Dinar Recaps 20 8/14/23 Dinar Recaps 20 8/14/23

Goldilocks' Comments and Global Economic News for Monday, August 14, 2023

Goldilocks' Comments and Global Economic News for Monday, August 14, 2023

Good morning Dinar Recaps,

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

Jackson Hole Economic Policy Symposium

The Jackson Hole Symposium is 10 days away. They have chosen a title. The 2023 Economic Policy Symposium. “Structural Shifts in the Global Economy,” will be held Aug. 24-26, 2023.

Central Bank leaders from around the world will be attending this event. There will be several discussions surrounding the paradigm shift taking place in our market and/or economy.

Other discussions will be on expanding the new digital economies' functions and how it will operate.

Goldilocks' Comments and Global Economic News for Monday, August 14, 2023

Good morning Dinar Recaps,

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

Jackson Hole Economic Policy Symposium

The Jackson Hole Symposium is 10 days away. They have chosen a title. The 2023 Economic Policy Symposium. “Structural Shifts in the Global Economy,” will be held Aug. 24-26, 2023.

Central Bank leaders from around the world will be attending this event. There will be several discussions surrounding the paradigm shift taking place in our market and/or economy.

Other discussions will be on expanding the new digital economies' functions and how it will operate.

These meetings are taking place before the G20 meeting in early September whereby the expectation of the Financial Stability Board is expected to give a green light to the global economy on moving forward with their digital clarity structures.

From August 24th to September 11th, new monetary policies in our new digital economy will be evaluated and given permission to be implemented.

This will set the stage for the final phases of Quantum Technologies to interface global digital networks in preparation for total activation inside a new digital framework.

We will still need to complete our currency reforms inside the Markets and Banks. Step by step, we are getting there.

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Banking announcement:

"RBI Announces Planned Upgrades to UPI System."

The Reserve Bank of India is creating an artificial intelligence mechanism that will allow Banks from around the world to connect with their Quantum Technologies into their Unified Payment Interface.

This new payment system has the capacity to go International, and it is important for us to watch its development.

A new feature will walk users through a set of procedures allowing initiation of UPI transactions through conversing with an AI-powered system.

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State Banks are getting into the game for the use of stablecoins. They are currently in conversation with the Federal Reserve on these matters.

A state bank is not the same as a central or reserve bank; these institutions are primarily concerned with influencing a government's monetary policy."

They are expected to follow the same rules and regulations as a Central Bank institution. Requirements to back 100% of their stablecoin transactional values are expected through commodities.

A stablecoin is a representation of a country's currency. These latest conversations tell us that movement forward is about to commence again with stablecoin legislative bills seeking to become law.

Cadwalader Link

Investopedia Link

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India makes the first crude oil payment to UAE in Indian rupees.

Boom.

The foundation of the energy world could undergo significant transformation in the months ahead.

Read: https://x.com/goldtelegraph_/status/1691137106720993280?s=46

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BREAKING NEWS

BRICS WILL DISCUSS THE ESTABLISHMENT OF A COMMON PAYMENTS SYSTEM NEXT WEEK, WHILE A TECHNICAL COMMITTEE IS LIKELY TO BE FORMED TO START CONSIDERING A POTENTIAL JOINT CURRENCY

There it is.

Read: https://x.com/goldtelegraph_/status/1691126311656345608?s=46

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"Ripple Commands 90% of Global FX"

What?

Ripple is rapidly becoming a major player in Forex transactions. It's ability to minimize transaction times is impeccable. "Its payout network encompasses over 90% of the world’s foreign exchange business."

Furthermore, Ripples' partner Instarem wants to use their Digital Network to service the needs of the Internal Treasury operations.

© Goldilocks

https://thecryptobasic.com/2023/08/14/ripple-partner-instarem-to-use-blockchain-solution-for-internal-treasury-operations/

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BRICS | BOOM! 85% of The World’s Population Ready Ditch U.S. Dollar & The Grand Exodus Begins! 45 Countries Prepare To Join BRICS Week Before Summit - American Media Group

https://amg-news.com/brics-boom-85-of-the-worlds-population-ready-ditch-u-s-dollar-the-grand-exodus-begins-45-countries-prepare-to-join-brics-week-before-summit/

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De-Dollarization: Save Nations from Dependency on Dollars
https://www.thecoinrepublic.com/2023/08/13/de-dollarization-save-nations-from-dependency-on-dollars/

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Stellar (XLM), the sister organization of Ripple and XRP, is designed to facilitate cross-border payments and provide financial services to the unbanked and has a unique mission in the crypto space.

Its partnerships with established financial institutions and its commitment to inclusivity have positioned it as a contender to bridge the gap between traditional financial systems and the world of cryptocurrencies.

https://www.tekedia.com/crypto-regulation-news-the-impact-of-us-cbdc-on-miyagi/

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UAE Dumps Dollars For Oil Trade - (Can US Save The Petrodollar?)

https://www.youtube.com/live/PubhljSeigM?feature=share

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Thank you Dinar Recaps

DINARRECAPS8 8/14/23 DINARRECAPS8 8/14/23

Iraqi News Highlights Monday Afternoon 8-14-23

Tlm724 Administrator Bondlady’s Corner

Al-Nusairi: The Battle For The Stability Of The Exchange Rate With Speculators In The Black Market Will End With The Recovery Of The Dinar

Money and business Economy News _ Baghdad Samir Al-Nusairi, an adviser to the Association of Iraqi Private Banks, confirmed today, Monday, that the battle led by the government and the central bank with speculators to control the stability of the dinar exchange rate against the dollar on the black market will end with the gradual recovery of the dinar and that the rise in the exchange rate is temporary, and will inevitably decrease back to the target rate of The central bank in Iraq, because the dollar that is traded in, if it does not come from the central bank, then its source is illegitimate and is held accountable by Iraqi law for its negative effects on the national economy.

Iraqi News Highlights Monday Afternoon 8-14-23

Tlm724 Administrator Bondlady’s Corner

Al-Nusairi: The Battle For The Stability Of The Exchange Rate With Speculators In The Black Market Will End With The Recovery Of The Dinar

Al-Nusairi said in an interview with "Al-Iqtisad News", that "one of the most prominent reasons for the dollar's rise is the news of depriving 14 banks of dealing in US dollars and what the big speculators did in withdrawing cash dollars and the manipulation of unauthorized exchanges with exchange rates." In addition, some small retailers did not enter the electronic platform for external transfer.

And he added, “Some media outlets and analysts exacerbated the confusion of the market by amplifying unreal and incomplete data and information, as well as websites and microbes that announce daily the exchange rate on the black market despite the warnings of the Central Bank and its clarification by its statements issued successively that the offer of foreign currency is available for all requests submitted to the electronic platform by companies.”

And merchants and businessmen, and that the platform is the only approved system for external transfers, which achieves the real guarantee for the safety of external financial transactions in accordance with international standards, which guarantee the arrival of transfers to the final beneficiary.

Al-Nusairi pointed out, "The Central Bank follows up and monitors the markets in cooperation with the concerned government agencies, and takes urgent measures to address the situation and stop all countermeasures that harm the national economy." In particular, limiting illegal trade through unofficial outlets.

And he continued, “The Central Bank is working to diagnose and study the causes and obstacles to entering the electronic platform, delaying some transfers, and setting up procedures that facilitate merchants’ conduct of their business smoothly and easily, and taking possible flexibility to accelerate external transfers in banks, the Central Bank, and in the relevant international banking agencies.”

Al-Nusairi noted that “the measures will inevitably result in a decrease in the exchange rate on the black market for the illegal dollar, and that the Central Bank is currently working on adopting new mechanisms and work contexts to control monetary stability, and their results will appear soon.” We urge all government agencies, wholesalers, and businessmen to support the Iraqi dinar and deal with it in all local monetary activities and transactions, as it is strong and covered by foreign monetary reserves that exceed $113 billion, and that its purchasing power is gradually recovering. In addition to being an essential pillar of national sovereignty. 08/14/2023 https://economy-news.net/content.php?id=35658

The Price Of The Dollar Rose In Baghdad And Erbil With The Closing Of The Stock Market

Economy Monday, August 14, 2023 Baghdad / The National News Center he prices of the US dollar rose against the Iraqi dinar, today, Monday, in the markets of Baghdad and Erbil, with the closing of the stock exchange.

The correspondent of the National News Center said, “The dollar prices rose with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, to record 153,000 Iraqi dinars against 100 dollars, while prices recorded this morning 152,600 dinars against 100 dollars.”

He added, "The selling prices in exchange shops in the local markets in Baghdad have stabilized, as the selling price reached 153,500 dinars, while the purchase price reached 152,500 dinars for every 100 dollars."

In Erbil, the dollar also recorded an increase, as the selling price reached 153,150 dinars for every 100 dollars, and the purchase price was 153,050 dinars for 100 dollars. https://nnciraq.com/221532/

201 Million Dollars In Foreign Currency Sales In The Central Bank Today

Economy Monday, August 14, 2023 Baghdad / National News Center The Central Bank of Iraq announced the proceeds of selling the dollar through the electronic currency window on Monday. 201 million dollars in foreign currency sales in the Central Bank today https://nnciraq.com/221470/

A Slight Decline In The Exchange Rates Of The Dollar With The Closing Of The Stock Exchange In Baghdad

Economy Sunday, August 13, 2023 Baghdad / The National News Center The dollar prices fell today, Sunday, in the Baghdad markets, with the closure of the main stock exchange in Al-Kifah.

The correspondent of the National News Center said, "The dollar prices decreased with the closure of the Al-Kifah and Al-Harithiya stock exchanges, as prices recorded 152,400 dollars against 100 dollars, while the prices this morning were 152,700 dinars against 100 dollars."

He added, "The selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 153,000 Iraqi dinars, while the purchase price reached 152,000 dinars for every 100 dollars." https://nnciraq.com/221367/

Planning Is Discussing With The International Labor Organization A Mechanism For Benefiting From Savings And Retirement Funds

Money and business Economy News _ Baghdad Today, Monday, the Ministry of Planning discussed with the International Labor Organization a mechanism for benefiting from savings and retirement funds in stimulating development and diversifying investment sources.

The ministry stated, in a statement received by "Al-Iqtisad News", that "the Ministry of Planning, in cooperation with the International Labor Organization, held today a dialogue seminar on how to benefit from savings, retirement and guarantee funds in stimulating development and diversifying sources of self-investment that supports national development, in the presence of the Undersecretary for Technical Affairs, Maher Hammad Johan. ".

She added, "The representative of the International Labor Organization, Amjad Turabi, gave a presentation on the role of national provident funds in building the Malaysian development experience and lessons learned for Iraq," noting that "social security and retirement funds in Malaysia played an important role in the country's national investment efforts through the availability of a stable and reliable source." For local capital to invest, as these funds helped transform savings into productive investments and support long-term economic growth and development in the country.

For his part, Director of the Department of Macro-Policies and Building Economic Models at the Department of Economic and Financial Policies, Muhammad Shihab Ahmed, gave, according to the statement, "a presentation on the economic role of sovereign funds," explaining "the types of sovereign funds and their objectives, which include: (Public Finance Continuity Fund, savings funds, investment institutions, development funds and retirement reserve funds).

The workshop was attended by the Director General of the Department of Human Development, Maha Abdul Karim Al-Rawi, and representatives of ministries and agencies not associated with a ministry, as well as a number of experts, academics and a number of ministry employees, while it was chaired by expert Adnan Yassin. The head of the expert team at the ministry, Ahmed Mohamed Hassan, was its rapporteur. Views 21 08/14/2023 - https://economy-news.net/content.php?id=35663

International Companies In The Kurdistan Region Urge Respect For Their Rights When Enacting The Oil And Gas Law

Energy Economy News _ Baghdad Today, Monday, the Kurdistan Oil Industry Association (IPCOR) called on the governments of Baghdad and Erbil to preserve the contractual rights in the new oil and gas law to be enacted.

The union, which represents companies including “DNO”, “Genel Energy”, “Gulf Keystone Petroleum”, “HKN Energy” and “ShaMaran Petroleum”, said in a statement received by “Al-Iqtisad News”, we urge the integration of the rights of companies in the Iraqi budget and any laws Futurism governing oil and gas in federal Iraq and the Kurdistan Region.

"It is essential for the future of the industry in these regions, and the many jobs that support them, that the outcome of the negotiations include recovery of costs and profits to which international oil companies are entitled under existing production sharing contracts," he added.

The Kurdistan Regional Government and the Iraqi federal government held a meeting on the fifth of August to discuss drafting a new oil and gas law. During the meeting, they agreed to form a committee to draft an oil and gas law to help resolve the dispute over the constitutional rights of the Kurdistan Region over oil and revenues.

Since 2005, the Iraqi Parliament has not been able to pass the draft law and the Kurdistan Region approved its own law and began its independent export through Turkey.

The dispute between Baghdad and Erbil over oil exports escalated last March, when the Court of Arbitration in Paris ruled against independent oil exports to Kurdistan under its 2007 law, prompting Turkey to halt oil exports via the Iraq-Turkey Pipeline (ITP).

So far, talks between Baghdad, Erbil and Ankara have failed to find a solution to resume oil exports. Moreover, according to the Iraqi budget law, the Kurdistan Region is required to deliver 400,000 barrels of oil per day.

A representative of the "IPCOR" consortium said in a statement to "Standard & Poor's" that the oil companies "want to guarantee their contractual rights, including cost recovery and entitlement to oil, and protect them in the discussions between Erbil and Baghdad."

"The international oil companies in Kurdistan must be compensated for the real costs, just as they are in federal Iraq. Our investments have fully funded the entire sector and there are solutions that will guarantee future foreign investment in the Iraqi energy sector," he added.

He pointed out that "the PSC (professional standards) model used in the Kurdistan Region has a competitive investment structure that is widely used in oil regions around the world."

He continued, "Within the framework of the security companies of the Kurdistan Region, the international oil companies bear all the financial risks, and in the event of success, the Kurdistan Region retains the majority share of the reward."

"To provide international oil companies with confidence in their contractual right to recover costs and receive profit payments from successful projects, the Kurdistan Company PSC model is governed by English law, with disputes settled through international arbitration at the London Court of International Arbitration," said the Epicor consortium.

The oil companies also said that it would not be possible for the Kurdistan Region to provide 400,000 barrels of oil per day to Baghdad, without the international oil companies operating in the Kurdistan Region.

"To achieve this, the Kurdistan Region will depend on production from fields run by the International Olympic Committee," he said.

"Despite the political, security and geological challenges in the region, the sector operated by the ICRC has developed from almost nothing 15 years ago to produce about 250,000 barrels of oil per day," he added.

"As (oil) the most important industry in Kurdistan by far, the oil and gas sector now provides tens of thousands of high-quality jobs directly through the IOCs themselves as well as indirectly through service companies and contractors and in the communities surrounding our operations, homes and offices," he added.

Moreover, due to the cessation of oil exports, foreign companies operating in the Kurdistan Region had to implement cost-cutting measures, which led to staff layoffs.

Views 75 08/14/2023 - https://economy-news.net/content.php?id=35659

Oil Prices Fell After Gains For The Seventh Week In A Row

Economy | 08/14/2023 Baghdad - Mawazine News Oil prices fell today, Monday, after a series of gains that continued for seven consecutive weeks, as a result of concerns about slowing economic growth in China and the impact of the appreciation of the dollar.

Brent crude futures fell by 29 cents, or 0.3%, to $86.52 a barrel, by 00:33 GMT, while US West Texas Intermediate crude fell by 24 cents, or 0.3%, to $82.95 a barrel.

The price decline came in light of the rise in the value of the US dollar, as the dollar index recorded its gains today, Monday, while the rise in US producer prices, last July, also led to an increase in Treasury yields, despite expectations that the US Federal Reserve will stop raise interest rates.

And oil prices rose after the International Energy Agency expected record global demand and a contraction in supply, which made oil achieve gains, for the seventh week in a row, in the longest series of gains since 2022. https://www.mawazin.net/Details.aspx?jimare=233210

Advisor To The Prime Minister: The Financial Situation In The Country Indicates A High Degree Of Stability

Political Baghdad - Conscious - Nassar Al-Hajj Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, ruled out a financial deficit during the current fiscal year 2023, and while he put forward two reasons, he confirmed that the financial situation in the country indicates a high degree of stability.

Saleh said, to the Iraqi News Agency (INA), that "the federal general budget for the years 2023-2024-2025 has taken sufficient precaution for fluctuations in annual budget revenues, specifically oil revenues, as the fiscal policy adopted a hypothetical or precautionary deficit amounting to approximately 64 trillion dinars."

He added, "The federal general budget indicated at the same time in its law a clear precautionary detail for the sources of financing that deficit as well, as its financing sources will be when necessary from the surpluses of the internal financial market, by dealing with bonds and treasury transfers issued by the government and bought by the banking system and the public from their financial resources." available in order to invest in those government securities and consider them excellent debt instruments.

And he continued, “Despite the foregoing, we do not expect a deficit during the current fiscal year for two reasons: the first is the existence of a financial surplus of about 23 trillion dinars, and the second is that the cycle of oil assets is trending upward, as the average barrel of Brent oil touches 85 dollars, which means that there is demand.” increasing global demand for oil.

And he added, "If the situation continues until the end of the current fiscal year, the country's financial situation indicates a high degree of stability in a positive way, warning at the same time the importance of imposing financial discipline in managing the state's public expenditures, as well as maximizing financial revenues according to the timing required to ensure their cash flows." In a reassuring and proper manner, to ensure the country's financial sustainability. https://www.ina.iq/191392--.html

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

https://www.bondladyscorner.com/

Dinar Recaps 20 8/14/23 Dinar Recaps 20 8/14/23

KTFA Members "News and Views" Monday Afternoon 8-14-2023

KTFA:

Clare: A delegation from the regional government will visit Baghdad tomorrow, and two laws are on its agenda

8/13/2023

The spokesman for the Kurdistan Regional Government, Bishwa Hawrami, announced that a delegation from the Kurdistan government will visit Baghdad this week.

Hawrami said, in a press statement, that: "A delegation from the Kurdistan Regional Government will visit Baghdad on Tuesday (August 15) to discuss the implementation of the financial budget law."

He explained that "the delegation will discuss the oil and gas law in Baghdad, and will include representatives of the Ministry of Natural Resources and experts in oil and gas."

KTFA:

Clare: A delegation from the regional government will visit Baghdad tomorrow, and two laws are on its agenda

8/13/2023

The spokesman for the Kurdistan Regional Government, Bishwa Hawrami, announced that a delegation from the Kurdistan government will visit Baghdad this week.

He explained that "the delegation will discuss the oil and gas law in Baghdad, and will include representatives of the Ministry of Natural Resources and experts in oil and gas."

It is noteworthy that a delegation from the political bureau of the Kurdistan Democratic Party arrived in Baghdad on August 7, and held meetings with the coordination framework and Prime Minister Muhammad Shia al-Sudani, which focused on the non-implementation of the agreements under which the current government was formed.

On August 5, the Ministry of Oil said, after a meeting that included Foreign Minister Fuad Hussein and Oil Minister Hassan Abdul Ghani, a delegation from the Kurdistan region, governors of oil-producing provinces, and advisors to the prime minister, that the meeting came as part of the legislative reform package that came in the government curriculum, specifically what came in the twenty-third axis. Regarding the preparation of a draft oil and gas law to expedite the completion of this project and with the participation of all relevant parties in this strategic national project.

The meeting discussed, according to the statement, "the importance and objectives of the law and the need to implement it as soon as possible, with the participation of the region, oil-producing governorates and representatives of the Prime Minister's Office," noting that the atmosphere of the meeting was positive.

The meeting resulted in the following recommendations:

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

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

Since 2007, the oil and gas bill has been sent to parliament 3 times, political differences preventing it from being passed each time.

Besides the 2007 draft, the Iraqi government prepared two projects in 2008 and 2011.

The first draft of the oil and gas law, prepared in 2007 by the Iraqi government, consisted of 43 articles, and disagreements between the Kurdistan Regional Government and the federal government prevented its approval.

The draft stipulated the formation of a federal council for oil and gas by the Iraqi government that would determine the oil policy in Iraq, in which the Kurdistan region would be represented with the rank of minister.

In 2011, the Iraqi parliament discussed a draft oil and gas law consisting of 49 articles, without being able to pass it either.

It is noteworthy that the Federal Supreme Court ruled on (February 15, 2022) the "unconstitutionality" of the oil and gas law approved by the Kurdistan Parliament in 2007, obligating the Kurdistan Region to hand over its oil to the federal government. LINK

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Turk182: IMHO - They have no other choice than to change the value of their Iraqi dinar NOW, they don’t have the luxury of kicking the can down the road any longer.

Too many contracts/MUA’s are Have been executed and can no longer sign in a pause mode.

the Iraqi Citizens can no longer wait for what they were PROMISED…THE TIME IS NOW

Texas2018: Turk182, I agree and hope you are correct. Prime Minister Al-Sudani set a timeline for Tuesday to begin implementation of service projects. He put out a timeframe for the operational and investment portion on August 24th. I presume those dates will start the allocation process. Hopefully, the distribution and expenditure stages follow quickly. I believe Walkingstick informed Frank the budget opening will initiate the monetary rate change. Hopefully, the CBI will finally take their foot off the private sector's throat.

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Turk182: Iraqi Tripartite Budget for (2023, 2024 & 2025) - OFFICIALLY Posted in Gazette on Monday, June 26th, 2023

For Those Kids keeping score at home:

From and including: Monday, June 26, 2023
To, but not including Monday, August 14, 2023

Result: 49 days

It is 49 days from the start date to the end date, but not including the end date.

Or 1 month, 19 days excluding the end date.

49 days can be converted to one of these units:

4,233,600 seconds

70,560 minutes

1176 hours

49 days

7 weeks

13.42% of 2023

The Iraqi Government gives new meaning to the phrase, "At A Snails Pace"

Clare: State banks are looking into internal systems and automation

8/13/2023

The Director General of Al-Rafidain Bank, Maher Hussein Rashid Agency, chaired today, Sunday, a meeting in the general administration of the bank, which included the Director-General of the Legal Department in the Ministry of Finance, Muhammad Hamza Mustafa, and the directors of some government banks, in the presence of representatives of the Central Bank of Iraq.

A statement by the Rafidain Bank, of which {Euphrates News} received a copy, said, "The meeting reviewed what has been achieved in terms of the draft internal regulations for government banks and the observations that were put forward at the previous meeting, in accordance with the directives of the Ministry of Finance and the Central Bank of Iraq."

The director of the Rafidain Bank confirmed, according to the statement, that "the goal of changing the internal regulations of government banks is to open broad horizons for the bank's dealings internally and externally, and to introduce modern electronic systems and automation within the framework of institutional governance and drawing up financial policy in the country and benefiting from technologies that contribute to the speedy completion of transactions and their development to serve interest of the bank and its customers.

The statement continued, "The meeting opened the door for discussions and interventions aimed at addressing gaps related to the draft internal system for government banks and keeping pace with international banking updates." LINK

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Clare: International companies in the Kurdistan Region urge respect for their rights when enacting the oil and gas law

8/14/2023 Baghdad

Today, Monday, the Kurdistan Oil Industry Association (IPCOR) called on the governments of Baghdad and Erbil to preserve the contractual rights in the new oil and gas law to be enacted.

Since 2005, the Iraqi Parliament has not been able to pass the draft law and the Kurdistan Region approved its own law and began its independent export through Turkey.

He pointed out that "the PSC (professional standards) model used in the Kurdistan Region has a competitive investment structure that is widely used in oil regions around the world."

"To achieve this, the Kurdistan Region will depend on production from fields run by the International Olympic Committee," he said.

Moreover, due to the cessation of oil exports, foreign companies operating in the Kurdistan Region had to implement cost-cutting measures, which led to staff layoffs. LINK

DINARRECAPS8 8/14/23 DINARRECAPS8 8/14/23

Iraqi News Highlights Monday Morning 8-14-23

Tlm724 Administrator Bondlady’s Corner

Learn About Iraq's Rank In The Arab World And Globally, With The Highest Share Of GDP

Economy Iraq breaking gross domestic product

2023-08-12 Shafaq News / Iraq ranked 113th in the world and seventh in the Arab world, with the highest share of GDP out of 190 countries listed in the table.

According to the CEOWORLD report, which is specialized in statistics, seen by Shafaq News Agency,

"Rich countries consistently rank first in terms of per capita GDP, which reflects their strong economies and high income levels." She noted, "It is important to understand that GDP per capita is not the only measure of a country's economic and societal well-being.

Iraqi News Highlights Monday Morning 8-14-23

Tlm724 Administrator Bondlady’s Corner

Learn About Iraq's Rank In The Arab World And Globally, With The Highest Share Of GDP

Economy Iraq breaking gross domestic product

2023-08-12 Shafaq News / Iraq ranked 113th in the world and seventh in the Arab world, with the highest share of GDP out of 190 countries listed in the table.

According to the CEOWORLD report, which is specialized in statistics, seen by Shafaq News Agency,

Factors such as income inequality, wealth distribution, and quality of public services also play an important role in determining the general economic conditions and living standards of a nation."

According to the magazine, " Iraq ranked 113th in the world out of 190 countries listed in the table, and the seventh in the Arab world, with per capita GDP of $4,775."

In the Arab world, Qatar came first at $66,838, followed by the

United Arab Emirates at $44,315, then Bahrain came third at $26,562, then

Saudi Arabia came fourth at $23,185, then Oman came fifth at $19,509, and then

Libya came sixth at $6,357. Then Iraq came seventh, Lebanon eighth at 4.136 dollars,

Jordan ninth at 4.103 dollars, and Tunisia tenth at 3.807 dollars.

Globally, "Monaco had the highest per capita GDP at $234,316, followed by

Luxembourg second at $133,590 and Bermuda, third at $114,090, then Iceland came fourth at $100,172, and Switzerland came fifth at $91,991."

On the other hand, "the countries with the lowest per capita GDP are Burundi, which ranks at the bottom of the world at $221, preceded by Afghanistan at $368, and Somalia at $446."

https://shafaq.com/ar/اقتصـاد/تعرف-على-مرتبة-العراق-عربيا-وعالميا-ب-على-نصيب-من-الناتج-المحلي-ال-جمالي

An Economist Considers Importing Qatari Gas More Feasible For Iraq

Economy Iraq Qatar Gas 2023-08-Shafaq News / The academic economist, Nabil Al-Marsoumi, considered, on Saturday, that importing Qatari gas to supply power stations in Iraq is more feasible than any other option, especially after the accumulation of debts to Iran for importing the same material.

Al-Marsoumi said in a post on his Facebook page, "Iraq is studying many options to diversify the sources of liquefied gas,

and not rely entirely on Iranian gas after Iraq fell into financial problems that made it difficult for it to pay financial dues to Tehran, which forced Iran at many times, To reduce the quantities of gas exported to Iraq by 40%, as a result of Baghdad's failure to pay the outstanding debts, which amounted, as Iran says, to $11 billion.

He added, "Iranian gas is imported through two tracks, the first is the gas pipeline for the central region (Naft Khana-Baghdad), and the second is the southern gas pipeline (Basra-Abadan)."

The economist continued, "Choosing any alternative to Iranian gas requires a study of the technical and economic feasibility of the price equation through which gas is supplied to Iraq,

especially since Iraq has spent more than $800 million to establish these two supply lines for Iranian gas, as well as the possibility of obtaining safe and stable supplies." of imported gas.

And Al-Marsoumi indicated that "one of the most important of these options that Iraq can resort to is to use Qatari gas to supply and operate the electric stations, by establishing a gas receiving station in the port of Umm Qasr in Basra, and there is a tendency to establish a system in the port to receive gas, as we do not have such

This station is important for receiving this gas coming via ships, especially since the technical proposals for the cost of the system are currently being studied.

Al-Marsoumi suggested that "the establishment of a platform to receive Qatari gas through the platforms that will be installed in the port of Umm Qasr, and the extension of pipelines from the platform to the Iraqi gas lines, and then to the stations."

The economist pointed out that "the distance between the Iraqi port of Umm Qasr in the city of Basra and Hamad International Port is estimated at about 650 km, while the estimated journey time is about 48 hours, and it is possible to extend a pipeline to transport gas from Qatar through the sea and through Iraq to Turkey to export it to Europe is within the path of development to be established in the future.

Al-Marsoumi concluded his post by saying: "Because of the long distance between Iraq and Turkmenistan, which is 1,559 km, transporting gas from Turkmenistan to Iraq will be the most expensive option, both in terms of the cost of establishing the pipeline or the cost of importing gas from it."

https://shafaq.com/ar/اقتصـاد/خبير-اقتصادي-يعتبر-استيراد-الغاز-القطري-كثر-جدوى-للعراق

Will Iraq Turn Into A Source Of Gas?.. An Emirati Center Answers

Thursday, August 10, 2023 Follow-up / National News Center

The Emirates Center for Policies stated that Iraq will likely be able to invest part of its gas with the help of foreign companies, and it may reach self-sufficiency by 2030,

but the continuous population increase - more than a million people every year - will consume most of the gas that Iraq will produce, which limits Iraq's chances of being a gas exporter.

A report affiliated with it, the National News Center, stated that political conflicts have delayed the signing of the fifth licensing round - which includes oil and gas fields - for a full five years, and will most likely delay other strategic projects in the future.

The rampant corruption in Iraq is still a major factor limiting foreign investment in its various economic sectors, including oil and gas.

The following is the text of the report:

During the signing of the fifth licensing round, which concerned oil and gas fields in the country in February of this year (2023), Iraqi Prime Minister Muhammad Shia al-Sudani said that Iraq would achieve self-sufficiency in gas within three years and enter the global gas market as an exporter.

Al-Sudani’s statements sparked mixed reactions between enthusiasts and those skeptical of their realism, and it seems that the Iraqi government has retreated from these ambitious hopes.

Last May, Iraq signed a contract with Iran to extend the import of Iranian gas for five years. In the same month, the Iraqi Deputy Prime Minister and Minister of Oil Hayan Abdul-Ghani said in a press interview that Iraq plans to be self-sufficient in gas in 2030, which seems closer to reality than the optimistic Sudanese statement.

Hello, World!

This paper sheds light on Iraq's attempts to invest in the gas sector, and the chances of it becoming an exporting country.

Double Gas Crisis

Iraq has been suffering from a double gas crisis for many years.

on the one hand, it ranks 12th in the world in terms of gas reserves, but it produced only about 9 billion cubic meters in 2021, which puts it in the 40th rank in the world in terms of production.

Part of the uninvested gas - the other part is free natural gas - comes out as a by-product during oil extraction.

Almost half of this gas - which is called associated gas - is burned because Iraq does not have the appropriate technologies to invest it.

On the other hand, Iraq contracted to import 72 gas turbines to produce electricity - distributed among 16 power stations at a value of more than $10 billion - from the American General Electric (GE) and Germany's Siemens in 2008.

And while Iraq succeeded through the four rounds of oil licensing signed with foreign oil companies, which aim to increase Iraqi oil and gas production since 2009, in reducing gas flaring in half by 2023, the increase in consumption driven by the high population forced Iraq to continue to rely on Iranian gas.

Since Iran has been subject to severe US sanctions since the Trump administration withdrew from the 2015 nuclear deal, Iraq has been granted periodic renewals from the US government that allow it to import gas and electricity from Iran under complex and slow payment mechanisms that avoid paying in dollars.

The US government also pressured Iraq to seriously invest in gas to end dependence on Iranian gas (especially after the gas prices rose in the wake of the Russian invasion of Ukraine).

In addition, the burnt gas has negative environmental and health repercussions on the lives of the population in southern Iraq and in Basra in particular.

Results Of The Licensing Rounds

Figures from the Iraqi Ministries of Planning and Oil show that gas investment rose from 10.4 billion cubic meters in 2002 to 14.8 billion cubic meters in 2020.

This modest increase - despite the media frenzy of the licensing rounds - was accompanied by a much larger increase in the amount Flammed gas increased from 3.3 billion cubic meters to 14.1 billion cubic meters in the same period.

And while the licensing rounds succeeded in almost doubling Iraqi oil production - to about 4.5 million barrels per day before the Corona pandemic - this was only partially and slowly achieved in the gas file.

An Iraqi government oversight report attributes this failure to the lack of seriousness of the Iraqi Ministry of Oil in investing in the gas sector, as the first licensing round did not include any gas project or any details of (associated) gas investment.[i]

The second licensing round did not set any specific date that would oblige companies to invest (associated) gas, leaving the matter to the discretion of the companies.

Although the ministry contracted on fast-track projects for investment in gas, these projects did not enter service as planned, such as the Bazargan field in Amarah, which was run by the Chinese company Sinooc until the end of 2014, and investment in the northern gas fields was also delayed.

In Basra, the Iraqi government, through the South Gas Company, entered into an investment partnership with the multinational Shell and the

Japanese Mitsubishi, where the Basra Gas Company was established in 2011, but it did not start production until 2013. [ii]

Iraq's lack of an integrated pipeline network to transport the produced and processed gas led to the wasting of processed quantities of gas,

as happened in 2014 when the Zubaydiyah power plant that works with the gas produced in the Al-Ahdab field stopped working, which led to wasting quantities of gas because it could not be transported to other stations..

Other gas investment projects also faltered, such as rehabilitating the gas compressors of the North Gas Company, which were installed in 1989 and never entered service.

Two decades passed until Iraq contracted with an Emirati company to rehabilitate them in 2009, but the work was not completed. [3]

In addition to The aforementioned, Iraq lacks a system of accurate and sufficient meters to calculate the gas produced or consumed, whether in gas production projects or in gas-fired electricity production plants, and workers there often resort to estimation in calculating quantities.

Political Interventions

The issue of the fifth licensing round arouses attention, because this round was announced in 2018,

but the contracts resulting from it were not finally signed until 2023 due to mutual accusations of corruption between a deputy in Parliament and officials in the Ministry of Oil, which prompted the Iraqi Prime Minister, Muhammad Shia Al-Sudani, to say during The final signing ceremony for the fifth licensing round in February of this year, that this round was suspended for 5 years due to a communication from a member of Parliament who questioned the validity of its procedures, and

after the Integrity and Judicial Commission scrutinized the matter, it was found that the procedures were sound, and that Iraq lost millions of dollars because of this disruption. [iv]

What matters in this regard is not the mutual accusations that abound in the Iraqi political arena,

but rather the observation that the issue of obstructing the fifth licensing round constitutes an excellent example of the fatal slowness that characterizes government work in Iraq.

These years have been punished for ruling the country with four different governments and four prime ministers!

This example explains the reasons why many major international companies have moved away from the Iraqi oil file, leaving the field open to less important companies, many of which came from China.

It also denies the Iraqi government's claims about the country's eligibility to attract foreign investment.

Is the goal of Iraq entering the global gas market as a realistic exporter?

Regional and global interest in Iraqi gas has increased over the past year, and

Iraq has signed a number of agreements, memorandums of understanding and contracts with a number of companies, such as the French “Total” and the Saudi “Aramco” in addition to the American “Baker Hughes” and “Shell” that has been operating for years.

The economist, Nabil Al-Marsoumi, paints an optimistic scenario by saying that: Iraq's current need for imported gas amounts to 40 million cubic meters per day... and

when the current gas projects are completed (namely: the Nasiriyah gas investment project with a capacity of 5.6 million cubic meters per day, and the Halfaya field investment project with a capacity of 8.4 million cubic meters). cubic meters per day, and the Artawi field project in the Basra Gas Company with a capacity of 11.3 million cubic meters per day, and the Artawi field project in the South Gas Company with a capacity of 8.4 million cubic meters per day), within three to four years,

it is hoped that their production will reach 33.9 million cubic meters. per day, which will lead to achieving 80% self-sufficiency in gas, and even Iraq can reach an export surplus of 19 million cubic meters per day.

While this rosy scenario seems promising, the Iraqi practical experience has often proven that the winds come with what ships do not desire.

This scenario assumes stability in the domestic Iraqi demand for gas, while Iraq's population is increasing by at least one million people every year, and with them the consumption of electricity is increasing.

In 2003, Iraq, with a population of 25 million, produced about 3 gigawatts of electricity.

Ten years before that date, specifically in 2012, the Iraqi Deputy Prime Minister for Energy Affairs at the time, Hussain al-Shahristani, made his famous promise that Iraq would export electricity next year.

And when this year came - 2013 - the population of Iraq had exceeded 35 million people, and their need for electricity had increased to 17 gigawatts, while production had only reached about half of this number.

At that time, Iraqi Prime Minister Nuri al-Maliki acknowledged that there was a defect in the contracts signed with General Electric and Siemens for the construction of gas power stations.

It is worth noting that the Iraqi government planned in 2013 to invest Iraqi gas by 2015, but that did not happen.

Today, after another ten years, the population of Iraq has reached 42 million, and their need for electricity has doubled to about 35 gigawatts, while production has reached a maximum of about 23 gigawatts, and Iraq is still planning to exploit its wasted gas.

At the same time, the Iraqi Ministry of Planning expects that the population of Iraq will reach 51 million people in 2030, and this means - based on the experience of the past twenty years - that the need for electricity will increase by at least 20 gigawatts.

This increase may absorb all the gas that optimistic Iraqi officials expect the country to produce.

The picture may be less bleak if the Iraqi government is able to convince the Iraqis to limit the population increase - something that has never been proposed before - or to rationalize electricity consumption, which it has so far failed miserably.

Another issue related to this issue that may negatively affect foreign investment opportunities in Iraqi gas is that foreign companies aspire to make a profit by marketing Iraqi gas globally,

but this may not be achieved as long as the Iraqi market will consume the produced gas and as long as there are subsidized prices for the purchase of gas for gas stations. Iraqi electricity.

The Iranian factor

Many observers believe that Iran, through its political allies and armed political arms in Iraq that dominate the current government and parliament, will not allow Iraq to invest its gas, because that contradicts the Iranian interest in Iraq remaining an importer of Iranian gas.

While this analysis seems logical, the truth may be more complex.

On the one hand, Iran itself consumes the majority of the gas produced to the extent that it is forced to stop exports to Iraq sometimes at peak times in winter and summer.

Iran also imports gas from Turkmenistan to supply its northern regions, especially in winter.

On the other hand, the Iraqi payment mechanism for the price of this gas, which is conditional on American approvals and exemptions from sanctions, cannot be an encouraging factor.

The issue of the price by which Iraq imports Iranian gas, which is generally subject to market prices, remains a motive for its continued export to Iraq, as well as to Turkey, which imports almost the same amount.

What is certain is that the price of selling Iranian gas to Iraq - and Turkey - is commercially better than the price of its government-subsidized consumption inside Iran.

It seems likely that Iran desires a continuation of the gas crisis in Iraq, which constitutes an Iranian card of influence added to other cards such as the relationship with the "coordinating framework" parties and their armed wings.

However, this did not prevent the Iraqi government, which has been closest to Iran since 2003, from offering gas investment. As a priority, including the signing of the fifth licensing round, the announcement of the sixth round, and the signing of the huge agreement with the French companies “Total” and “Qatar Energy” worth $27 billion.

Conclusions

Iraq suffers from a shortage of gas supplies - which is used in electric power plants - which has led to its heavy dependence on imports from Iran.

Iraq began to pay attention to the issue of investing in associated gas - which is burned during oil extraction - and natural gas since the licensing rounds were signed 14 years ago, while the increase in Iraqi gas production did not exceed more than 50% in 18 years.

Political conflicts have delayed the signing of the fifth licensing round - which includes oil and gas fields - for a full five years, and will most likely delay other strategic projects in the future.

The rampant corruption in Iraq is still a major factor limiting foreign investment in its various economic sectors, including oil and gas.

Iran has an interest in Iraq's continued dependence on Iranian gas, but this did not prevent Iraq from seeking to end this dependence.

Iraq will likely be able to invest part of its gas with the help of foreign companies, and it may reach self-sufficiency by 2030,

but the continuous population increase - more than a million people every year - will consume most of the gas that Iraq will produce, which limits Iraq's chances of being Gas exporter.

https://nnciraq.com/220898/

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

https://www.bondladyscorner.com/

Dinar Recaps 20 8/14/23 Dinar Recaps 20 8/14/23

"Tidbits From TNT" Monday Morning 8-14-2023

TNT:

Tishwash: Fifthly, Iraq is among the top 10 countries in the world with oil reserves

Iraq ranked fifth among the top 10 countries in the world with oil reserves, according to the Italian oil company, Eni.

Eni said in a table seen by Shafaq News agency, "Iraq came in the fifth place among the 10 largest countries in the world in terms of oil reserves, with an amount of 145.019 billion barrels for the year 2022, with a compound growth rate of 0.1%," noting that "Iraq has reached its oil reserves." In 2010, the amount was 143,100 billion barrels, then it decreased in 2011 to 142,503, to rise to 148,766 in 2016, then it decreased to 145.019 billion barrels in 2018, to settle with the same amount until 2022.

Eni said, "Venezuela came at the forefront of countries with oil reserves, amounting to 303.375 billion barrels, Saudi Arabia came second with 272.904 billion barrels, then Iran came third with 208.600 billion barrels, and then Canada came fourth with 161.678 billion barrels."

TNT:

Tishwash: Fifthly, Iraq is among the top 10 countries in the world with oil reserves

Iraq ranked fifth among the top 10 countries in the world with oil reserves, according to the Italian oil company, Eni.

And she continued, "The UAE came sixth with 115.150 billion barrels, Russia came seventh with 107.804 billion barrels, Kuwait came eighth with 101.500 billion barrels, and Libya came in ninth place with 48.363 billion barrels, and in the tenth place came the United States of America with 44.720 billion barrels."

And she indicated that "the total oil reserves of the ten countries amount to 1.509.123 trillion barrels, while the oil reserves of the rest of the world's oil-producing countries other than the ten amount to 237.295 billion barrels," indicating that "the total world reserves of oil amount to 1.746.418 trillion barrels." link

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

Tishwash: Mr. Al-Hakim: The stability of Iraq is a prerequisite for the stability of the region, and experience has proven it

The head of the National State Forces Alliance, Mr. Ammar al-Hakim, stressed the stability of Iraq as a prerequisite proven by experience for the stability of the region.

A statement from his office, of which {Euphrates News} received a copy, stated that Mr. Al-Hakim received the Japanese ambassador {Futoshi Matsumoto} and renewed during the meeting, "the emphasis that Iraq has overcome many problems on the political, security and social level, and is eager to perpetuate the stability it is witnessing in order to turn it into a permanent one."

And between "the importance of strengthening cooperation between Baghdad and Tokyo in the field of productive sectors such as agriculture, industry, tourism, investment and technology, due to its expertise and experience."

Al-Hakim also affirmed "Iraq's firm desire to open up to everyone in a way that guarantees its interests and preserves its sovereignty." link

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

Tishwash: Al-Sudani: Iraq today does not need foreign combat forces

The Commander-in-Chief of the Armed Forces , Mr. Muhammad Shayaa Al-Sudani, meets with the leaders of the ranks and commanders of our armed forces who participated in the battles to liberate Nineveh and victory over ISIS

A number of commanders and commanders of our heroic armed forces who participated in achieving victory over the terrorist gangs of ISIS, and liberating Nineveh Governorate, which fell under the domination of the dark organization.

His Excellency praised the performance of the heroic men, from the various ranks of our armed forces and security forces, who sacrificed their lives cheaply for the sake of liberating the homeland, and preserving the constitutional and democratic gains that were achieved in the new Iraq, recalling, in the first place, the sacrifice of our righteous martyrs in order to achieve victory.

The Commander-in-Chief of the Armed Forces reaffirmed the Armed Forces' commitment to their professional, constitutional and legal path, within the process of development, consolidation of security and civil peace, and the protection of a decent life for all our Iraqi people throughout the country.

The following are the highlights of his speech during the meeting

: The liberation of Mosul was one of the important battles, at a time when everyone expected that the matter would be settled in favor of the mythical state and the end of the Iraqi state.

? The whole world is indebted to the sacrifices of the Iraqis in that battle, because the ISIS gang did not only target Iraq, but it was a bigger conspiracy to target the countries of the region.

? The deviant ideology of ISIS, which was planned in closed circles, was intended to prevail in the region.

? The standing of the religious authority represented by His Eminence, the Grand Ayatollah Sayyid Ali al-Sistani, may his shadow last, and the sacrifices of the Iraqis are what thwarted the plot of ISIS.

? We have the right to be proud of the sacrifices of all Iraqis that thwarted the ISIS plot.

? We remember with honor and respect all the martyrs, starting with the martyrs, the leaders of victory.

? Our battle with this terrorist group was a battle between truth and falsehood, and here we remember the saying of the Commander of the Faithful (know the truth and know its people) and the world knew that the Iraqis are the truth because ISIS is the absolute falsehood.

We have to preserve the work of the security establishment and its professional path in accordance with the law and the constitution, which is a commitment of all political forces, and within the political agreement under which this government was formed, and voted on by the House of Representatives.

?Iraq today does not need foreign combat forces, and we are conducting advanced dialogues in order to determine the form of future relationship and cooperation with the international coalition

? After the liberation battles, Iraqis became more united than ever, after sectarian violence and division prevailed after years of change.

? All Iraqis fought in one trench from all nationalities, religions, sects and components.

? We must review all plans and preparations and remain at this level of readiness required for any movement that the terrorist organization may resort to, which is trying to restore life to its ranks.

? Today we are facing a battle of stability, development and prosperity, which is not an easy task.

? I recommend to you the families of the martyrs, and strive to follow up on their affairs, which is a legitimate and moral task, and an important message to all officials, starting with the speaker.

? I recommend to you the associate, for the smallest military rank is the most important stone in the security establishment, and it is an important prelude to achieving victory and sustaining security.

? Sustainability of security and stability are political and social goals for the citizen and the government.

? Construction and development need to maintain stability and spread the law, which is the environment that citizens and state institutions expect to implement plans and policies in the field of development and services.

? During this period, we need to train and update all means of confrontation at various levels.

Media Office of the Prime Minister
14-August-2023 link

Mot: ... Yeppers! - All Set I Ams

Mot: ... Ya know - Guys can Always do it better! - Right??? LOL

Dinar Recaps 20 8/14/23 Dinar Recaps 20 8/14/23

MilitiaMan and Crew: Iraq - CBI - Exchange Rate - International Standards

Iraq - CBI - Exchange Rate - International Standards

MilitiaMan and Crew: 8-14-2023

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

Be sure to listen to full video for all the news.

Iraq - CBI - Exchange Rate - International Standards

MilitiaMan and Crew: 8-14-2023

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

Be sure to listen to full video for all the news.

https://www.youtube.com/watch?v=gQeTmNkEnF4

DINARRECAPS8 8/13/23 DINARRECAPS8 8/13/23

Iraqi News Highlights Sunday Evening 8-13-23

Tlm724 Administrator Bondlady’s Corner

The House Of Representatives Calls On The Central Bank To Make A Greater Effort To Stabilize The Price Of The Dollar

Iraq Sunday, August 13, 2023 Baghdad / National News Center The Parliamentary Committee on Economy, Industry and Trade demanded today, Sunday, the Central Bank to make greater efforts to stabilize the exchange rate of the dollar.

And the media department of Parliament stated, in a statement received by the National News Center, that “the Committee on Economy, Industry and Trade, headed by Representative Ahmed Salim Al-Kinani, in the presence of members of the committee, today, Sunday, hosted Al-Alaq, Governor of the Central Bank, Ali Mohsen.”

Iraqi News Highlights Sunday Evening 8-13-23

Tlm724 Administrator Bondlady’s Corner

The House Of Representatives Calls On The Central Bank To Make A Greater Effort To Stabilize The Price Of The Dollar

And she continued, “The meeting discussed the issue of the dollar’s rise and the mechanisms used by the central bank to control the exchange rate, in addition to the issue of the central bank’s reserves of hard currency.”

The committee discussed, “the issue of the electronic platform for foreign remittances, stressing that the Parliamentary Economy Committee stands with the measures of the government and the central bank in fighting exchange rate speculators,” stressing “taking into account the international standards that the central bank operates in, which it cannot exceed.”

And she demanded, “The need to make a greater effort to stabilize the exchange rate and control outlets, currency speculators, and illegal trade.” https://nnciraq.com/221383/

Sudanese Advisor: The Financial Situation In The Country Indicates A High Degree Of Stability

Economy | 08/12/2023 Baghdad - Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, today, Saturday, ruled out a financial deficit during the current fiscal year 2023, and while he put forward two reasons, he confirmed that the financial situation in the country indicates a high degree of stability.

Saleh said, to the official agency, followed by Mawazine News, that "the federal general budget for the years 2023-2024-2025 has taken into account sufficient precaution for fluctuations in annual budget revenues, specifically oil revenues, as the fiscal policy adopted a hypothetical or precautionary deficit amounting to approximately 64 trillion dinars." .

And he added, "If the situation continues until the end of the current fiscal year, the country's financial situation indicates a high degree of stability in a positive way, warning at the same time the importance of imposing financial discipline in managing the state's public expenditures, as well as maximizing financial revenues according to the timing required to ensure their cash flows." In a reassuring and proper manner, to ensure the country’s financial sustainability.” https://www.mawazin.net/Details.aspx?jimare=233139

Parliamentary Economy Hosts The Governor Of The Central Bank

Sunday 13 August 2023 17:34 | Economical Number of readings: 187

Baghdad / NINA /- The Parliamentary Economy, Industry and Trade Committee, headed by Ahmed Salim Al-Kinani, hosted today the Governor of the Central Bank, Ali Mohsen Al-Alaq.

The media department of Parliament said in a statement: "The hosting discussed the issue of the dollar's rise and the mechanisms used by the central bank to control the exchange rate, in addition to the issue of the central bank's reserves of hard currency."

During the meeting, the committee also discussed the issue of the electronic platform for foreign remittances, stressing that "the Parliamentary Economy Committee stands with the measures of the government and the central bank in fighting speculators at the exchange rate."

The committee stressed, "taking into account the international standards by which the Central Bank operates, which cannot be exceeded," calling on it to "need to make a greater effort to stabilize the exchange rate and control outlets and speculators in currency and illegal trade."/ End

https://ninanews.com/Website/News/Details?key=1070587

Al-Sudani Stresses The Need To Continue The Dialogue Between Baghdad And Washington To Organize The Relationship For The Post-ISIS Period

Political | 08/13/2023 Baghdad - Mawazine News Today, Sunday, the Prime Minister, Muhammad Shia'a Al-Sudani, stressed the need for continued dialogue between Baghdad and Washington to organize the relationship for the post-ISIS era.

A statement by the media office of the Prime Minister, of which Mawazine News received a copy, stated that "the prime minister received the Ambassador of the United States of America to Iraq, Alina Romanowski," noting that "during the meeting, they discussed the overall Iraqi-American relations, and ways to enhance joint cooperation in the economic and development fields." In light of the strategic framework agreement, and in a way that benefits the interests of the two friendly countries.

For her part, the US ambassador expressed "the US government's keenness to continue cooperation and develop common interests with Iraq."

And she praised "the last round of the strategic dialogue that took place in the American capital, Washington, between Iraq and the United States," affirming "her country's readiness to continue the constructive dialogue." https://www.mawazin.net/Details.aspx?jimare=233175

Al-Halbousi And The US Ambassador Stress The Importance Of Supporting The Government In Implementing Its Program And Service Priorities

Political | 08/13/2023 Baghdad - Mawazine News Parliament Speaker Muhammad al-Halbousi discussed today, Sunday, with the US Ambassador to Iraq, Alina Romanowski, the importance of the results of the joint security cooperation dialogue between Iraq and the United States.

The media office of the Speaker of the House of Representatives said in a statement, "The Speaker of Parliament, Muhammad al-Halbousi, received the Ambassador of the United States of America to Iraq, Alina Romanowski," pointing out that "the meeting discussed bilateral relations between the two countries, and the continuation of cooperation in various fields, as well as the importance of the results of the dialogue." Joint security cooperation between Iraq and the United States.

He added, "The meeting discussed developments in the political situation in the country, the importance of supporting the government in implementing its program and its economic and service priorities, and a number of issues of common interest." https://www.mawazin.net/Details.aspx?jimare=233186

A New Government Parliamentary Meeting For The Article 140 Committee

Sunday 13 August 2023 14:10 | political Number of readings: 287 Baghdad / NINA / The Special Parliamentary Committee for Article 140 held a new meeting today, Sunday, in the presence of the Head of the Governmental Committee for Article 140, Hadi Al-Amiri, to discuss the file of compensation and financial allocations from the Budget Law, and work to restore rights and disburse dues to those deported and affected by the policies of the defunct regime, and the demographic change that It affected the governorates of (Kirkuk - Diyala - Salah al-Din - Mosul) and a number of regions in the center and south of Iraq, and the need for continued coordination and cooperation between the governmental and parliamentary committees to address problems and obstacles and implement Article 140 of the constitution. / End 5 https://ninanews.com/Website/News/Details?Key=1070558

Total Central Bank Sales Of Foreign Currency For Today

Sunday 13 August 2023 11:43 | Economical Number of readings: 347 Baghdad / NINA / - The Central Bank announced, today, Sunday, its total sales of foreign currency through the electronic window.

Total transfers abroad (remittances and credits) amounted to 184,974,288 dollars, while cash sales amounted to 22,710,000 dollars, thus the total sales amounted to 207,684,288 dollars.

The Central Bank covered the price of cash sales and transfers at (1310) dinars per dollar, and documentary credits and international settlements of the electronic card at (1305) dinars per dollar./End 11 https://ninanews.com/Website/News/Details?key=1070517

Formation Of A Joint Committee Between Iraq And The United Nations To Follow Up On Achieving The Goals Of Sustainable Development

Money and business Economy News – Baghdad Today, Sunday, the Ministry of Planning announced the formation of a joint committee between Iraq and the United Nations to follow up work in the field of achieving sustainable development goals.

A statement by the ministry, received by "Al-Iqtisad News", stated that "Deputy Prime Minister, Minister of Planning, Muhammad Ali Tamim, received the Deputy Special Representative of the Secretary-General of the United Nations in Iraq, Ghulam Ishaq Zai, and his accompanying delegation."

The statement added, "The meeting witnessed a discussion of a number of issues related to joint cooperation between Iraq and United Nations organizations, especially with regard to preparing a joint action strategy for the next five years, transferring international support to Iraq towards development programs, and supporting the priorities of the Iraqi government, foremost among them Facing the effects of climate change, providing drinking water, achieving rural development, as well as discussing the file of the displaced, and government measures to fully address it.

"The two sides also discussed Iraq's preparations to participate in the United Nations high-level political forum on sustainable development goals, which will be held in New York next September," he added.

He pointed out, "The two parties agreed to form a joint committee to follow up work in the field of achieving sustainable development goals, and to hold an expanded workshop with the participation of Iraqi authorities, to discuss the general framework and details of the joint action strategy between Iraq and the United Nations." Views 25 08/13/2023 - https://economy-news.net/content.php?id=35651

Iraq's oil exports to America increased by more than 300,000 barrels per day

Energy Economy News – Baghdad Today, Sunday, the US Energy Information Administration announced that Iraq's oil exports to America increased last week, reaching 305 thousand barrels per day.

The administration said in a table seen by "Al-Iqtisad News", that "the average US imports of crude oil during the past week from eight major countries amounted to 5.810 million barrels per day, up by 35 million barrels per day from the previous week, which amounted to 5.775 million barrels per day."

She added, "Iraq's oil exports to America amounted to an average of 305,000 barrels per day last week, up by 70,000 barrels as a daily rate from the previous week, in which oil exports to America amounted to an average of 235,000 barrels per day."

The administration also indicated that "most of America's oil revenues during the past week came from Canada at an average of 3.466 million barrels per day, followed by Mexico at an average of 667 thousand barrels per day, and oil revenues from Saudi Arabia amounted to an average of 330 thousand barrels per day, and then Colombia at an average of 296 thousand barrels per day." ".

According to the same administration, “the amount of US imports of crude oil from Brazil amounted to an average of 280,000 barrels per day, from Nigeria at a rate of 237,000 barrels per day, from Ecuador at an average of 142,000 barrels per day, and from Libya at a rate of 87,000 barrels per day, while it did not import any quantity.” from Russia". 08/13/2023 https://economy-news.net/content.php?id=35634

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

https://www.bondladyscorner.com/

Dinar Recaps 20 8/13/23 Dinar Recaps 20 8/13/23

Goldilocks' Comments and Global Economic News for Sunday, August 13, 2023

Goldilocks' Comments and Global Economic News for Sunday, August 13, 2023

RJ: Good afternoon Dinar Recaps,

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

"CFTC Staff Releases Request for Comment on the Impact of Affiliations of Certain CFTC-Regulated Entities"

These public comments are focused on derivative clearing organizations, designated contract markets, and swap execution facilities.

These entities have responsibilities in overseeing and supervising all participants in such matters as foreign currency exchanges.

For the next 60 days, public comments will be accepted as required by legislation to offer informed consent to the general population on such matters.

At that time, the CFTC can move forward.

Goldilocks' Comments and Global Economic News for Sunday, August 13, 2023

RJ: Good afternoon Dinar Recaps,

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

"CFTC Staff Releases Request for Comment on the Impact of Affiliations of Certain CFTC-Regulated Entities"

These public comments are focused on derivative clearing organizations, designated contract markets, and swap execution facilities.

These entities have responsibilities in overseeing and supervising all participants in such matters as foreign currency exchanges.

For the next 60 days, public comments will be accepted as required by legislation to offer informed consent to the general population on such matters.

At that time, the CFTC can move forward.

https://www.cftc.gov/PressRoom/PressReleases/8734-23

CFTC LINK

The New Development Bank and the World Bank are beginning to encourage lending money in local currencies.

This will strengthen economic ties, facilitate cross-border transactions, and encourage investment flows within the region.

The shift to this new monetary policy comes with the hope of those lending money in local currencies will have an exchange rate advantage and interest rate advantage down the road. Do you hear what is being said here?

Watch what the big girls and boys are doing my friends.

© Goldilocks

https://telanganatoday.com/world-bank-mulling-local-currency-lending-in-countries-like-india-official

https://www.claytoncountyregister.com/news2/brics-bank-looks-to-local-currencies-as-russia-sanctions-bite/78420/

~~~~~~~~~~

Research is currently being done through the IMF on "The Dominant Currency Financing Channel of External Adjustment."

The Dominant Currency Financing Channel of External Adjustment determines exchange rates between countries.

Pricing exports from a country utilizing a dominant currency instead of the country's own local money is under review.

Trade flows and money flows that produce income for countries shipping out their production services are under review.

Watch the water.

© Goldilocks

https://www.imf.org/en/Publications/WP/Issues/2023/08/11/The-Dominant-Currency-Financing-Channel-of-External-Adjustment-536802

~~~~~~~~~~

The BRICS Summit 2023: Unveiling Potential Geopolitical Paradigm Shift - Modern Diplomacy

https://moderndiplomacy.eu/2023/08/11/the-brics-summit-2023-unveiling-potential-geopolitical-paradigm-shift/

~~~~~~~~~~

Microsoft is working with Aptos Blockchain to connect Artificial Intelligence with Web 3.

This will create a decentralized protocol through artificial intelligence using derivative instruments that will minimize risks in foreign currency exchanges.

Microsoft keeps a watchful eye out on their foreign currency hedge funding options as far as 3 years forward.

This enables them to create portfolios through a decentralized process inside an artificial intelligence program designed to give them best-case scenarios in their path forward.

~~~~~~~~~~

9 Signs That The U.S. Consumer Is About To Break.

https://gregorymannarino.substack.com/p/9-signs-that-the-us-consumer-is-about?publication_id=35435&isFreemail=true

SEC Proposes Sweeping New Rules on Use of Data Analytics by Broker-Dealers and Investment Advisers - Data Matters Privacy Blog
https://datamatters.sidley.com/2023/08/10/sec-proposes-sweeping-new-rules-on-use-of-data-analytics-by-broker-dealers-and-investment-advisers/

~~~~~~~~~~

Mortgage Demand Falls as US Credit Downgrade, Treasury Yields Push Rates Higher
https://www.investopedia.com/mortgage-demand-falls-as-us-credit-downgrade-treasury-yields-push-rates-higher-7574471

~~~~~~~~~~

House Bill to provide for a system of regulation of digital assets by the Commodity Futures Trading Commission and the Securities and Exchange Commission, and for other purposes.

👆 Digital Asset-based clarification bill.

Reforms, reforms, reforms...

https://www.congress.gov/118/bills/hr4763/BILLS-118hr4763ih.pdf

~~~~~~~~~~

Government banks are looking at internal systems and automation

We need to see more of these banking protocols in Iraq set up. Digital monetary policies are beginning to be formed.

It lets us know they are upgrading their Banking System to meet International Standards inside a digital asset-based economy.

© Goldilocks

https://search4dinar.wordpress.com/2023/08/13/government-banks-are-looking-at-internal-systems-and-automation/

~~~~~~~~~~

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Thank you Dinar Recaps

DINARRECAPS8 8/13/23 DINARRECAPS8 8/13/23

Iraqi News Highlights Sunday Afternoon 8-13-23

Tlm724 Administrator Bondlady’s Corner

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

Information / special. 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.

Iraqi News Highlights Sunday Afternoon 8-13-23

Tlm724 Administrator Bondlady’s Corner

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

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 was the price that 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-Maalouma 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.

"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. https://almaalomah.me/news/economy/الدينار-في-غرف-انعاش-المركزي-واتهامات-للأمريكان-بخلق-الازمات

Parliamentary Finance: The Central Bank's Procedures Failed To Control The Dollar

Information / Baghdad..A member of the Parliamentary Finance Committee, Muhammad Nuri, confirmed, on Saturday, the failure of the central bank to control the exchange rate of the dollar against the Iraqi dinar.

Nuri said in an interview with Al-Maalouma agency,

"The gateway to smuggling currency is still continuing by the parties and their banks, with the increase in the sale of the dollar by the Central Bank of Iraq." He added that

"the central bank's policy towards the dollar has not succeeded so far," noting that

"the central bank does not have serious and real solutions to control the exchange of the dollar." Nuri pointed out that

"the dollar file is still outside the control of the Central Bank due to the control of some external and internal parties by the decision of the Central Bank."

A member of Parliament, Amir Al-Mamouri, confirmed earlier that

the currency auction has become a front for draining the dollar and making profits from corrupt money,

pointing out that the file to solve the dollar crisis has not made any progress. End / 25 h

https://almaalomah.me/news/economy/المالية-النيابية:-إجراءات-المركزي-فشلت-بالسيطرة-على-الدولار

What Are The Reasons For The Weakness Of The Iraqi Dinar Compared To Other Currencies?.. An Economist Answers

Aug 12 Information / special. Today, Saturday, 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.

that is, inflation occurs and the rates of rise increase, which happened in the UAE, Saudi Arabia and Kuwait as well."

The economist explained, "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." ‘

And Al-Mashhadani said, "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 is a great demand for dollars."

He stated, "The Iraqi dinar was 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 Iraqi dinar has been in an unenviable situation for nearly 20 years.

After one dinar was equal to 3 and a half dollars during the past century, it reached more than 1550 against one US dollar, which caused problems in the Iraqi economy. Ended / 25R

https://almaalomah.me/news/economy/ما-أسباب-ضعف-الدينار-العراقي-مقارنة-بالعملات-الأخرى-اقتصادي

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

A side of the Shurja market in Baghdad 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.

Views 217 Added 08/11/2023 - https://economy-news.net/content.php?id=35633

The Minister Of Finance Announces The Cancellation Of Thousands Of Bank Accounts

Political Baghdad – conscious Today, Saturday, Finance Minister Taif Sami announced the cancellation of thousands of bank accounts.

In her response to the question during the session, part of which was chaired by Mohsen Al-Mandalawi, First Vice-President of the Council, Sami referred to

"the decision of the Council of Ministers and the recommendation of the Central Bank to start working according to the automation system in banks and banks by contracting with solid private companies that will prepare the requirements."

And she warned of "the presence of reluctance by two companies in carrying out the work at the ministry's headquarters and the banking services company,"

pointing to "the cancellation of thousands of bank accounts devoid of balances, and work is continuing to implement the automation system in banks and ministry departments." And she indicated, "The ministry sends its employees to training courses on working in automation." https://www.ina.iq/191389--.html

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

https://www.bondladyscorner.com/

Dinar Recaps 20 8/13/23 Dinar Recaps 20 8/13/23

KTFA Members "News and Views" Sunday 8-13-2023

KTFA:

Clare: What are the reasons for the weakness of the Iraqi dinar compared to other currencies?.. An economist answers

8/12/2023 Information / special.

Today, Saturday, 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.

KTFA:

Clare: What are the reasons for the weakness of the Iraqi dinar compared to other currencies?.. An economist answers

8/12/2023 Information / special.

He added, "All global 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 UAE, Saudi Arabia and Kuwait as well."

The economist explained, "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."

The Iraqi dinar has been in an unenviable situation for nearly 20 years. After one dinar was equal to 3 and a half dollars during the past century, it reached more than 1550 against one US dollar, which caused problems in the Iraqi economy. LINK

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

Clare: The dinar is in the central recovery rooms.. and accusations against the Americans of creating crises

8/12/2023 Information / special.

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.

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."

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-Maalouma 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. LINK

Turk182: looks like Iran is making some moves to increase their Rial. Interesting chain of events of late.

I never bought into that whole Global Currency Reset nonsense, or all that Debt Forgiveness BS that people post, (oh, i signed into my account this morning, and my mortgage was paid off) ALL Bs!

Sadly, I do see Iran building strength with their Rial. Could they make a change at the same time of Iraq, yes - it would make sense for for them to make a change, NOT the same change in value for both, but yes, an increase in the Rial.

I don't see Vietnam Dong making a change in their value anytime in the near future.

I am still a firm believer that Iraq will increase the value of their Iraqi Dinar in relation to that of the US Dollar within the coming days/weeks. I feel they will come out with a $ 1 to $1 scenario, possibly a few cents higher - for a period of several weeks/months.

Sudani has already gone on record with his "TIMELINE/DATE" -

ALL indications are that the "Fat Lady is ON STAGE, spot light is focused on her, and the band has already played the intro notes, she's getting ready to belt out the words the Iraqi Citizens have long been waiting to hear for the last 20+Years!"

Dinarling: I also find it very interesting the BRICS meetings are this month beginning the 22nd thru the 25th, and what where the dates for the deadlines Sudani made? Very interesting indeed

**********

Clare: The Sudanese government acknowledges the experience of dollar speculators and counts on September

8/13/2023

On Sunday, the Iraqi government expressed its hope that the release of budget funds would contribute to reducing the price of the dollar in the parallel market, while it acknowledged that currency speculators have long experience and fraudulent methods dating back to the nineties of the last century.

The government spokesman, Basem Al-Awadi, told Shafaq News agency, "The launch of the budget definitely means the availability of funds. Therefore, the funds will be released towards ministries, departments, and general directorates in the governorates, independent bodies, and all state institutions, and this means that there is a large cash flow."

Al-Awadi added, "Many financial advisors in the government hope, with the release of budget funds, that next month will be a catalyst for the very large decrease in the dollar exchange rate."

He pointed out that "the recent rise in the exchange rate came as a result of the decisions taken to prevent 14 Iraqi banks from dealing in dollars, as this negatively affected the market, in addition to the way speculators performed in the currency."

Al-Awadi pointed out, "The Iraqi government has clear procedures from five months ago until the moment, and the exchange rate fluctuates between ups and downs, but the government is serious about these measures and has a specific plan."

He explained that "price speculators have long experience since the nineties of the last century, and they move in a way that has a lot of experience and fraud, and despite that, the government's program is clear according to the scheme of the Central Bank, banks and merchants, to correct the work to go towards buying and selling trade through the central and in the right ways."

The Iraqi government spokesman concluded by saying, "The government deals with dollar speculators in accordance with the law, and that requires legal measures from economic security and the state to move in this direction."

The government statements contradict the assumptions of economists that the exchange rate of the dollar will stabilize at its current rates in the parallel market, which exceed the barrier of 150 thousand dinars for every 100 dollars.

Over the past few months, the Central Bank of Iraq's attempts to control the parallel currency market, subjugate the exchange rate and return it to the official rate of 1,320 dinars per dollar have failed. LINK

DallasDude: Well April and September have shown to be the 2 months where significant rate changes have occurred..God willing this will be significant for all of us especially the citizens of Iraq..

Dinar Recaps 20 8/13/23 Dinar Recaps 20 8/13/23

"Tidbits From TNT" Sunday 8-13-2023

TNT:

CandyKissses: Urgent: After a long wait.. Finance is finally published the instructions for implementing the budget

{Economic: Efrat News} The Ministry of Finance has published instructions for the implementation of the Federal Financial Budget Law, calling on "all ministries, governorates and unrelated entities to review the ministry to receive instructions."

A statement by the Ministry, a copy of which was received by {Euphrates News}, said: "In view of the approval and publication of the Federal Budget Law of the Republic of Iraq No. (13) for the fiscal years (2023, 201224 and 2025)

In the official Iraqi facts sheet issued in June 2013 with number 4726, the Ministry of Finance invites all ministries, governorates, bodies and entities not associated with the Ministry of Attendance to the headquarters of the Ministry of Finance / Budget Department Budget Preparation Section for the purpose of receiving a copy of the instructions for the implementation of the general budget and the instructions for implementing the planning budget for the public sector and self-funded bodies and companies."

TNT:

CandyKissses: Urgent: After a long wait.. Finance is finally published the instructions for implementing the budget

It is noteworthy that the House of Representatives voted on May 12 on the federal budget law in general, while the federal governments and in the Kurdistan region filed appeals from the law, some of which were recently received by the Federal Court and accepted others.

https://alforatnews.iq/news/بعد-طول-انتظار-المالية%C2%A0تنشر-أخيراً-تعليمات-تنفيذ-الموازنة

Paperchaser: Didn’t we read that the instructions were implemented and published a couple weeks ago?

CandyKisses: I thought it came out already too, Paperchaser, but the article is dated today, so I posted it.

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

Tishwash: What is the relationship of the corrupt?.. A deputy identifies 3 reasons for the "inactivity" of some parliamentary committees

Today, Saturday (August 12, 2023), Representative Yasser Al-Husseini identified 3 reasons for the inactivity of some parliamentary committees, including the fact that these committees are captive to the committee chairman.

Al-Husseini said in an interview with "Baghdad Today", that "parliamentary committees were chosen according to political data and weights, and this process affects the performance of their work, in addition to the fact that the presidencies are the main engine for them, so either they are active or lead them to inactivity with regard to their oversight role."

He added, "The Presidency of the House of Representatives also has a vision with the government, ministries and independent bodies that the parliament is entrusted with oversight over their performance, but unfortunately some committees are inactive and others have no significant role," pointing out that "there is not yet any diagnosis of names for inactive committees or that have no activity.

He pointed out that "the weakness of any parliamentary committee and its neglect of its oversight role will cast a shadow on the government side and open the doors for the corrupt to proceed in their paths without any follow-up that puts an end to them."

The Iraqi Council of Representatives includes 26 permanent parliamentary committees, in addition to temporary committees that are formed for emergency circumstances.

The Integrity Committee ranked first in terms of the number of members, with 19 members, followed by the Finance Committee with 18 members, followed by the Foreign Relations Committee with 17 members, followed by the Security, Defense, Services, Age, Health, Environment, Legal, Oil and Energy Committees with 16 members.

The Civil Society Institutions Committee came as the least accepted committee by parliamentarians, with only 6 members, followed by the Labor and Social Affairs Committee and the National Reconciliation, Culture, Media, Tourism and Antiquities Committee with 7 members. Each committee has a chairperson and two rapporteurs, and voting is restricted to members only. link

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

Harambe: Iran's Central Bank Chief Says Frozen Funds Reduced by $1 Bln due to Won Depreciation l KBS WORLD (8/13/23)

The chief of Iran's central bank stated that the depreciation of the Korean won has caused the country's blocked assets in South Korea to drop from about one billion dollars.

According to Iran's state-run Islamic Republic News Agency (IRNA) on Saturday, Central Bank of Iran (CBI) Governor Mohammad Reza Farzin said the assets had been frozen at South Korean banks for several years with no interest.

The CBI chief said that all of the funds in South Korea have been unfrozen, adding that they were transferred to a third country, reported to be Switzerland, to be exchanged into the euro currency.

The exchanged funds are expected to be wired to accounts at six Iranian banks in Qatar and are to be spent for the purchase of "unsanctioned goods."

According to Reuters, Farzin announced on social media that the money had been converted to euros and that the third country would pay the conversion fees.

Earlier, the United States and Iran reached an agreement to unfreeze the assets placed under U.S. sanctions by the previous Donald Trump administration in 2018, as well as a prisoner swap that frees five Americans who are currently in prison in exchange for several jailed Iranians.

http://world.kbs.co.kr/service/news_view.htm?Seq_Code=179765&lang=e

Mot: ... Every Daze I Finds things on the INternet that Just Makes Sense!! -

Mot: Yet AGAIN - I finded Great Healthy Info on da Internet! - Ur Welcome!!!