb  Specialists in the financial affairs believe that the return of the exchange of the dollar to its normal rates requires the adoption of the slogan "Our Dinar", calling at the same time that the efforts of government institutions, the private sector and the media join forces to support dealing in dinars exclusively, and to leave dollar transactions.

Financial affairs expert Suha Al-Kafa’i confirmed to “Al-Sabah” that  “the stability of exchange rates in the local market requires participatory solutions between the citizen and the merchant, as the

reality of transactions needs to be converted into the Iraqi dinar instead of the dollar for all transactions without exception, and this will reduce the demand for the dollar, as

The trader in dinars goes to the bank to obtain dollars for the purpose of importing at a price of 1320 dinars for one dollar, and from here it is possible to reduce the demand for dollars in the parallel market. 

Al-Kafaei stressed that "the private sector has flexibility in providing solutions that help achieve stability in exchange rates," noting that "the matter requires achieving integration and cooperation between the private sector and the central bank." Iraqi."  

And she said, "The citizen is required to refrain from buying any commodity in dollars, and here he must go to buy goods from a similar merchant who sells in dinars, and thus contribute to reducing the demand for dollars, as this mechanism leads to all merchants directing to deal in dinars, and contributes to the non-rise in prices, as The merchant will go to the bank to obtain the dollar at a price of 1320 dinars against one dollar, to cover his imports through the approved mechanism. 

And she stressed that "in this way, the two most important elements will abandon dealing in dollars, the citizen who has many and varied transactions, as the country's population exceeds 40 million people, and the merchants who represent a wide segment that leads the economy whose imports represent 95% of the local market's need, and when dealings tend to To the dinar, we tend to achieve stability in exchange rates, provided that we refrain from buying any need in dollars.”    

And she warned of "the importance of the Ministry of Commerce raising the slogan of dealing in dinars, and escalating cases of education through seminars, conferences and the media, so that

dealings are in dinars exclusively, in support of the government's measures to achieve stability in the exchange rates of the dollar against the dinar and at the official rate, and

there can be an active role for the development department." The private sector and the Department of Import and Export in the Ministry of Commerce, from here a campaign must be launched to deal in dinars exclusively. 

And she emphasized, "The inevitability of concerted efforts by the ministries, along with the media, to move towards dealing in dinars and

make dealing in dollars between the merchant and the bank exclusively for the purposes of financial imports," noting that

"the business family realizes that dealing at the official rates of the exchange rate is more beneficial and profitable."  Al-Kafaei pointed out that

"this mechanism will reduce dealings in the parallel market, which offers dollars at higher prices than the official price of 1,320 dinars against the dollar." the one".

In turn, the specialist in economic affairs, Silwan Al-Nuri, stressed that "it is imperative that we turn to dealing in local dinars inside the country, and that

mechanisms be agreed upon between the private sector that offers goods and services and the Central Bank of Iraq be adopted, and that

all challenges that prevent the merchant from going to the banking system to obtain dollars to cover its foreign imports.  

He pointed out that "Iraq has a large volume of dealings with various countries of the world, and

there are challenges in dealing that need a serious pause to address them through continuous meetings that bring together the concerned parties, to create a dealing policy that regulates the reality of the local market, and maintains its stability, and the dinar is for internal transactions, and the dollar is for dealings." foreign affairs and from its official sources, and not to go to the parallel market to obtain dollars.  

He stressed that "limiting transactions in dinars represents an important step that raises the value of the dinar and takes the market to a stage of stability."    https://alsabaah-iq.translate.goog/81939-.html

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

https://www.bondladyscorner.com/

"HCL Law and More" Posted by Clare at KTFA 8-11-2023

KTFA:

Clare:  Shaddad reveals important details about the draft oil and gas law.. This is the fate of the region's contracts

8/10/2023

A member of the Oil, Gas and Natural Resources Committee, Ali Shaddad, revealed important details about the draft oil and gas law, while Egypt disclosed the contracts of the Kurdistan region companies.

Shaddad told Al-Furat News that: "There are committees formed by the federal government and the Kurdistan region that have agreed on a draft oil and gas law of 40 articles."
He pointed to "advanced steps of the government and the concerned committees headed by the Federal Minister of Oil in holding sessions and workshops with the oil-producing provinces," returning to them "very advanced steps in accelerating the legislation of the oil and gas law."

Shaddad added, "The oil-producing governorates will be members of the Sovereign Council, and the National Oil Company will be part of this law, and the government will not find a solution to the outstanding problems other than approving this law."

He continued, "The regional government forcedly stopped oil export operations through two federal and international decisions, and therefore all previous contracts are considered null and void, and here are the points of contention due to the accumulated debts of companies owed by the regional government."

And he added, "On the other hand, these companies entered the blacklist of the federal government, and there are legal procedures and prosecutions by the Federal Ministry of Oil after the issuance of the federal court's decision."

Shaddad concluded, "These points will be settled, but they will not be mentioned in the current draft law, but rather through the Federal Council for Policy-making."

He noted, "There is a problem until this moment, since the export was stopped. The region's oil was not invested except at the rate of 70,000 barrels, which are used locally. Therefore, the export of an average of 330,000 barrels per day was stopped from the date of the issuance of the International Tribunal."

Shaddad concluded, "These points are not political, but rather administrative, and I think they are very easy matters to solve, and there will be no difficulty for the prime minister in resolving these problems."

The political advisor to the Prime Minister, Sabhan Al-Mulla Jiyad, confirmed to Al-Furat News that the file of the oil and gas law will open all outstanding files between the governments of the center and the region.

It is worth noting that Prime Minister Mohamed Shia Al-Sudani hosted, on Tuesday, the periodic meeting of the State Administration Coalition, which touched on the ongoing dialogues regarding the draft oil and gas law, and the results of the technical meeting, which was held last week, in the presence of representatives of political forces and officials of the Federal Ministry of Oil and the Ministry of Wealth. Natural in the Kurdistan Regional Government of Iraq, experts and legal experts.

Where the meeting affirmed the government's keenness to continue dialogues to ripen the final draft of the law, in preparation for submitting it to the House of Representatives after it is approved by the Council of Ministers.   LINK

NanaCarol:  HCL    HCL     HCL

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Clare:  Al-Rafidain announces the direct departments to activate the collection system and collect money electronically

8/11/2023

Al-Rafidain Bank announced the direct departments to activate the collection system and obtain money electronically.

A statement of the bank, which {Euphrates News} received a copy of, stated that "and pursuant to government directives in implementing the electronic payment system, using pos devices in ministries and state institutions and the private sector, and collecting invoice amounts and fees from beneficiaries electronically by bank cards, and to enable those who wish to pay with cards. Al-Rafidain Bank announces The departments that initiated the activation of electronic collection and the transition to electronic transactions and the collection of funds through modern electronic systems.

He pointed out that "the departments that worked with this procedure are (the departments of the Ministry of the Interior - the Directorate of the Police Martyrs Fund - the Directorate of Passports Affairs / Baghdad - the office of the ministry) (the departments of the Ministry of Education - the General Directorate of Financial Affairs - the General Directorate of Training and Educational Development - the Directorate of Public, Private and Foreign Education - Directorate of Curricula) (General Directorate of Industrial Development - Karbala Health Department / Center of the Department - Diwan of the Shiite Endowment - Petroleum Products Authority - Construction and Housing).

The bank stressed that "the activation of collection is continuing and its pace is increasing in many departments of the state."

He explained that "this service comes in accordance with the government program in promoting the culture of electronic payment and reducing the use of paper money in commercial payment and collection operations, as points of sale and various electronic payment methods will be used to facilitate the collection of amounts electronically in effective, reliable and flexible ways, in addition to contributing to adopting modern technological methods and simplifying procedures and upgrading The level of services provided within a safe and transparent environment, as well as keeping pace with the development of the electronic payment system.    LINK

Clare:  Finance Committee: The current month, the benefits of new employees will be paid retroactively

 08/10/2023   Baghdad

The Parliamentary Finance Committee stated that the entitlements of the newly appointed employees will be disbursed retroactively during the eighth month from the date of issuance of their administrative orders, indicating that the matter also applies to holders of higher degrees.

Committee member Mueen Al-Kadhimi ruled out that "the government and the provinces will exhaust the allocations estimated at 199 trillion because the remaining time is short and will give us an opportunity to avoid the deficit in the current year's budget."

Al-Kazemi added that the government's expenditures will be close to its revenues, and this is a good indicator so that there will not be a large deficit. As for the next year, the government should prepare from now to provide the required revenues, whether oil or non-oil, given that this budget will be applied for three years, i.e. to 2025. He pointed out that there will be no change in the budget for the coming years, except for what it will present in the tenth or eleventh month at the latest to Parliament in order to approve the schedules. As for the articles, 78 of them will remain fixed within the budget for the next two years.

Regarding the entitlements of the newly appointed employees, Al-Kadhimi explained that the employees from the contracts and those who have been confirmed, their entitlements are calculated from the date of issuance of their administrative orders in the ministries, whether they are holders of higher degrees, first successes, or lecturers who were transferred to permanent staffing, or contracts who were transferred to permanent staffing. Their entitlements will be paid during the eighth month.

And he stressed that no ministry has the right to refrain from disbursing benefits retroactively because the issue is linked to the Ministry of Finance and the same applies to holders of higher degrees, according to the official newspaper.   LINK

Iraqi News Highlights Friday Morning 8-11-23

Iraqi News Highlights Friday Morning 8-11-23

Tlm724 Administrator Bondlady’s Corner

Sudanese Adviser: Iraq Did Not Actually Come Out Of The Seventh Item, And This Is The One Who Controls The Dollar

Sumerian special     2023-08-08 | Source:  Alsumaria News     9,246 views  The technical advisor of Prime Minister Mohamed Sahib Al -Daraji confirmed today, Tuesday, that Iraq has not actually left under the seventh item, indicating that the Federal Bank controls the dollar.

Al -Daraji said in an interview with a program in the retirement broadcast by the Alsumaria satellite channel, that "the dollar file is old and its connection with the approval of the Federal Bank on transfers and Iraq that came out of the seventh item but not actually," explaining that the dollar file requires the control of the central bank and banks did not practice in the process of transferring the dollar, What gave the American federal to pressure through political extortion, and I personally filed a lawsuit to pass the money abroad, and this prompted the government to take measures that affected the Iraqi economy. 

He added:  "The banking system is incompetent and bank owners seek a 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 the routine and commissions, which led to the exit of the dollar through the cashier and not the banks through incorrect documents and bills, which led To smuggle the dollar abroad."

Al -Daraji pointed out that "the central bank did not control the process of converting bills and accurate them with the electronic platform and there is a significant height in the forged bills", noting that

"there is a problem in the reality of the money that is published on the platform and is awaiting the approval of the federal to transfer it and wait for the foreign audit company, which leads to the delay in the completion of 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 and thinks outside the fund, although this will expose him to the question."  And Al -Darraji said that "my presence in Mosul does not mean anything except that Mosul is an Iraqi, which is a disaster province and needs to be reconstructed and saved through coordination between ministries, governorates, grants and loans to distribute them in Shell Adel and create societal peace and ages for all its regions."

 He stressed that "there are parties responsible for auditing and supervising, and it is not my responsibility to be the head of a high committee for the reconstruction of Nineveh in cooperation with the governor and other parties and our mission is to implement government decisions." 

The Prime Minister’s Adviser indicated that “the most important projects are roads, bridges, archaeological and tourism sites and their reconstruction occupies importance and not neglecting schools and universities and delivering water to the districts and aspects and stimulating the industry through the establishment of two industrial cities and re-dealing with dollars in the province, the most important of which is the work of banking cards for Mosul and this will achieve societal peace.”

He pointed out that "the new City of Sadr will be after the Tariq neighborhood to the laboratory area and we are currently dealing with abuses and it is expected that the designs will be completed within two months, which will be direct."   

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

He pointed out that "trade destroys the economy and the industry is the one who adopts the economy and there is an effort by the government to localize the industries in the country despite the pressure of the interior and the external," stressing that "Iraq will not collapse as Lebanon because Iraq has resources and capabilities that do not exist in Lebanon and what is happening in Lebanon is Fraud and fraud. 

Al -Darraji stressed that "the scenario of previous years will not be repeated in Iraq and it is shameful to be said in Iraq now that the government is unable to pay the salaries of employees," stressing that "Iraq needs a legal foreign policy that can come out of Iraq from under the tutelage of the American federal." 

Al -Daraji indicated that  "the Americans should be aware that there is a new generation in Iraq if America continues to approach the fighting of the economy, they will be enemies again if they do not change their policy." 

And that "the movements of the US ambassador prompted the Sudanese to prevent the interviews of the ambassadors except with the existence of the Ministry of Foreign Affairs," explaining that

"Iraq is late in the regional and international role, which prompted the employees of the American embassy to take provocative positions towards Iraq."  He pointed out that

"the provincial councils are constitutional, and despite that, I see that the decision to freeze them from Parliament was right and I was hoping that the constitution would be modified and that the councils would be canceled because they would return five years back because of the quotas and the services would be disrupted."

Al -Daraji concluded that "fighting corruption takes place across three arms, namely the government, the judiciary and society, and this will be able to fight and eliminate corruption."

https://www.alsumaria.tv/news/alsumariaspecial/464147/مستشار-السوداني-العراق-لم-يخرج-من-البند-السابع-فعل

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

Economy     2023-08-10 | Source:  Alsumaria News     6,262 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.

https://www.alsumaria.tv/news/economy/464286/أزمة-الدولار-في-العراق-تعرف-على-مخاطر-السوق-المواز

Document .. The Central Bank Of Iraq Issues Four Strict Directives To Exchange Companies Regarding The Sale Of The Dollar

Economy      breaking     Central Bank of Iraq  2023-08-09  Shafaq News/ The Central Bank of Iraq issued, on Wednesday, four strict directives to exchange companies regarding selling dollars to travelers.

The bank said in an official letter addressed to exchange companies under the categories (A, B), obtained by Shafaq News Agency, that "based on the bank's oversight and supervisory role, and for the purpose of controlling cash sales of dollars to travelers through the electronic platform (FITR), we call upon your companies Commitment to carrying out cash dollar sales in accordance with the instructions and controls in force, strictly adhering to their requirements, and using them for the specified purpose exclusively, and for eligible persons after verifying their original documents, and failure to comply with what was mentioned will result in imposing a penalty for depriving the violating company of the dollar, and it may reach withdrawing the company’s license". 

He added,  "The Central Bank keeps the sequences of banknotes that companies receive through banks, and therefore finding them with speculators and unlicensed people holds the company that leaked them responsible for that, and commits them to a serious violation that may be punished by withdrawing the company's license, as well as judicial procedures." 

And he continued, "The non-merged companies have been given long and sufficient deadlines, and the date of 12/31/2023 will be the last date for submitting merger applications, and the allocation of companies' shares from cash dollars after this date will be contingent on achieving the merger."  And the bank concluded,

“Starting from the date of 8/8/2023, the company’s entry to the window for buying and selling foreign currency will be suspended in the event that (3) complaints are received against it from citizens, which prove their validity, until it submits a mechanism or program to control the sale duly approved by this bank.”

And in the event of a repeat of the violation, this bank will permanently prevent the company from entering the foreign currency buying and selling window.

 https://media.shafaq.com/media/arcella/1691588898458.jpg

https://shafaq.com/ar/اقتصـاد/وثيقة-البنك-المركزي-العراقي-يصدر-اربعة-توجيهات-صارمة-لشركات-الصرافة-بش-ن-بيع-الدولار

  Development Fund.. A Step For Economic Advancement And Investment Revival

Economical 2023/08/10   Baghdad: Haider Fleeh Al-Rubaie  Specialists in economic affairs praised the government’s approach to establishing the “Development Fund for Iraq,” stressing the importance of the step in achieving a package of achievements,

including allowing various forms of financing partnerships such as loans, international grants, and allocations from the general budget, or issuing financing bonds and local and international partnerships with the private sector.

And while they indicated that the fund would develop and diversify non-oil resources,

they pointed out that the development path project would be the real nucleus of the work of the Iraq Fund.

The Prime Minister, Muhammad Shia'a al-Sudani, revealed that "the cabinet approved the system of the Iraq Fund for Development, and we are working to form a board of directors, and we have received offers from Arab and foreign investment funds to participate in the fund, as well as we have received requests from the private sector to implement projects within the Iraq Fund for Development."

The fund can achieve many economic and development goals, foremost of which is the possibility of improving the investment environment, launching sustainable development, finding solutions to economic, social and environmental crises, as well as creating a qualitative change in the adoption of technology and modern systems in management, as well as its ability to finance projects that address gaps in the powers of ministries..

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The fund can also create job opportunities through investment projects, develop human capital and skills to match market requirements, in addition to its ability to attract the financial mass of the private sector and employ it in projects.

In addition to the many economic advantages that the fund can achieve, the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, believes during his interview with "Al-Sabah" that

"the Iraq Fund is one of the strategic methods for investing in major development projects across the provinces and has the ability to provide backlinks."

and frontally with production chains and other investments in a correlative manner.

Saleh explained that the fund is characterized by providing two important directions, which are the

sustainability of financing throughout the life of the implementation of the strategic project without stumbling, which means high implementation efficiency through a network of interconnected investments, as well as

allowing various forms of financing partnerships such as loans, international grants, allocations from the general budget, or the issuance of financing bonds. Or local or international partnerships with the private sector, depending on the nature of the project and its internal and external extensions.

The financial advisor believes that the "Development Road Project" will be the true nucleus of the work of the Iraq Fund and its associated networks of industrial cities, infrastructure, etc., as well as the possibility of this new economic formation becoming the planning, financing, and executive investment arm, whether independently of the government or through strategic partnerships. with the private sector.

Counselor Saleh suggested, "Creating an effective management description for the fund that has three pillars at once, the first of which is economic and engineering planning for the strategic projects that the fund will undertake to approve, and the second is the establishment of an administrative and engineering technical apparatus that undertakes follow-up on the implementation of projects upon their approval and monitors completion rates, accuracy of implementation, and control of exchange, in When the

third pillar is concerned with financing management and the flow of incoming and outgoing sources of funds, meaning the accuracy of spending on projects.

In addition, the economist, Dr. Hussein Jaber Al-Khakani, confirmed to Al-Sabah that “the establishment of a development fund is an important direction and sound thinking and the adoption of scientific solutions in the face of crises, and that

seriousness and readiness for speedy implementation and the use of successful experiences of countries in this field represent a successful step.” And a good starting point for the government in its early works.

In order for the Fund to succeed, Al-Khakani urged that it “be independent financially and administratively and not be under the umbrella of any ministry,

but rather be linked to the Prime Minister or the Council of Ministers, in order for it to have freedom of movement in implementing government policy and the activities for which it was established,” stressing at the same time,

He stressed the importance of the fund working "in a private sector way in management, employment, investment and contracting with experts and consultants with the specializations it needs to enable it to perform its work in the best way."    https://alsabaah-iq.translate.goog/82112-.html

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