"Tidbits From TNT" Wednesday 8-16-2023

TNT:

Tishwash:  Keywords: US sanctions on some countries imposed restrictions on the central bank

The Governor of the Central Bank of Iraq, Ali Al-Alaq, attributed, on Wednesday, the dollar crisis in the country to US pressure and sanctions on some countries.

 Al-Alaq said in a televised interview, followed by Al-Maalouma, that "US sanctions on some countries imposed restrictions on the Central Bank of Iraq and prevented it from selling dollars indirectly."

 He added, "The Central Bank continues to set restrictions to prevent manipulation of the dollar price in the parallel market, and seeks to simplify the procedures for exchanging hard currency."

Al-Alaq continued, "The Central Bank seeks to simplify procedures for traders to buy hard currencies," noting that "30% of foreign currency goes in favor of imports from China." link

Tishwash:  Governor of Baghdad: We are awaiting instructions from the Ministry of Finance to launch appointments as a contract

The Governor of Baghdad, Muhammad Jaber Al-Atta, announced today, Wednesday, that the appointments are about to be launched as a job contract, with a salary of 300,000 dinars.

Al-Atta said, "During the discussion and vote on the budget, the issue of listing 150 job contracts for all governorates with a salary of 300,000 dinars for a period of three years was raised," noting that "these 150,000 will be distributed to all governorates."

He added, "These contracts are considered job contracts for three years, including 75% for holders of a bachelor's, master's, and doctoral degree, and 25% for others," noting that "the controls have not been officially reached by the Ministry of Finance on how to deal with these contracts, but they do exist." and approved in the budget.

And he continued, "We are waiting for the controls for the 2023 budget and instructions from the Ministry of Finance to arrive officially," stressing, "We started preparing the equipment and arranging things according to the needs of the various specialties and according to the governorate's need in order to be ready." link

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Tishwash:  Baghdad will host the Iraq International Investment Forum next October

Next October, Baghdad will host the Iraq International Investment Forum, which aims to select the best investment opportunities to implement development projects in the capital.  

Governor Muhammad Jaber al-Atta said, in an interview with the official newspaper, followed by “Nass” (August 16, 2023), that the Baghdad Investment Commission, with the aim of studying the optimal investment opportunities before it, and choosing the best one to implement the development projects that the capital needs, will be held during the month of October. Iraq Forum for International Investment Conference.  

 He explained that the conference seeks to draw the capital's investment map in coordination with all sectoral agencies and investment commissions in all governorates, pointing to Baghdad's need for real opportunities that must be studied extensively and presented to sober companies exclusively, provided that they are of great value and a good return in raising the level of the capital from In terms of economic and investment activities.  

Atta considered the aforementioned forum a good opportunity to select distinguished companies to establish important strategic projects for various sectors, especially housing, to contribute to covering the capital's need for housing, which is estimated at one million housing units, provided that it is implemented in the periphery areas to be attractive areas, in addition to other projects that raise the level of these areas.    link

Mot:  .... aaaahhhhh - I Think You are Done for Today!!!!

Mot:  Happy National Bowling Day! Here's a foolproof technique...

MilitiaMan and Crew: Direct focus toward the corrupt and the Iraq Dinar value?

Direct focus toward the corrupt and the Iraq Dinar value?

MilitiaMan and Crew:  8-15-2023

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

MM: Going back to the past to see how we are going forward in the future…..   $41 million forged dinar 25K notes…that were seized by the Kurdistan region ……why would they do that? ..and more. 

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

https://www.youtube.com/watch?v=_HygfhtF7A0

Janet Yellen Now Says Americans Should Anticipate A Decline In The USD As The World's Reserve Currency

Janet Yellen Now Says Americans Should Anticipate A Decline In The USD As The World's Reserve Currency

Bethan Moorcraft    Wed, August 16, 2023

‘A natural desire to diversify': Janet Yellen now says Americans should anticipate a decline in the USD as the world's reserve currency — here's what you need to know and how you can prepare

‘A natural desire to diversify': Janet Yellen now says Americans should anticipate a decline in the USD as the world's reserve currency — here's what you need to know and how you can prepare

The U.S. dollar saw an 8% decline in its share of global reserves in 2022 — causing some to question whether the dollar’s days of dominance are over.

Treasury Secretary Jannet Yellen gave her two cents on the matter during a congressional hearing in June — stating that no currency currently exists that could displace the greenback.

U.S. sanctions and foreign policy plays have inspired a backlash from China, Russia and other prominent countries who may be keen to dethrone the dollar.

Yellen remains adamant that “it will not be easy for any country to devise a way to get around the dollar.” She did, however, warn that the dollar’s share of global reserves may continue to decline as countries look to “diversify.”

Here’s why the topic of de-dollarization is front and center these days — and what you can do if you’re worried about the strength of the dollar.

Impact Of U.S. Sanctions

The dollar’s dominance in global trade and capital flows dates back at least 80 years — not just because the U.S. is the world’s largest economy, but also because oil and other essential commodities are priced in the greenback.

However, recent events — including the Fed’s aggressive rate hikes to stem domestic inflation, the trade war with China and the U.S. sanctions enforced after Russia’s invasion of Ukraine — have caused more countries to call for trade to be carried out in other currencies besides the U.S. dollar.

Prominent powerhouses India and the United Arab Emirates (UAE) have officially started trading with each other in their local currencies. The Indian government announced on Monday that the country’s leading petroleum refiner, Indian Oil Corp., used the local rupee to buy one million barrels of oil from the Abu Dhabi National Oil Company — not the greenback.

At the 14th BRICS Summit last year, Russian President Vladimir Putin announced measures to create a new “international currency standard.” Meanwhile, China has been urging oil producers and major exporters to accept yuan for payments, and major oil exporter Saudi Arabia has said it’s “open” to the idea of trading other currencies.

Even long-time allies, like France, have made non-dollar transactions since the U.S. ramped up its sanctions. In April, French President Emmanuel Macron said Europe must reduce its dependence on the U.S. dollar in order to keep its “strategic autonomy” and avoid becoming “vassals” (subordinate) to America.

To continue reading, please go to the original article here:

https://news.yahoo.com/finance/news/natural-way-diversify-janet-yellen-125500087.html

The Dinar, and the Conundrum over the Dollar and Iran

The Dinar, and the Conundrum over the Dollar and Iran

Estimated reading time: 10 minutes  by Ahmed Tabaqchali

A pile of Iraqi dinars, 2015. Source: Marion VA Medical Center, Flickr.

A report in a major US publication that the US Treasury Department and the Federal Reserve Bank of New York banned 14 Iraqi banks from conducting cross-border dollar transfers rekindled misconceptions, and conspiracy theories that the Central Bank of Iraq (CBI)’s ‘Foreign Currency Selling Window’ is facilitating the siphoning of dollars to Iran, money laundering, and currency smuggling.

In almost a replay of the dollar supply-demand mismatch following the introduction of the CBI’s enhanced beneficiary disclosure requirements for cross-border dollar transfers in November 2022, the parallel market premium (delta henceforth) over the official exchange rate of the US dollar ($, dollar henceforth) versus the Iraqi dinar (IQD, dinar henceforth), widened from the 13 percent at which it had stabilised in recent weeks (Figure 1).

Unlike then, dollar sales at the ‘Foreign Currency Selling Window’, better known as the ‘Dollar Auction’ (auction henceforth), did not drop meaningfully, indicating somewhat different dollar supply-demand dynamics at play.

This was mainly because the 14 banks that were banned from the auction by the CBI on July 20th, following audits of their cross-border transfers in 2022 (pre-November), have played only a limited role in the auction since then.

Figure 1: Volumes in the Auction and Dollar/Dinar Exchange Rate

https://blogsmedia.lse.ac.uk/blogs.dir/22/files/2023/08/Figure-1-Standard.png

Data sources: The CBI for auction data, official exchange rate, parallel market rate the CBI until 7 February, Central Statistical Office data as of 8 February-30 June, Besh Dollar App from 1 July. All data as of 10 August.

The dollar supply-demand mismatch and the increase in the delta, were technically caused by the enhanced beneficiary disclosure requirements and the CBI’s banning from the auction of four banks in November and the 14 banks in July.

But, are fundamentally a consequence of the structural imbalances in the economy necessiating the auction’s role as a supplier of dollars for the payment of the private sector’s imports, and the issues that arise from the nature of a largely informal economy whose consumption of goods and services is mostly met by imports. These are addressed in an upcoming research paper entitled ‘A Fistful of Dinars: Demystifying Cross-Border Transfers, Imports, and the Dollar Auction’.

This article, in a similar vein, addresses the payments for Iraq’s private sector’s –people, merchants, and businesses– imports of goods and services from Iran, in which the goods component averaged 16 percent of Iraq’s total imports of goods in 2012–21.

The controversy over the supposed ‘siphoning of dollars’ to Iran doesn’t factor-in the payments of these imports, which hinders both informed debate and evidence-based policy making. To boot, the private sector’s imports and payments are often mixed and confused with Iraq’s official imports, and payments for gas and electricity.

Private Sector’s Imports of Goods and Services from Iran

Iraq’s private sector imports of goods from Iran consists of formal imports of goods (solid green bars, Figure 2), followed by informal imports of goods, that are neither reported nor measured, taking place either as smuggled goods or goods bought directly by Iraqi merchants in their travels to Iran (referred to locally as ‘suitcase merchants’ or “تجار الچنطة”) (dashed green bars, Figure 2).

While Iraq’s private sector imports of services from Iran are mostly the spending by Iraqi tourists (solid red bars, Figure 2) who accounted for about 32 percent of total tourists to Iran in 2012–21.

Other service imports are expenditures of Iraqis studying in Iran’s universities and in its religious seminaries, with reports of 75,000 Iraqi students in Iran’s universities in March 2023, and 60,000 in July 2022.

Figure 2: Iraq’s Imports of Goods and Services from Iran 2012–22

https://blogsmedia.lse.ac.uk/blogs.dir/22/files/2023/08/Figure-2-Standard.png

Data Sources: Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIM), UN’s World Tourism Organization (UNWTO). All data as of 30 July.

All travelling Iraqis are allowed to exchange a set amount of dinars into physical dollars at the official exchange rate through the auction, accessed at retail counters of banks and money exchange houses. However, some of these physical dollars find their way back to the domestic market. In late 2018, the CBI prohibited all commercial transactions with Iran in dollars, including the sale of physical dollars to Iraqis travelling to Iran.

Subsequenly, Iraqi tourists and suitcase merchants would pay for their expenditures in other currencies such as the euro or dinar, or in physical dollars acquired domestically at the parallel market rate. Other informal imports would have settled their trade in cash too.

Iraqi private sector’s formal imports of goods from the Iranian private sector, cannot take place without making and receiving payments; as the Iran-Iraq Chamber of Commerce pointed out in early July; ‘The private sector has no problem getting its money from Iraq.

Our debts from Iraq are mainly related to government institutions, gas and electricity debts’ The CBI’s 2018 prohibition on using dollars in all transactions with Iran, shifted most payments to the euro, dinar and rial and some were conducted as barter trades.

 Irrespective of the currency used, the dollar likely was the medium of currency conversion, and such payments were unlikely to have been made via the banking system given the isolation that Iranian banks operate under.

Therefore, an alternative opaque payment structure would have been used, however, there are two ways in which this structure could be made more transparent.

The first is through the statement by Iraq’s prime minister, his economic advisor, and the CBI’s officials, which shed light on some of the workings of wire-transfers in the auction, and which essentially imply:

(1) most wire-transfers were based on false invoices between a sender and a recipeint of funds, made possible by complicit local banks, and therefore did not meet the new enhanced beneficiary disclosure requirements; and

 (2) the high premium of the parallel market exchange over the official exchange rate (around 13 percent at the time) is due to the domestic demand for physical dollars to finance trade with Iran, which cannot meet the enhanced beneficiary disclosure requirements.

The second way is the lightly regulated Hawala system, as used by private sector dealings with Iranian counterparts since sanctions increasingly isolated Iran’s banking system.

Under such a hypothetical payment structure, an importer would pay dinars (equivalent to dollars at the parallel market rate) to a Hawaladar (hawala broker) in Iraq, who would in turn instructs a Hawaladar counterparty outside Iraq (not necessarily in Iran) to pay the Iranian exporter in equivalent local currency.

This is recorded as a debit and credit accounting entry between the Hawaladars, who would eventually settle this and other similar transactions, by transferring funds via the auction.

This would be by creating a fictitious import-export invoice, followed by the Iraq based Hawaladar depositing dinars in a local bank, who in turn deposits them at the CBI. These are then proceesed as a dollar wire-transfer transaction in the auction exchanged at the official exchange rate.

Subsequently, the dollars are deposited into the local bank’s account held at a bank outside Iraq, and further transferred to the counterparty Hawaladar in equivalent local currency or in dollars. Essentially, this transfer of dollars though the auction is between the Hawaladars, and not between the Iraqi exporter and Iranian importer who settled their transaction earlier.

Conundrums

The introduction of the new CBI measures in November effectively closed the door for such wire-transfers in the auction, and as a result, for some time physical dollars will likely be sought within Iraq to pay for the private sector’s imports from Iran, keeping the delta high.

This is, however, not a viable solution, as the volumes of cash funded imports – due to the logistics of sourcing and transporting cash – would be much smaller than the hawaladar route funded exports, and would also be costly given the high delta. The high delat will simailry deter dollar cash transactions for Iraqi tourists and suitcase merchants, and same likely applies for the informal trade.

On the hand, the lopsided nature of Iraq’s trade balance with Iran – especially in goods with Iraq’s exports to Iran accounting for fraction of its imports from Iran (in 2022: Iraq exported about $0.2 billion to Iran, and imported about $9.9 billion) – means that Iraq cannot use the dinar or the rial to settle its trade with Iran as it staretd doing in yuan in settling is trade with China in late February. Consequenlty, a third currency is the only means of conducting cross-border trade in goods and services between the two.

The condunrum, is that Iraq’s infinitesimal traded goods and services sector, and thus its overwhelming dependence on oil exports implies that oil exports are its major source of a third cuurency. Implying that while these are traded in dollars, that dollars –directly or converted to other currencies– are the means wtih which Iraq settles its imports of goods and services from the outside world.

Final Thoughts

While sanctions continue to isolate Iran’s banking system from the rest of the world, and the high cost of the delat as well the CBI’s intensified measures agaisnt the absues in the parallel cash market, mean that Iraq’s imports of goods and services will either drop materially, or an alternative route is found.

A third route that might emerrge in time, is the adoption of a third currency other than the dollar to settle transactions. But that route is long and fraught with the conundrums of the need for both of Iraq and Iran to firstly have their own balanced trading relationship with the third’s currency’s trading partner; and secondly that these balanced trading relationships should generate enough surpluses to allow the two to use the third currency in their own transactions in goods and services.

Finally, as an unintended or an intended consequence, the enhanced beneficiary disclosure requirements and the CBI’s new requiremnts for banks to significantly increase their capital, has closed the rent-seeking opportunities for those who have access to the preferential exchange rate to the detriment of those who do not.

https://blogs.lse.ac.uk/mec/2023/08/15/the-dinar-and-the-conundrum-over-the-dollar-and-iran/

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

Good evening Dinar Recaps,

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

China is cutting rates

America is raising rates

The two biggest economies are on two different paths

One is stockpiling gold and influences many of the world's most vital supply chains

One is heavily reliant on its currency and is sinking deeper into debt

This won't end well

Read: https://x.com/goldtelegraph_/status/1691488248428736519?s=46

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Today in history,

52 years ago Nixon ended the Bretton Woods system.

Watch: https://x.com/goldtelegraph_/status/1691493737178836995?s=46

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"EDGEWATER FACILITATES DIRECT TRADING IN SEVEN ARAB CURRENCIES"

Edgewater Markets has introduced their (Technical and Credit Mediation Services) regarding Foreign Currency Exchange Markets to the Gulf Corporation Council.

This incorporates the Middle Eastern countries. They are looking to "transform the landscape of foreign exchange trading within this region."

© Goldilocks

https://financefeeds.com/edgewater-facilitates-direct-trading-in-seven-arab-currencies/

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Could stablecoin regulation come sooner with PayPal USD launch? - Marketplace
https://www.marketplace.org/2023/08/14/could-paypals-launch-of-a-stablecoin-speed-up-regulation/

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52 years ago today, we had the last monetary reset.

Today:
1. Surging wealth inequality
2. Record global debt
3. Sovereign debt crisis

Since childhood, I've been intrigued by the monetary system because it explains many social problems that follow when it disadvantages the middle class.

Everything is connected.

This might explain why I always gravitated to elements because they have always served as our world's foundation.

Read the full article: https://x.com/goldtelegraph_/status/1691520268718514176?s=46

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The electronic FX liquidity and distribution specialist says that the step helps meet the needs of its corporate and institutional clients, including local banks, pension funds, hedge funds, brokers and end users, for hedging and execution of real MENA FX and non-deliverable forwards business.
By extending its services to encompass GCC currencies and Egypt, the firm provides local traders and investors within the region with advanced tools and a seamless trading experience. The development also gives Edgewater’s FX community (https://financefeeds.com/edgewaters-executives-state-what-matters-in-em-fx-tech-credit-execution/) in other regions more access to emerging markets while bringing greater efficiency and reduced operational complexity.

This is also needed to facilitate those exchanges we have all been worried about. Another piece in the puzzle.

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Long-Awaited Executive Order Targets U.S. Outbound Investment in China | Holland & Knight LLP - JDSupra
https://www.jdsupra.com/legalnews/long-awaited-executive-order-targets-u-5010766/

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Iraqi News Highlights Tuesday Afternoon 8-15-23

Iraqi News Highlights Tuesday Afternoon 8-15-23

Tlm724 Administrator Bondlady’s Corner

Iraqi Trade Unions Stress The Need To Diversify Sources Of Self-Investment And Stimulate National Development

The Central National Federation of Trade Unions of Iraq stressed the need to diversify sources of self-investment and stimulate national development.

The union's technical advisor, Qassem Hadi Karim, confirmed in a statement, "The aim of participating in the symposium with the International Labor Organization and advanced cadres in the Iraqi Ministry of Planning and a number of relevant ministries and institutions is to review the experiences of developed countries in this field to support the economic renaissance in the country."

The advisor explained, according to the statement, that "the symposium's work included discussing the most important topics related to savings funds, diversifying sources of self-investment, and stimulating national development. In addition to the annual need, which is estimated at more than 200,000 housing units annually, according to the increase in population growth and the fact that the housing sector is considered the head of a locomotive that drives a group of locomotives and creates an economic renaissance and sustainable development, and the recommendation to adopt the Malaysian experience and transfer it to Iraq.

The statement added, "The attendance was represented by the chief technical advisor at the International Labor Organization, Amjad Turabi, and Maher Johan, the technical deputy of the Iraqi Ministry of Planning, with the participation of a number of ministries and specialized institutions and a number of experts and academics in order to work to support economic growth and long-term development in the country."   https://www.radionawa.com/all-detail.aspx?jimare=35414

Oil Prices Rise Despite Economic Concerns

Economy | 09:55 - 08/15/2023  Baghdad - Mawazine News  Oil prices rose, in trading today, Tuesday, after the decline in black gold prices yesterday, Monday, with the rise of the dollar and amid concerns about the health of the Chinese economy.

By 09:32 Baghdad time, US West Texas Intermediate crude futures rose 0.29% to $82.75 a barrel.

Meanwhile, global crude futures contracts, "Brent" blend, rose 0.36% to $86.52 a barrel, according to Bloomberg agency data. https://www.mawazin.net/Details.aspx?jimare=233268

Efforts To Convert 550 Government Buildings Into Environmentally Friendly Ones

Money  and business   Economy News _ Baghdad  The team of the National Initiative to Support Energy and Reducing Emissions discussed a package of goals that will soon improve the environmental reality.

This came during a recent meeting to review the most important achievements during the last period by the national initiative teams and support the Prime Minister to achieve its requirements and expand its scope to include all sectors.

Member of the "ISO Energy" team and head of the National Initiative for Energy Support and Reducing Emissions Team in the Iraqi Media Network, Tariq Abdul-Amir confirmed during his interview with "Al-Sabah" that the meeting discussed a number of axes, most notably benefiting from the electoral event to raise awareness in the field of rationalization and sustainability of energy and the environment, as well as The focus of the national policy objectives and discussion of the plan to convert 546 government buildings to be environmentally friendly buildings.

The team of the National Initiative to Support Energy and Reducing Emissions seeks to strengthen the role of government institutions in confronting climate change, sustaining energy and water, rationalizing their consumption, raising awareness to combat desertification, preserving the environment, and supporting projects that aim to achieve this.

He added that the team stressed the importance of obtaining green building statistics and clarifying the rationalization rates, the estimated cost and the energy consumed in them, in addition to discussing the urban forest project, especially the project to establish the Baghdad forest to achieve the afforestation plan, one of the goals of the national initiative policy.

It is noteworthy that the team is working on adopting sewage projects and converting them to irrigate the green belt, and working on managing energy consumption regularly and effectively in the governmental, industrial, agricultural and domestic sectors that contribute to reducing the emissions of gases that cause high air temperature, and encouraging and promoting the use of renewable and sustainable energies applications in all sectors. Legislative and physical by the legislative and executive institution.   Views 46  08/15/2023 - https://economy-news.net/content.php?id=35666

The Dollar Is Settling Higher In Today's Trading

Economy  Tuesday, August 15, 2023 Baghdad / National News Center  Today, Tuesday, the exchange rates of the US dollar against the Iraqi dinar stabilized in the markets of the capital, Baghdad.

As “the selling price amounted to 154,000 dinars per 100 dollars, while the purchase price amounted to 152,000 dinars per 100 dollars.”   https://nnciraq.com/221604/

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

https://www.bondladyscorner.com/

Goldilocks' Comments and Global Economic News for Tuesday, August 15, 2023

Goldilocks' Comments and Global Economic News for Tuesday, August 15, 2023

Good afternoon Dinar Recaps,

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

💥RIPPLE XRP THIS VIDEO WILL KEEP YOU HOLDING🚨XRP FLIP THE SWITCH💥💣XRP HOLDERS WILL BE THE NEW 1%

https://youtu.be/FHQoZ59x13Q

Good morning everyone. The video I am about to share with you comes from a trusted trader I listen to frequently.

I find her very accurate and comprehensive on the various topics that she covers. I think it is important that you know the fundamentals of what is about to happen in the markets, so you can prepare accordingly.

It is one thing for me to tell you the markets are going into transition, and it is quite another to experience them.

Preparation is the key. If you have prepared well, you are going to enjoy the rest of the year as a slow process of change into our new economy.

WOW! The Rest Of 2023 Will Be HORRIBLE For Americans - Lyn Alden
https://youtu.be/dj0xgyJjuY0

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Asia Poised to Drive Global Economic Growth, Boosted by China’s Reopening

It is important to note that the reopening of China to the Global Economy is expected to relieve the pressure on demand for the dollar going forward.

This downward pressure will create a weaker dollar and needed openings for National Currencies in the East to accelerate demand and price for their local currencies.

This is why we are witnessing currency reforms begin to mature around the world in every country. A shift in power and transfer of wealth is happening.

We are coming up on three very important meetings that are offering guidance for the rest of the year and beyond on new trading policies and monetary policies that will guide us.

Yes, we are transitioning into a new digital economy, and we are witnessing the growth of new demands on countries not seen before in a long time.

As our Eastern countries become more Sovereign, this will open doors for their own local currencies to be utilized in trade alongside the Chinese Yuan.

This revaluation of currencies is a process that culminates itself into several triggers required to change our global economy.

A digital reset, a reset in the price of gold, silver, and oil, monetary policy changes, a reset in trading routes around the world, new economic bills becoming law are just a few of the changes taking place.

We have been talking about each of these changes for the last 2 years together, and each of them are coming to a place of implementation in process of developing.

This is why it is so hard to call an RV event based on one or two of these needed transitions listed above. It is important to watch for many and all of the above changes taking place over a brief period of time that leads to what we are looking for going forward.

This event is a process that is bigger than one country or one person.

 Perhaps, it was designed this way to prevent egos from climbing too high and accelerate a level a humility that leads us to a place where our souls can rest in our Creator's ability to transform us into a race of people designed to fit in this new world we can all resonate with on the level of soul.

We Are All Souls in transition, and our ability to feel our way into the heart of our Creator will fill us with enough love to last a lifetime.

© Goldilocks

https://www.imf.org/en/Blogs/Articles/2023/05/01/asia-poised-to-drive-global-economic-growth-boosted-by-chinas-reopening

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Michael Burry's Next Big Short: Betting $1.6 Billion Against The U.S. Stock Market

A lot of money is pouring into shorting the market for the next few months. Our transition from a stock to a commodity market supporting stocks will take a toll.

© Goldilocks

https://seekingalpha.com/article/4628347-michael-burrys-next-big-short-betting-1-6-billion-against-the-us-stock-market

MARKET: Deeper Into THE DANGER ZONE. A "PAN-SELLOFF" Is Possible. Mannarino

https://youtu.be/A79Ee7wmzr4

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China’s New Lithium Futures Market Outpacing London Metal Exchange

https://oilprice.com/Energy/Energy-General/Chinas-New-Lithium-Futures-Market-Outpacing-London-Metal-Exchange.html

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Mortgage Credit Crunch In The Pipeline - RIA
https://realinvestmentadvice.com/mortgage-credit-crunch-in-the-pipeline/

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22 banks face capital shortfall if top 3 borrowers default | The Business Standard
https://www.tbsnews.net/economy/banking/22-banks-face-capital-shortfall-if-top-3-borrowers-default-682546

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Commercial Real Estate Time Bomb. - by Gregory Mannarino
https://gregorymannarino.substack.com/p/commercial-real-estate-time-bomb?utm_medium=email

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Events to watch!

📌 BRICS Summit - August 22-24 👉🏻 Link 
(Possible gold standard announced, possible trade currency set and put into action)

📌 Protocol 20 implementation - August 22 👉🏻 Link 
( Full implementation by the 22. Moving liquidity to Stellar via other tokens. Wrapping them in Stellar protocols, and being able to “trade” those assets)

📌 Jackson Hole Fed meeting - August 24-26 👉🏻 Link 
(Titled - "Structural Shifts in the Global Economy”. Discussions, lectures, and possible new monetary policy)

📌 G20 Summit - September 9-10 👉🏻 Link 
(Meeting between the 20 greatest powers in the world. Everything from trade to monetary policy can and is expected to be discussed.)

📌 Voting on Protocol 20 - September TBD 👉🏻 Link  

(TBD - we don’t have a date set in stone yet for voting on the implementation of Protocol 20)

Each one of these events represents a chance for new monetary policy changes. But first, we need to see gold attempt to “break out” of its below 2000 holding pattern.

“When gold is free, so are we”

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"Tidbits From TNT" Tuesday 8-15-2023

TNT:

CandyKisses:  Deputy: Iraq was able to convince America to withdraw its soldiers from its territory

Baghdad - Iraq Today:

The Parliamentary Security and Defense Committee confirmed that Iraq was able to convince America to remove its last soldier and separate him from the Syrian military arena.

Committee member Mohammed Hassan al-Shammari said in a press statement that "the committee hosted the Minister of Defense on negotiations with the United States of America on the security agreement and the outcomes of the meeting of the Iraqi delegation, which acted on the American side and was able to convince the other party to take out the last soldier."

Al-Shammari added, "A new security agreement with the United States of America will include the separation of the Syrian military arena from Iraq, and this is very important and distances the country from the events taking place there."

"The agreement will include the removal of the remaining advisers and trainers, not just soldiers, as needed," he said. He also stressed that "US drones will not roam Iraqi airspace without the knowledge of the government and that they are not armed at all, and this is done according to a mechanism followed according to the new security agreement."

Tishwash:  Al-Sahhaf: The foreign ministers of Iraq, Jordan and Egypt are holding a tripartite meeting in Cairo

Today, Tuesday (August 15, 2023), the Ministry of Foreign Affairs announced the holding of a tripartite meeting of the foreign ministers of Iraq, Egypt and Jordan in Cairo. 

"The foreign ministers of Iraq, Jordan and Egypt are holding a tripartite meeting in Cairo," said Ahmed al-Sahaf, a spokesman for the Ministry of Foreign Affairs, in a statement received by "Baghdad Today."

He added, "They also review ways to enhance cooperation, coordination, and joint tripartite integration in various fields within the framework of the historical relations between the three countries." 

Today, Egyptian media sources indicated that "the meeting discussed continuous coordination and permanent consultation to enhance aspects of economic cooperation, and discussed developments in the executive position of joint projects between Cairo, Baghdad and Amman." 

The Jordanian Prime Minister, Dr. Bishr Al-Khasawneh, had previously stressed the importance of the tripartite mechanism that brings together Jordan, Egypt and Iraq, and many basic and central projects within it, which also intersect with the solid and rooted bilateral cooperation, noting that among these projects is the economic city on the border between Jordan.

And Iraq, in which the three countries have made strides towards it, and the electrical interconnection project, the first phase of which will be completed in the coming weeks. link

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

CandyKisses:  Panama Canal drought hits oil and gas tanker traffic

Information/follow-up...

The Financial Times reported that tankers, including those carrying natural gas, remained parked for long periods in the Panama Canal zone due to traffic restrictions following the drought.

Earlier, the Panama Canal administration reduced the number of cargo trips and banned ships carrying heavy loads from using the corridor against the backdrop of severe drought that lasted for months.

The newspaper quoted shipping agency Norton Lilly as saying that "the average waiting time for large tankers carrying LNG north through the canal increased from eight days to 18 days."

The newspaper added, quoting Xeneta, that "the average cost of an urgent shipment of a 40-foot (12-meter) container from China to the United States, via the canal, rose by 36 percent and amounted to $2.4 thousand." 

According to industry officials, the potential for traffic disruptions for tankers carrying LNG has increased, as container ships often book access to the route several months in advance.

The paper notes that "more than 3 percent of the world's trade, including gas and fruit from South America, passes through the nearly 110-year-old canal that provides Panama's main income."

In addition to the problems related to the functioning of the Panama Canal, the abnormal decrease in rainfall this year is harming livestock and crop production, as local producers have already lost thousands of hectares of crops. ended 25 n

Mot:  .... This Reminder Popped UP again! – LOL 

Mot: . and - More insight into raising the "'Wee Folks"" – siigghhhh

Tuesday Morning Iraq Economic News Highlights 8-16-23

Tuesday Morning Iraq Economic News Highlights 8-16-23

Economists: Solving The Dollar Crisis Needs Long-Term Solutions 

Written By: Social Baghdad  08-14-2023  Economists considered that controlling dollar prices requires time and long-term solutions due to the complete paralysis of the productive sector in Iraq.

Experts explained that the agricultural and industrial productive sector in Iraq is completely suspended, and that Iraq remains dependent on imports will drain the dollar from the Iraqi markets, and the neighboring countries are the biggest winners, in addition to the difficulty of controlling smuggling and speculation mafias by the competent authorities, ruling out the return of the dollar to normal exchange rates quickly – In light of the economic data, it is worth noting that there is a contradiction between government statements, with the assumptions of economists, that the exchange rate of the dollar should stabilize at its current rates in the parallel market.  LINK

Economist: Washington Imposes Its Authority On Iraqi Oil Revenues

Information / Baghdad...Economic affairs researcher Muhammad Al-Saadi explained, on Tuesday, the extent to which it is possible to obtain oil revenues from importing countries directly without placing these funds with the US Federal Bank.

Al-Saadi told Al-Maalouma that "China, India and other Asian countries import Iraqi oil in large quantities, but Iraq receives revenues through the US Federal Bank, which makes Washington an authority over those revenues."

He added, "The dollar, as an American currency that is prohibited in some countries, Iraq can benefit from such a procedure by selling oil in exchange for goods, goods, and raw materials needed by the Iraqi industry, or introducing companies from those countries and engaging them in the field of construction, construction, and project implementation."

And he indicated that "the continuation of selling oil in exchange for obtaining dollars may not be a good idea, as it is possible to obtain projects, goods and goods instead of oil revenues in dollar currency."

He pointed out that "Iraq has large reserves of hard currency with the US Federal Bank." LINK

Parliament Excludes The Passage Of The Oil And Gas Law Because Of Its Preoccupation With The General Amnesty

Economy   2023/08/15 Number of readings: 174 Baghdad-Iraq today:  The Parliamentary Legal Committee ruled out passing the oil and gas law in the current legislative term of the House of Representatives, while confirming the current preoccupation of the political blocs and parliamentary committees with the amnesty law.

A member of the Legal Committee, Omid Muhammad, said in a press interview, "The oil and gas law is one of the topics that were voted on in the ministerial curriculum of the Prime Minister, Muhammad al-Sudani."

Muhammad added, "There is a political agreement between the political blocs to pass the law during this session, and today we notice the start of work on forming specialized committees regarding the law, and writing the draft is evidence that there is a serious intention by the government and parliamentary blocs within the Iraqi parliament to legislate the law.”

He pointed out that "accelerating the legislation makes the results negative," stressing that "the committee supports the legislation of the law, but with good formulation and accuracy by the specialized committees, because the file of the region and Baghdad is a small part of the problems within this draft law.”

He pointed out that "there are many problems between the oil-producing provinces, such as Kirkuk and Basra, so its drafting will be more important than its legislation," stressing "the need for time to draft the law and write the draft."

He stressed that "there will be no oil and gas law during the current legislative term, especially as we are now before the provincial council elections, in addition to the fact that decisions have been sent regarding the general amnesty law," pointing out that " the council needs time to legislate the general amnesty law.”

And he continued, “During the current legislative term, committees will be formed to draft and audit the draft, and it is possible that the draft will be read in the first and second readings, and its approval will be transferred to the next legislative term.” in the coming year, because the parliament will be preoccupied with the general amnesty law, as well as some other laws included in its agenda. " LINK

Parliamentary Finance: There Is No Scarcity Of The Dollar And Merchants Are Reluctant To Leave The Electronic Platform

Economical  2023/08/15: Al-Sabah,  a member of the Parliamentary Finance Committee, Mueen Al-Kazemi, said yesterday, Monday: that merchants are reluctant to enter the electronic platform for buying and selling dollars and resort to the black market, which raises the prices of the dollar in the local markets.

Al-Kazemi explained that “the central bank’s basic sales of foreign remittances, which range daily between 150-200 million dollars, have some complexity on the part of the US Federal Bank.”

He added, "There is a reluctance of merchants to enter the electronic platform to buy dollars and resort to the black market to buy dollars, which increases the demand for dollars and thus an increase in its prices until the exchange rate of $100 reached more than 150,000 dinars."

Al-Kazemi continued, “There is no scarcity of dollars in the central bank, but rather the problem lies in the central bank’s procedures and the complications of obtaining dollars for merchants and preventing the transfer of money to countries prohibited by the US Federal Bank, which prompts the merchant to resort to the black market and collect dollars to buy consumer goods and foodstuffs.” from abroad.”

https://alsabaah.iq/82406-.html

Ports Achieve Half A Trillion Dinars In Eight Months

Economical  2023/08/15   Batool Al-Hassani  The Ministry of Transport revealed that revenues exceeded half a trillion dinars were achieved within 8 months.  The ministry's media director, Maitham Al-Safi, told Al-Sabah: "The General Company for Iraqi Ports managed during the eight months of this year to work on implementing the paragraphs of the government program by completing giant projects to supplement the national economy, as the grand welcome yard was opened in the port of Umm Qasr, which operates under the system Electronic automation, which contributed to reducing the time from three days to less than two hours, eliminated manipulation and corruption, and reduced truck congestion and delays in shipping goods.

He added, "Advanced rates have been achieved in the five berths project in the large port of Faw, reaching 70 percent, after it was not more than 19 percent eight months ago. Casting of the concrete wall for this project has been initiated, in addition to achieving advanced completion rates in the submerged tunnel project." The port projects, which are completed according to the latest international technical designs.

Al-Safi added, "Excavation work is continuing in the navigational channel linked to the large port of Faw and other navigational channels, in addition to continuing work on the highway linking the large port of Faw and the submerged tunnel, with advanced completion rates. 56 approaches to the submerged tunnel have been completed from both sides of the ports of Faw and Umm Qasr."

 Pointing out that “the ports achieved revenues amounting to half a trillion Iraqi dinars, and exceptional financial revenue rates during the first half of this year.”

And he indicated that “the completion rates in the container yard project amounted to 57 percent, and the ports opened 12 concrete tanks for grain storage at Berth No. 2, with a capacity of 12,500 tons per tank.”    https://alsabaah.iq/82405-.html

The Stability Of Exchange Rates Is On The Rise In The Local Markets

Economy  |Baghdad today - Baghdad   Today, Tuesday (August 15, 2023), the exchange rates of the dollar against the Iraqi dinar have stabilized, on an increase, in the local markets.

The "Baghdad Today" correspondent said, "Today, the selling price amounted to 154,000 dinars per 100 dollars, while the purchase price amounted to 152,000 dinars, per 100 dollars."

The exchange rates of the dollar are witnessing a remarkable rise, since the imposition of US sanctions on 14 Iraqi banks.   LINK

Parliamentary Committee: Completion Of The Draft Oil And Gas Law Within Two Weeks

Posted On2023-08-15 By Sotaliraq  A specialized parliamentary committee expected to complete the drafts of the oil and gas law within two weeks, pointing out that it includes about 40 articles.

The deputy head of the Oil and Gas Committee in the House of Representatives, Nehru Rwandzi, said, “Prime Minister Muhammad Shia al-Sudani decided to form a committee of three ministers of the Iraqi federal government from the three components, Shiites, Sunnis and Kurds, to resolve the matter of the draft oil and gas law.”

Two draft laws were prepared by the Iraqi federal government in the years 2007 and 2011 and submitted them to the House of Representatives, but differences between the political parties prevented a vote on any of them.

According to informed sources, the main point of disagreement regarding the draft oil and gas law is between the Kurdistan region and the Iraqi federal government over the powers to produce oil and gas, the method of managing joint fields, and the interpretation of Article 11 of the permanent Iraqi constitution, which says that oil belongs to all Iraqis in all regions and governorates.

And the first meeting was held in Baghdad on (August 5, 2023) to discuss the issue of the draft oil and gas law, with the participation of the delegation of the Kurdistan Regional Government, the federal ministers of foreign affairs and oil, representatives of the oil and gas producing provinces, and the prime minister’s advisors.

Rwandzi continued, "Opinions were divided on two fronts, one for the provinces that produce oil in abundance, such as the province of Basra, and its opinion is close to the opinion of the Kurdistan region, which calls for granting them a special status and relying on the constitution in dealing with this issue, and another front for the provinces with little production of oil and gas, which is closer to the call for centralization."

The sixth paragraph of Article 13 of the Federal General Budget Law stipulates that dealing with the oil of the Kurdistan region will take place in accordance with the budget law until the issuance of an oil and gas law, and the most prominent articles of the budget in this regard require that the Kurdistan region hand over 400 thousand barrels of oil per day to the federal government in order to obtain its financial dues .

The ministerial platform of the government headed by Muhammad Shia’ al-Sudani, which was voted on in the House of Representatives on (October 27, 2022), provides for authorizing the federal government and the Kurdistan Regional Government to negotiate the oil and budget files to prepare the draft oil and gas law in accordance with the constitution and within six months of the new government assuming its duties.

The six months have passed and the draft oil and gas law, which is the key to resolving the differences between the Kurdistan region and the federal government, has not been prepared.

For his part, a member of the Parliamentary Oil and Gas Committee, Ali Al-Lami, stated that the number of articles in the draft oil and gas law will exceed 40 articles, while the number of articles in the previous two drafts was less, indicating that the draft will be drafted by taking into account the opinions of the oil-producing governorates and in accordance with political agreements.

Al-Lami expected that “the agreement will obtain a draft oil and gas law within the next two weeks, and it will be voted on in the Council of Ministers to be submitted to the House of Representatives for the purpose of approval.”   LINK

The Worst Thing To Do After Coming Into A Ton Of Money

The Worst Thing To Do After Coming Into A Ton Of Money: Buy A New House, Says An Advisor To The Ultrawealthy

Alicia Adamczyk  Mon, August 14, 2023

Those lucky enough to benefit from the Great Wealth Transfer or another windfall, heed this financial advisor’s advice: Think twice (or five times) before buying that dream vacation home. You may come to regret it.

That’s according to Paul Karger, cofounder and managing partner of wealth advisory firm TwinFocus, which manages over $7 billion for ultrahigh-net-worth families. Karger advises all of his clients—who range from centimillionaires to billionaires—to wait six months to a year before making any big purchases when they come into sudden wealth. Give your emotions time to even out.

But the advice is applicable to anyone who receives an inheritance, is retiring, or, say, wins the Mega Millions’ record $1.58 billion jackpot. Though it can be tempting to go on a spending spree, any large purchase like a home needs to be thought through—even if you think you can easily afford it. There are plenty of unknown costs; they’re called money pits for a reason.

“I’ve seen clients purchase large homes in faraway locations that they ultimately realize they will not use frequently and end up being a major ongoing financial burden that took several years to sell,” Karger tells Fortune.

It may sound like a nice problem to have, but Karger is serious, and mostly referring to second or third homes. There isn’t as big a market for these pieces of real estate as there is for primary residences, especially since the pandemic, and they can be extremely expensive—and illiquid. That can lead to trouble down the line, especially if you’re not prudent with the rest of your wealth. Though you may be able to afford to buy the home, there are plenty of monthly or annual upkeep costs that need to be accounted for ahead of time.

Of course, homes aren’t the only possible bad investments out there.

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/worst-thing-coming-ton-money-155429933.html

Monday Evening Iraq Economic News Highlights 8-14-23

Monday Evening Iraq Economic News Highlights 8-14-23

Parliamentary Finance Indicates The Reluctance Of Traders To Enter The “Platform” For Selling The Dollar, And Gives Reasons For Its Rise

2023-08-14 Shafaq News/ A member of the Parliamentary Finance Committee, Moein Al-Kadhimi said, on Monday, that merchants are reluctant to enter the electronic platform to buy and sell dollars, and resort to the black market, which raises the prices of the dollar in the local markets.

Al-Kadhimi told Shafaq News agency, "The central bank's basic sales of foreign remittances, which range daily between 150-200 million dollars, have some complexity on the part of the US Federal Bank."

He added, "There is a reluctance of merchants to enter the electronic platform to buy the dollar and to resort to the black market to buy the dollar, which increases the demand for the dollar and thus the rise in its prices until the exchange rate of $100 reached more than 150,000 dinars."

Al-Kazemi continued, "There is no shortage of dollars in the central bank, but rather the problem lies in the central bank's procedures and the complications of obtaining dollars for merchants and preventing the transfer of funds to countries prohibited by the US Federal Bank, which prompts the merchant to resort to the black market and collect dollars to buy consumer goods and foodstuffs." from abroad.”

Almost since the beginning of this year, the Central Bank of Iraq launched a working mechanism in an electronic platform and the international financial transfer system "SWIFT", but this did not help the dollar exchange rates to stabilize in Iraq, despite the attempts of the government and the central bank to control the exchange rate in the parallel (black) markets. ).

The official exchange rate is 1320 dinars to the dollar in the Iraqi budget, but the parallel price is witnessing a strong and continuous rise in the markets of Baghdad, and in Erbil, the capital of the Kurdistan Region, where it reached today, Monday, 154 thousand dinars for every $100.  LINK

By An American Decision, The New Rich Are Inflaming Real Estate Prices With Their "Strange Money"... Baghdad Is A Model

Economy  |Today  Baghdad today - Baghdad   The economic expert, Abd al-Rahman al-Mashhadani, confirmed, on Monday (August 14, 2023), that an American decision is the most important reason behind the wave of high real estate prices in Baghdad.

Al-Mashhadani told "Baghdad Today", that "the US Federal Reserve system punished four Iraqi politicians in 2018, which prompted many politicians to transfer their financial investments from abroad to the inside."

He added, "From this step, a wide wave of real estate purchases began in various regions of the capital, Baghdad, at a pace that led to an unprecedented wave of high prices."

For example, in the al-Jamaa neighborhood, the price per square meter was 1,300,000 dinars, which rose to more than 3 million dinars at an average rate, according to al-Mashhadani, who also said that there are areas where prices have multiplied several times.

Black Money And Question Marks

He pointed out that "the black money, whose origin is unknown, is behind the huge wave of high prices in the capital."

He pointed out that "there are many question marks about the identity of those who are buying and to which party they belong and how they got this huge money."

Despite the series of economic crises that Iraq has gone through since the start of the Corona pandemic until now, this matter did not affect the real estate market, to achieve large buying and selling operations that made it the most attractive to businessmen and illegal funds that come from commodity and oil smuggling operations, drug trade and corruption operations. Administrative .

A large segment of the newly wealthy, who are the result of various economic dealings with Iraqi state institutions that are marked by many suspicions in recent times, have tended to buy real estate for large amounts in high-end neighborhoods within the capital, causing prices to rise several times during one year .

New Controls

On April 18, 2023, the Central Bank of Iraq announced its decision to supervise the sale of real estate through banks, in coordination with the real estate registration departments, to prevent money laundering

The Central Bank stated that the sale of any real estate whose value exceeds 500 million Iraqi dinars ($378,000) will be conditional on putting the money in banks and giving notice to the Real Estate Registration Department before starting the property transfer transaction.

This step will include all real estate sales and purchases during the coming months, according to the Central Bank of Iraq, which called on Iraqi banks not to facilitate these operations and not to deduct large sums from real estate dealers.  LINK

A Close Associate Of The Sadrist Movement Warns The Coordination Framework Against Harnessing The Budget For Its Political Advantage

Policy   2023/08/14 Number of readings: 231 Baghdad-Iraq Today:  Political analyst Issam Hussein warned against “harnessing” the budget to serve the coordination framework in the upcoming elections, in which he said that there is no political competition.

He explained in a press interview, "The upcoming elections are among the most difficult elections, because the framework has 200 trillion dinars that it can harness to win the elections through social welfare or employment," adding, "We are facing a financial force, not a popular force, as money makes the public.

He continued, "These elections do not have any kind of political competition, but there is an arrangement of papers between the big parties with their money and the emerging parties."

Hussein attacked the media outlets close to the coordination framework, and said that it "lost its credibility after the demonstrations in support of the Holy Qur'an when it said that al-Sadr wants to return to politics by investing in the issue of burning the Qur'an, and this is an inaccurate analysis. LINK

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 Petroleum 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 started 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-Turkish 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 oil entitlement, 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 11   08/14/2023 - https://economy-news.net/content.php?id=35659

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: The battle for the stability of the exchange rate with speculators in the black market w 16095

Money  and business  Economy News _ Baghdad  Samir Al-Nusairi, advisor 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.

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 that "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 actions counter to harming 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.

Views 38  08/14/2023 - https://economy-news.net/content.php?id=35658