Goldilocks' Comments and Global Economic News for Thursday, August 17, 2023
Hello Dinar Recaps,
Goldilocks posted comments and news links on the global financial system:
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India and Iraq recently had a meeting and agreed to strengthen economic and banking ties between their countries.
"The two parties agreed to open bank accounts in accredited Indian banks to facilitate external transfers to cover Iraq's imports..."
This will speed up transfers for Iraq importing merchant items between the two countries. More importantly, this will add Iraq to the UPI electronic mechanisms required to do digital trading between countries.
The Unified Payment Interface is a step forward into the more advanced levels of trading on the new QFS.
Hello Dinar Recaps,
Goldilocks posted comments and news links on the global financial system:
~~~~~~~~~~
India and Iraq recently had a meeting and agreed to strengthen economic and banking ties between their countries.
"The two parties agreed to open bank accounts in accredited Indian banks to facilitate external transfers to cover Iraq's imports..."
This will speed up transfers for Iraq importing merchant items between the two countries. More importantly, this will add Iraq to the UPI electronic mechanisms required to do digital trading between countries.
The Unified Payment Interface is a step forward into the more advanced levels of trading on the new QFS.
The UPI is a system that unites payment accounts between countries allowing trade to be facilitated in one's own local currencies. It is a way of increasing demand on local currencies and the values between the countries who trade utilizing this method of payment.
This will merge several banking features, create seamless fund routing, and merchant payments. Iraq is rapidly entering into the International stage of trading that allows movement of money between countries inside their supply/ demand side of economics.
If you could only see me smile, this is the one thing that I have been looking to see happen for a long time. It is why you have heard me say over and over and over the following words:
"WATCH THE WATER."
© Goldilocks
https://cbi.iq/news/view/2402
Cashless India Link
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SHANGHAI, Aug 17 (Reuters) -
"China's major state-owned banks were seen busy selling U.S. dollars to buy yuan in both onshore and offshore spot foreign exchange markets this week, people with direct knowledge of the matter said, in an attempt to slow the yuan's depreciation.
Though they also trade on their own behalf or to execute clients' orders, state banks often act at the behest of the central bank when the yuan is under pressure, as it is now."
There is far more to the story than this article quotation reveals, so let's take a brief look at it a little closer from another point of view.
China made a decision a while back to back its oil trades with gold in order to strengthen the Petro Yuan. As we have seen from recent articles, this move has benefited China in the new digital trading system in the eastern half of our world.
The selling of the Dollar for the Yuan will not only strengthen their position in trade, but the dynamics of the dollar losing its value also goes into play with this decision.
At some level, China is aware that the demand for their currency backed by real values will benefit them more at this time utilizing their own local currency.
© Goldilocks
Reuters Link
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Inflation and Financial Deepening.
Inflation is causing many countries to return to the use of their own local currencies in a process known as "Financial Deepening."
Trading with one's own local currencies balances the Gross Domestic Product inside of a country in terms of trade ratios.
This creates a demand for a Country's National Currency and its value through imports and exports or supply and demand in trade.
This is why many countries around the world are returning to their own National Currencies inside trade mechanisms that will level the playing field through a digital asset-based trading system.
Tokenized assets backed by Commodities of real value offer a suitable environment for trading in ways not seen before in history.
A Great Transfer of Wealth will make our new digital economy possible through the QFS. In turn, countries around the world will be given an equal opportunity to find abundance organically, and more importantly, Sovereignly.
© Goldilocks
https://www.sciencedirect.com/science/article/abs/pii/0304387886900088
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"LCH – part of the post-trade division of London Stock Exchange Group – has announced that Goldman Sachs International and Goldman Sachs Bank Europe SE have gone live as clearing brokers at CDSClear as it continues to expand its network."
Goldman Sachs is now involved in International Trades and the Clearing House Brokers Division. This involves the Foreign Currency Exchange Market as well.
This expansion of Goldman Sachs' Derivatives Clearing Platform will enable them to reduce risk and enhance their client's portfolios.
© Goldilocks
https://www.thetradenews.com/goldman-sachs-goes-live-as-clearing-broker-for-lch/
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Gold is currently priced in dollars because it is the most active market in the world.
As our world shifts into many active markets around the world, countries trading in their own National Currencies will influence the price of gold in those countries significantly.
The tokenization of assets including gold will give us an opportunity to Standardize the price of gold from a collective set of Global Data on the QFS.
Because these new figures will formulate new price pressures, a repricing event in gold is now in the cards.
© Goldilocks
https://kinesis.money/blog/gold/lyn-alden-major-market-shifts-put-gold-repricing-on-the-cards/
https://www.kitco.com/gold-price-today-usa/index.html
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Amazon Partners with Ripple Will Use XRP for Payments https://coinmarketcap.com/community/articles/64da555b78930e444c6d6a1c
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Another Blow To The Petrodollar: India & The UAE Complete First Oil Sale In Rupees | ZeroHedge
https://www.zerohedge.com/geopolitical/another-blow-petrodollar-india-uae-complete-first-oil-sale-rupees
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Breaking News:
China’s Evergrande files for bankruptcy.
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Crypto is flash crashing
Bitcoin and Ethereum prices collapsed by nearly 8% and 10% within 5 minutes.
Bitcoin has dived below the $27,718 support level, meaning the flagship cryptocurrency risks being in free fall if the bulls don't come to the rescue.
The stability of the crypto market is once again under threat after long sideways trading as it faces a challenging week.
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JUST IN: $769 million liquidated from the crypto market in the past 30 minutes.
@WatcherGuru
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Iraqi News Highlights Early Thursday Evening 8-17-23
Iraqi News Highlights Early Thursday Evening 8-17-23
Tlm724 Administrator Bondlady’s Corner
Governor Of The Central Bank: We Are Fighting A Big Battle To Remove The Illegal Groups That Seize Hard Currency
Thursday 17 August 2023 10:58 | Economical Number of readings: 342 Baghdad / NINA / - The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed today, Thursday: "The bank is waging a great battle to remove illegal groups that seize hard currency," indicating: "The next trend is to eliminate speculators in the parallel market." Al-Alaq said in a press statement: "The talk about the entry of 14 foreign banks into Iraq is incorrect," noting: "The banks that have correspondent banks have a sound, official, and easy foreign remittance."
Iraqi News Highlights Early Thursday Evening 8-17-23
Tlm724 Administrator Bondlady’s Corner
Governor Of The Central Bank: We Are Fighting A Big Battle To Remove The Illegal Groups That Seize Hard Currency
Thursday 17 August 2023 10:58 | Economical Number of readings: 342 Baghdad / NINA / - The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed today, Thursday: "The bank is waging a great battle to remove illegal groups that seize hard currency," indicating: "The next trend is to eliminate speculators in the parallel market." Al-Alaq said in a press statement: "The talk about the entry of 14 foreign banks into Iraq is incorrect," noting: "The banks that have correspondent banks have a sound, official, and easy foreign remittance."
And he explained: "The government owes a debt to the Central Bank in the amount of 46 trillion Iraqi dinars, 30 trillion of which were at the time of the government of former Prime Minister Mustafa Al-Kazemi." https://ninanews.com/Website/News/Details?key=1071433
Low Oil Prices Amid Economic Concerns
Economy | 08/17/2023 Baghdad - Mawazine News Oil prices continued to decline in trading today, Thursday, in light of continued concerns about the Chinese economy, and the possibility of the US Federal Reserve raising the base interest rate.
By 08:20 Baghdad time, US West Texas Intermediate crude futures fell 0.29% to $79.15 a barrel.
Brent crude futures fell by 0.16% to $83.32 a barrel, according to Bloomberg agency data. Ended 29/h
https://www.mawazin.net/Details.aspx?jimare=233410
After Al-Sudani's Statement.. The International Coalition: We Are In Iraq At The Government's Invitation
Iraq Thursday, August 17, 2023 Baghdad / National News Center Today, Thursday, the international coalition confirmed that the American forces are present in Iraq at the invitation of the Iraqi government, after the statement of Prime Minister Muhammad Shia al-Sudani that Iraq does not need foreign combat forces.
The commander of Operation Inherent Resolve, or the joint task force to counter ISIS, General Matthew MacFarlane, said in a press statement: We are in Iraq at the invitation of the Iraqi government, and I often describe our role as a non-combat role for my soldiers, coalition soldiers, our partners, and anyone who visits us.
He continued, "We spend our time advising and assisting in providing the required equipment to the Iraqi security forces and ensuring that they have the ability to assume combat roles, and they continue to make progress in terms of demonstrating the combat requirements to ensure the permanent defeat of the terrorist ISIS."
Earlier, Prime Minister Muhammad Shia al-Sudani said that Iraq no longer needs foreign forces with regard to controlling security and confronting terrorism, revealing "advanced dialogues" to determine the form of future relationship and cooperation with the international coalition led by the United States.
Arrest Warrants For "Theft Of The Century"... What Fate Awaits Senior Officials In Al-Kazemi's Government?
Reports | 04:11 - 08/17/2023 Baghdad - Mawazine News Between prosecution, issuance of arrest warrants, and seizure of funds, the Iraqi authorities are working to recover a number of members of the previous government headed by Mustafa Al-Kazemi, on charges of financial and administrative corruption and their involvement in what is known as the "theft of the century."
The Minister of Finance and Oil and a number of former advisors are considered among the most prominent persecuted, amid questions about the ability of the authorities to return them to Iraq from the countries to which they fled, and to prosecute them on the charges against them, especially after the Iraqi Ministry of Interior began working with the International Police (Interpol) to recover them with the looted funds.
The Accused And Their Locations
Last Tuesday, the Iraqi Public Prosecution issued 4 arrest warrants to Interpol to arrest officials in the previous government on charges related to the "theft of tax secretariats" known as the "theft of the century."
The former head of the National Intelligence Service, Judge Raed Jouhi, is also the director of the private office of the former Prime Minister, and he is one of the judges who participated in the trial of the late President Saddam Hussein.
And advisor to the former prime minister for political affairs, Mashreq Abbas Al-Janabi and former Finance Minister Abdel Amir Hassoun Ali Taha.
Restoration Of Those Involved
In this file, the media advisor to the Prime Minister in the current government, Hisham Al-Rikabi, says that his government is serious about activating the file of those wanted by the Iraqi judiciary who were involved in theft and waste of state funds, through what it announced within its government program.
Al-Rikabi indicated - in an interview with Al-Jazeera Net - that Iraqi officials carried out a series of procedures, tours, contacts and agreements with countries that have some wanted persons against whom court rulings have been issued or those involved in corruption cases, pointing out that these discussions received cooperation from the concerned countries and from Interpol.
Al-Rikabi says that the government submitted a complete file to Interpol with the aim of recovering all those involved in corruption who reside outside the country, and this resulted in the recovery of a number of those wanted by the judiciary, especially from Jordan, the Sultanate of Oman and the Emirates. With the expectation that other wanted persons will be received soon, in coordination with Interpol.
The media advisor said, "This file is being followed up personally by Prime Minister Muhammad Shia' al-Sudani," and that the government is "determined to exact justice from all those involved in theft and waste of public money."
The current Prime Minister, Muhammad Shia'a al-Sudani, pledged to put the eradication of corruption at the top of his priorities upon assuming office in late October.
"Theft of the Century"
The case of "theft of tax secretariats", which was revealed in October of last year, sparked popular discontent in Iraq, especially after the announcement of the involvement of former officials and prominent businessmen in it.
Earlier, former Prime Minister Mustafa Al-Kadhimi defended his record in fighting corruption. He said that it was his government that unveiled this case and opened an investigation.
No less than two and a half billion dollars were seized, between September 2021 and August 2022, through 247 checks that were disbursed by 5 companies, then their money was withdrawn in cash from the accounts of these companies, most of whose owners fled outside the country.
Expected Penalties
Regarding the penalties that await the wanted persons if they are received from the countries to which they fled, legal expert Haider Al-Soufi says that the accused will be tried in accordance with Article (444) of the Iraqi Penal Code, which is related to theft of state funds, if they are found guilty.
Al-Soufi indicated to Al-Jazeera Net that if they did not attend, prison sentences would be issued against them in absentia, according to the Code of Criminal Procedure, and their movable and immovable funds would be seized, and referenced to them at the land and air border crossings with arrest warrants and travel bans, and that they should not be included in the amnesty law according to the law that This is forbidden to those involved in financial and administrative corruption.
Binding Agreements
For his part, the head of the "Al-Nahrain Foundation for the Support of Transparency and Integrity" Muhammad Rahim believes that recovering those accused of stealing tax secretariats and exploiting functional influence is possible in cooperation with Interpol and they will be extradited, because they are in countries that are members of the "United Nations Convention against Corruption" as well as Iraq.
In addition, Rahim says that these countries have cooperation agreements with Iraq, and they are obligated to hand them over soon, especially since they are wanted in criminal cases, and not just violations.
Rahim - in his interview with Al-Jazeera Net - ruled out the inclusion of those convicted of the upcoming general amnesty law, especially since Prime Minister Muhammad Shia al-Sudani insisted on that, "unless there is a hidden political will to include them, and thus a disaster will befall with regard to the international assessment of Iraq."
Dozens Of Arrest Warrants
In the context, the Baghdad-Karkh Investigation Court, which specializes in integrity issues, issued a decision on August 14 to seize the movable and immovable funds of former Oil Minister Ihsan Abdul-Jabbar.
The official agency quoted a judicial source as saying that the decision came against the background of a case related to the abuse of his position and receiving bribes from investors linked to contracts with the Ministry of Oil.
It is noteworthy that the "Federal Integrity Commission" revealed - last Tuesday - that dozens of arrest and recruitment orders had been issued against a number of senior officials and those with higher ranks during last July.
A statement by the Commission's Investigation Department stated that the judicial authorities issued (54) arrest and recruitment orders against the background of cases investigated by the Commission's directorates and offices in Baghdad and the governorates, and referred them to the judiciary, the majority of which are for senior officials with higher ranks.
According to the statement, the arrest warrants included former ministers and undersecretaries, in addition to a number of former governors, current and former general directors, and members of a provincial council. https://www.mawazin.net/Details.aspx?jimare=233452
To read more current and reliable Iraqi news please visit BondLady’s Corner:
MilitiaMan: Iraq Dinar - Al-Sudani - Al-Alaq - Taif Sami - WTO - Buna Platform - Exchange Rate
Iraq Dinar - Al-Sudani - Al-Alaq - Taif Sami - WTO - Buna Platform - Exchange Rate
MilitiaMan and Crew: 8-17-2023
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
MM: A Iraq economist is suggesting that Iraq should ONLY deal in dinar…..no dollars at all….and to raise the value of the dinar to do away with the US currency. ….news on the Buna platform and lots more………
Please listen to full video for all the news…….
Iraq Dinar - Al-Sudani - Al-Alaq - Taif Sami - WTO - Buna Platform - Exchange Rate
MilitiaMan and Crew: 8-17-2023
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
MM: A Iraq economist is suggesting that Iraq should ONLY deal in dinar…..no dollars at all….and to raise the value of the dinar to do away with the US currency. ….news on the Buna platform and lots more………
Please listen to full video for all the news…….
Iraqi News Highlights Early Thursday Afternoon 8-17-23
Iraqi News Highlights Early Thursday Afternoon 8-17-23
Tlm724 Administrator Bondlady’s Corner
Iraq..The Total Looted Funds Are Estimated At $450 Billion
Reports | 08/17/2023 Baghdad - Mawazine News The Iraqi government is working to strengthen cooperation with international organizations concerned with combating corruption, such as the United Nations, the World Bank, the International Police (Interpol) and a number of countries in order to develop Iraq's capabilities and institutions concerned with eliminating corruption, according to a report by the Turkish Anadolu Agency. Iraq is ranked among the most corrupt countries in the world, in the 2022 Corruption Perceptions Index issued by Transparency International, as it ranked seventh in the Arab world and 157th globally out of 180 countries on the organization's list.
Iraqi News Highlights Early Thursday Afternoon 8-17-23
Tlm724 Administrator Bondlady’s Corner
Iraq..The Total Looted Funds Are Estimated At $450 Billion
Reports | 08/17/2023 Baghdad - Mawazine News The Iraqi government is working to strengthen cooperation with international organizations concerned with combating corruption, such as the United Nations, the World Bank, the International Police (Interpol) and a number of countries in order to develop Iraq's capabilities and institutions concerned with eliminating corruption, according to a report by the Turkish Anadolu Agency. Iraq is ranked among the most corrupt countries in the world, in the 2022 Corruption Perceptions Index issued by Transparency International, as it ranked seventh in the Arab world and 157th globally out of 180 countries on the organization's list.
Iraq maintained that rank for several consecutive years.
Separate figures indicate that the total looted funds exceed $300 billion, while last year's media reported that the total figure is $360 billion, while parliamentarians estimate it at $450 billion.
And last year, the Iraqi Tax Authority accused 5 private companies of stealing more than 2.5 billion dollars from the authority’s funds, in coordination with a number of employees in the Ministry of Finance, which makes it classified as the largest theft in world history, and the stolen funds were deducted by companies and individuals who have projects with the government ,
or by importing goods, by paying them 10% of the total amount, which will be recovered after the completion of the project.
Prime Minister Muhammad Shia al-Sudani placed the fight against corruption at the top of the priorities of his government program, and immediately after assuming office in October of last year, he began to take steps towards bringing the corrupt to justice.
Not only that, but he tried to recover the stolen money, in addition to coordinating with some countries to extradite the wanted persons through the International Police (Interpol).
And with the birth of any new government, the new prime minister takes steps and measures to form a body or a supreme committee to combat corruption that ravages state institutions, including the security, military, judicial and oversight institutions.
However, the level of anti-corruption momentum soon declines after weeks or months, and the remedies are limited to a narrow range that does not affect the heads of corruption, including senior political and official officials.
The Supreme Commission for Combating Corruption
In mid-November, the Prime Minister's Office announced the formation of the "High Commission for Combating Corruption."
In the commission’s formation statement, the office announced that it aims to “combat corruption in accordance with the ministerial curriculum (the government program) and with unconventional mechanisms that bypass previous negatives,” in order to “accelerate the confrontation of major corruption files and recover those wanted in corruption cases and abused public funds.”
The Sudanese government faces a number of challenges in its confrontation with the corrupt.
Some influential forces, whether armed or political parties, exploit their influence in state institutions through officials in high positions for more financial gains.
In addition, the influence of the influential forces operating outside the framework of the official security institutions contributed in some way to the expansion and spread of corruption, while acknowledging the difficulty of holding the senior corrupt accountable, or controlling their money and properties or ways to obtain them.
Recently, The Iraqi Government Issued International Arrest Warrants
that included a number of former officials residing outside Iraq in the framework of what is known as the "theft of the century", which exceeded $2.5 billion, stolen from "tax secretariats" with illegal cash withdrawals during the years 2021 and 2022.
The arrest warrants target the director of the office of the former Prime Minister, Mustafa Al-Kazemi, the former head of the intelligence service, Raed Jouhi, the private secretary of Al-Kazemi, Ahmed Najati, the former Minister of Finance, Ali Allawi, and the former media advisor to Al-Kazemi, Mashreq Abbas.
The head of the Federal Integrity Commission, Judge Haider Hanoun, said that all those wanted in the "theft of the century" are no less than 100 billion Iraqi dinars ($77 million) in acquisition
. Accused", most notably an Iraqi businessman named "Nour Zuhair", who returned to the state treasury about $ 292 million of stolen money since his release on bail last November. And at the beginning of this month, the Iraqi authorities
announced the recovery of two government officials convicted of financial corruption cases who fled to the Sultanate of Oman.
The Federal Integrity Commission, a semi-independent body subject to the oversight of the House of Representatives and charged with combating corruption, said that it was able to recover two government officials convicted of financial corruption cases who fled to the Sultanate of Oman.
It indicated that their arrest was carried out in cooperation with the Omani authorities and the international police (Interpol).
The head of the Integrity Commission, Judge Haider Hanoun, announced a move to organize "red signals" from "Interpol" against the wanted persons, and Hanoun said that the judiciary will also request the issuance of red signals to the private secretary and political advisor to former Prime Minister Mustafa Al-Kazemi.
The government has taken some measures to curb corruption, including isolating some of those responsible for corruption and bringing them to justice as part of a campaign that began in the governorates of Nineveh, Basra, Anbar and other governorates.
This included a number of heads of departments concerned with real estate, taxes, and others, but the campaign "delayed" for unknown reasons, but the government still declares that it is committed to combating corruption and determined to eliminate it. Ended 29 / H
https://www.mawazin.net/Details.aspx?jimare=233434
The Price Of The Dollar Rose Against The Dinar On The Baghdad Stock Exchange
Economy Thursday, August 17, 2023 Baghdad / National News Center Today, Thursday, the exchange rates of the dollar against the Iraqi dinar witnessed an increase in the local markets.
As “the selling prices were recorded at 154,250 dinars per 100 dollars, while the purchase prices were recorded at 152,250 dinars per 100 dollars.” https://nnciraq.com/221991/
The Iraqi Stock Exchange Traded 7 Billion Dinars During The Current Week
Market Economy News-Baghdad The Iraq Stock Exchange announced, on Thursday, the circulation of more than 9 billion shares, with a value of 7 billion dinars, during the third week of the current month of August.
The market said, in a report seen by "Al-Iqtisad News", that "the Iraqi market for securities, during the third week of the month of August / 2023, organized five trading sessions from Sunday, corresponding to 08/13/2023, to Thursday, corresponding to 08/17/2023," pointing out "During the week, (5342) buying and selling contracts were executed on the shares of companies listed on the market."
He added, "The number of shares traded during this week amounted to more than (9) billion shares, and the value of shares traded this week amounted to more than (7) billion dinars."
And that "the trading index in the market for the first session of the week closed at (782.21) points, while the index closed at the end of the week at (810.43) points, achieving an increase of (3.48%) from its closing at the beginning of the session."
Views 34 Added 08/17/2023 https://economy-news.net/content.php?id=35706
33 Billion Dollars Iraq's Possession Of US Bonds In June
Economy Thursday, August 17, 2023 Follow-up / National News Center Today, Thursday, the US Treasury Department announced that Iraq's holdings of bonds have risen to about $33 billion, after a series of declines that extended for four months in a row.
And the treasury stated in the latest table, that “Iraq’s possession of US Treasury bonds for the month of June of 2023 increased by 300 million dollars to reach 33 billion dollars, after it was 32.7 billion dollars during the previous month,” indicating that “these bonds increased by 3.12%.” For the same period in 2022, when Iraq's possession of bonds amounted to 32 billion dollars.
In the Arab world, Saudi Arabia comes at the forefront of the countries with the most possession, amounting to 108.1 billion dollars, and the UAE comes second with 65.2 billion dollars, then Kuwait comes third with 40.6 billion dollars, then Iraq fourth and Oman fifth with 7.061 billion dollars.
She pointed out that "the most holders of US bonds are Japan with 1.105 trillion dollars, followed by China with 835.4 billion dollars, followed by the United Kingdom with 672.3 billion dollars, and then comes Belgium with 332.4 billion dollars."
US Treasury bonds in June amounted to about $7.563 trillion, an increase of 1.97 percent from its level in the same month last year of $7.417 billion, with a monthly growth of about 0.56 percent from $7.521 trillion in May 2023. https://nnciraq.com/221993/
Central Bank Governor: Iraq's Gold Reserves Amount To 132 Tons
Economy | 10:16 - 08/17/2023 Baghdad - Mawazine News Central Bank Governor Ali Al-Alaq announced that Iraq's gold reserves amount to 132 tons.
Al-Alaq said: "There is a future for gold and that Iraq possesses 132 tons," pointing out that "there is a tendency to obtain dollars at airports through the outlets of discreet companies."
And he explained that "the talk about the entry of 14 foreign banks into Iraq is incorrect," noting that "the banks that have correspondent banks have a sound, official, and easy status with foreign remittances."
He pointed out that "the Central Bank is asking the government for 46 trillion dinars, and that 30 of them are in Al-Kazemi's government." https://www.mawazin.net/Details.aspx?jimare=233420
Al-Sudani's Advisor Reviews The Path Of Transition To Balancing Programs
Economy | 08/17/2023 Baghdad - Mawazine News, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, reviewed today, Thursday, the path of transforming federal public finance into budget programs.
Saleh said to the official agency, followed by Mawazine News, that "there is a permanent supreme committee that includes senior financial experts and accountants in the country. And all the different departments from time to time carry out transformation procedures.
And he indicated, "The last of these procedures was the directive to subject special programs in the federal budget for three years to mechanisms for balancing programs and performance, as well as grouping investment projects according to their patterns to be within the program and performance budget as well, and according to the type of projects and their sectoral associations, such as health, agricultural, industrial, and others."
Saleh added, "Work is currently taking place on a regular basis for the gradual shift from balancing items to balancing programs due to the importance of preparing qualified human capabilities that will undertake the tasks of transformation and managing budgets on modern bases in their relevant ministries and departments, especially that work is underway in the field of developing the technical and knowledge infrastructure."
He explained, "In the forefront of that is the qualification of accountants, who are costly in sufficient numbers in all spending units and other rules of accounting, auditing, control and evaluation, which require training and qualification programs for workers in the financial field in ministries at different levels and stages, as the task of qualifying government cadres today is undertaken by the financial and accounting center in the Ministry." Finance within the scope of technical cooperation with the United Nations Development Program. https://www.mawazin.net/Details.aspx?jimare=233457
To read more current and reliable Iraqi news please visit BondLady’s Corner:
"Tidbits From TNT" Thursday 8-17-2023
TNT:
Tishwash: Central Bank: Iraq's gold reserves amount to 132 tons
The Governor of the Central Bank, Ali Al-Alaq, announced that Iraq's gold reserves amount to 132 tons.
Al-Alaq said in a statement, followed by the information agency, that "there is a future for gold, and that Iraq possesses 132 tons," pointing out that "there is a tendency to obtain dollars inside airports through outlets for sober companies."
He added, "The talk about the entry of 14 foreign banks into Iraq is incorrect," noting that "the banks that have correspondent banks have a sound, official, and easy status with foreign remittances."
He pointed out that "the central bank is asking the government for 46 trillion dinars, including 30 in the Al-Kazemi government. link
TNT:
Tishwash: Central Bank: Iraq's gold reserves amount to 132 tons
The Governor of the Central Bank, Ali Al-Alaq, announced that Iraq's gold reserves amount to 132 tons.
Al-Alaq said in a statement, followed by the information agency, that "there is a future for gold, and that Iraq possesses 132 tons," pointing out that "there is a tendency to obtain dollars inside airports through outlets for sober companies."
He added, "The talk about the entry of 14 foreign banks into Iraq is incorrect," noting that "the banks that have correspondent banks have a sound, official, and easy status with foreign remittances."
He pointed out that "the central bank is asking the government for 46 trillion dinars, including 30 in the Al-Kazemi government. link
Tishwash: Iraq is discussing its accession to the World Trade Organization
Today, Wednesday, Iraq discussed its accession file to the World Trade Organization.
A statement by the Ministry of Commerce, received by Earth News, stated that “Minister Atheer Al-Ghurairy met, in his office today, Wednesday, with experts from the United Nations Trade Center, the WTO organization, representatives of the World Food Program and the European Union, to discuss a formula for joint action to support the process of Iraq’s accession to the World Trade Organization, in the presence of the economic agent, Ghassan Farhan. Hamid and Director General of the Department of Economic Relations.
Al-Ghurairy stressed, “The government’s keenness, within its program, to communicate with countries of the world and discreet international organizations to benefit from its expertise in developing the Iraqi economy, which, after 2003, turned to a market economy through support and attribution with its expertise to take practical steps in this aspect.”
He continued, "Iraq needs to diversify its economy in a flexible manner, such as the agricultural, industrial and investment sectors, and for Iraq's accession to the World Trade Organization to be useful as one of the tools for building a market economy within the standards of the global market and a tool to achieve reforms and decisions to implement these measures."
The minister indicated, "His ministry is responsible for domestic and foreign economic policy and is continuing to work with steps and programs to implement this within its ministerial curriculum and at the specified times."
The statement pointed out that “Trade Center experts reviewed their work in assisting countries with economic policies, with a focus on business and the accession of countries to the WTO organization, noting that they” have been working in Iraq for three years, with the aim of strengthening trade policy in Iraq and developing the institutional capabilities of the relevant ministries. The Ministry of Commerce is fruitful and advanced in this aspect, in addition to achieving sustainable development goals, enhancing the capabilities of the private sector and small, medium and micro projects directed to local markets, supporting youth projects and increasing their skills. This is a great challenge to be the first to adopt reform in legislation, and we are ready to provide technical support and advice to expedite the completion of many accession files.”
The statement concluded, "Views were exchanged on the possibilities of support that the center will provide to Iraq, with a diagnosis of challenges and work to support Iraq's accession to the World Trade Organization by providing technical and legal advice and supporting trade policies to align with international standards." link
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Tishwash: An Iraqi tendency to reformulate the relationship with the international coalition
Iraq may reformulate its relationship with the international coalition following government statements that confirmed the country's lack of need for the presence of foreign combat forces on Iraqi soil, a step that may aim to strengthen the Iraqi security establishment, according to observers.
He speaksIraqOn his lack of need for foreign combat forces on his lands, a step that may come to restore the nature of the relationship with the international coalition at some critical points, with the importance of maintaining coordination on intelligence and technical issues, according to experts.
At the level of negotiation, experts see the need for the Iraqi moves to be in the national interest, while striving to keep the military away from any external pressures.
After a recent meeting between Iraq And WashingtonThe two sides agreed to form a joint higher committee between the two parties, to start implementing the outcomes of the joint dialogue in accordance with the strategic framework agreement. link
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Iraqi News Highlights Early Thursday Morning 8-17-23
Iraqi News Highlights Early Thursday Morning 8-17-23
Tlm724 Administrator Bondlady’s Corner
Because Of The Restrictions.. Central Bank Of Iraq: We Cannot Intervene In The Market To Lower The Exchange Rate
Wed, 08-16-2023, PM 5:36 Karrar Al-Asadi 270 The Governor of the Central Bank of Iraq, Ali Al-Alaq, said on Wednesday that his country has made great strides in applying restrictions on the supply of the US dollar, but it is facing an uphill battle in light of a banking system that is not accustomed to strict control and currency smugglers sticking to their activities.
Iraqi News Highlights Early Thursday Morning 8-17-23
Tlm724 Administrator Bondlady’s Corner
Because Of The Restrictions.. Central Bank Of Iraq: We Cannot Intervene In The Market To Lower The Exchange Rate
Wed, 08-16-2023, PM 5:36 Karrar Al-Asadi 270 The Governor of the Central Bank of Iraq, Ali Al-Alaq, said on Wednesday that his country has made great strides in applying restrictions on the supply of the US dollar, but it is facing an uphill battle in light of a banking system that is not accustomed to strict control and currency smugglers sticking to their activities.
"It is really a battle because the beneficiaries of this situation and those affected (by the new measures) will try in various ways to continue their illegal activities," he added in an interview with Reuters.
Al-Alaq did not mention Iran by name, and said that he did not have data on the volume of dollars smuggled from Iraq to Iran or any neighboring country, including Turkey and Syria, before the United States tightened the rules in November 2022.
US actions aimed at imposing sanctions on Iran are a sensitive issue in a country that has long been on the front line of the rivalry between Washington and Tehran.
Al-Alaq said Iraq's reserves are more than $100 billion,
but he cannot intervene freely in the market to lower the exchange rate due to the restrictions.
Last month, US officials said the US Treasury and the Federal Reserve blocked 14 Iraqi banks from conducting dollar transactions as part of a broader campaign to smuggle dollars into Iran through the Iraqi banking system. Al-Alaq said that
the transactions that led to the sanctions took place in 2022, before the launch of a new platform aimed at improving transparency.
The Iraqi Central Bank also imposed stricter regulations on dollar transfers, requiring dealers to enter an online platform and provide detailed information about the final future of the transfers. He added that
the central bank was conducting a review of the banking sector and would implement new regulations and rules that he said would likely see some banks closed.
"It will be very normal in the coming period to see a decrease in (the number of private banks)," he said.
He said, "There are always side effects, but at the same time we have a responsibility to protect the country's interests by trying to find the necessary means of monitoring and oversight so that we do not expose the country to any issues on this front." https://www.non14.net/public/159368
Loyalty In Exchange For "Haram Money"... A Phenomenon Perpetuated By The "Authority Of The Parties" And Combated By Integrity Mechanisms
Politics / Localities ||Baghdad today – Baghdad In the past twenty years, corruption has dug deep roots in Iraq, and it cannot be controlled if there is no political will and consensus on that, in light of billion budgets that may not have reflected positively on the general situation in the country.
Corruption In The Iraqi State.
Al-Daami told "Baghdad Today", Wednesday (August 16, 2023), that "with every government formation beginning, political struggles begin over positions, bodies, and special grades, all the way to public directors, and this is unquestionable evidence that it is a struggle over the benefits that the parties and their officials obtain.".
He added, "Some of the benefits of parties and politicians are clear and exposed, while others depend on referring projects at specific rates to the influential parties, but on the other hand, there are those who do not continue in their position if they disagree with the party that adopts them." He pointed out that
"following up on the number of arrest warrants issued against former ministers or their agents, in addition to the rest of the other positions, shows another picture of the extent of corruption," noting that "the Integrity Commission is working well and achieved important results in the last period by opening many files on the names of the corrupt.".
The Roots Of Corruption In Iraq
After 2003, Iraq witnessed a significant increase in the phenomenon of corruption.
Perhaps this is due to the nature of the circumstances in which it lived, especially the stage of the American occupation and the dismantling of the institutions of the Iraqi state, as well as the historical roots of corruption that formed the “first seed of corruption” to grow after 2003 for various and multiple reasons and provided the appropriate environment for the increase in rates of corruption. Corruption and its growing problem.
Integrity Mechanisms In The Fight Against Corruption
The Integrity Commission in Iraq has mechanisms and policies that differ and distinguish it from the rest of the competent authorities in combating corruption, with the presence of many constitutional and legal texts and materials that define the work of the Commission, as well as repeated demands for the Integrity Commission to be the pivotal institution in the Iraqi political system that guarantees the transparency and integrity of the political, administrative and legislative process.
The Integrity Commission is the investigative tool charged with combating corruption, and in turn drew mechanisms and policies in order to reduce the inflated rates of corruption after 2003, which are confirmed by local and international reports, which differ and intersect with each other by specifying a common percentage for the extent of corruption, despite their agreement on the exacerbation of this problem.
Years Of Peak Corruption
Officials’ estimates vary about the value of what Iraq lost as a result of corruption, between 450 to 650 billion dollars after the US invasion of the country in 2003, most of which occurred between 2006 and 2014, in which Iraq witnessed huge corruption crimes, especially in infrastructure projects and those related to the housing and health sectors. Education, roads, bridges, energy and arming the army.
The Central Bank Of Iraq Begins To Open Channels Of Financial Cooperation With India
August 16, 2023 His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received His Excellency the Ambassador of the Republic of India to Iraq, Mr. Prashant Bisai.
During the meeting, they discussed
strengthening economic and banking relations between Baghdad and Delhi, and the
desire of the two parties to open bank accounts in accredited Indian banks to facilitate external transfers to cover Iraq's imports,
which amount to about (4) billion dollars, in a way
that facilitates and speeds up transfers for Iraqi importing merchants, as well as discussing
the experience of India. In electronic payment and expanding financial inclusion to advanced levels.
In turn, His Excellency the Ambassador expressed the readiness of the concerned institutions in this field to provide support and training to the staff of the Central Bank of Iraq.
For his part, the Governor of the Central Bank of Iraq expressed his congratulations and blessings on the occasion of the (77th) Independence Day of the Republic of India, praising its experience in its distinguished development journey in all sectors and its attainment of an advanced economic position.
Central Bank of Iraq information Office August 16, 2023 https://cbi.iq/news/view/2402
Mesopotamia Announces The Recovery Of More Than 92 Billion Dinars From The Laggards
Thursday, August 17, 2023 Baghdad / National News Center Al-Rafidain Bank announced, today, Thursday, the proceeds of the amounts that were recovered by the laggards who refused to pay the money they owed during the month of July.
d the media office of the bank stated, in a statement received by the National News Center, that
“the refund amounts amounted to (92826379540 dinars) only ninety-two billion eight hundred and twenty-six million three hundred and seventy-nine thousand five hundred and forty dinars.” He explained that
"the bank is continuing its vigorous measures to recover the bank's money from the laggards who have failed to pay their loans. Calling the laggards to review the bank's branches to pay the amounts owed by them."
The statement pointed out that “the bank is taking legal measures against those who lag behind in paying their financial installments from loans and other banking facilities, especially since there are some citizens who are reluctant to pay their monthly installments.”
The statement confirmed that "the bank is activating the law of obtaining state funds in addition to the delay fines imposed on laggards." https://nnciraq.com/221951/
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Goldilocks' Comments and Global Economic News for Wednesday, August 16, 2023
Goldilocks' Comments and Global Economic News for Wednesday, August 16, 2023
Good evening Dinar Recaps,
Goldilocks posted comments and news links on the global financial system:
Let's take a closer look at where we are as a Global Nation.
We are about to witness several margin calls around the world. This is an indication that securities held in margin accounts have decreased in value.
It doesn't take a rocket scientist to know that everything is inflated around the world at this point.
We are moving into strong headwinds on the market. Prices are as high as they are because we have inflated them with the printing of money taking us further and further into debt.
Goldilocks' Comments and Global Economic News for Wednesday, August 16, 2023
Good evening Dinar Recaps,
Goldilocks posted comments and news links on the global financial system:
Let's take a closer look at where we are as a Global Nation.
We are about to witness several margin calls around the world. This is an indication that securities held in margin accounts have decreased in value.
It doesn't take a rocket scientist to know that everything is inflated around the world at this point.
We are moving into strong headwinds on the market. Prices are as high as they are because we have inflated them with the printing of money taking us further and further into debt.
This, in turn, depreciates the value of our Global currencies. We have to move forward in the spirit of cooperation to build a global economy based on real values and technological advances to aid us in finding paths forward that will create abundance.
I am sending out a video from economists who understand why we need to make this transition.
The birth of a new economy is in essence the birth of a new world.
© Goldilocks
https://youtu.be/nCiVUhxMifg
~~~~~~~~~~
"Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), voiced her stance against an outright ban on cryptocurrencies."
Kristalina is calling for Global coordination on crypto regulations going forward.
As you can see from many of the articles presented in this room, each country brings strengths to the quantum technological system that no other country can.
Together, we comprise of a holistic view of what is possible for the global economy in fully activating a Quantum Financial System built on the global efforts of the human race.
This meeting on September the 9th through the 10th is shaping up to be a world changing event whereby monetary policies in the digital economy is going global.
The decisions made in this meeting will determine the path we take together or separately. It is a paradigm shift towards Global cooperation over competition, and it will prove to reveal how far the human race has evolved in achieving true equality and just how humane we have become.
© Goldilocks
https://www.cryptopolitan.com/g20-meeting-sparks-crypto-clash/
~~~~~~~~~~
An "electronic bill of lading" is a digital version of the paper format used to record the shipment details for cargo ship containers.
"Container lobby group claims 50% uptake of electronic bills of lading could save the industry up to $4bn per year by 2030."
This UK legislation is expected to boost Global eBL uptake for the entire shipping industry. It is another look at how our global economy, when working together, can build a Quantum Technological System that enhances everyone's lives.
We are witnessing a paradigm shift from competition to cooperation in our new global economy.
© Goldilocks
https://lloydslist.maritimeintelligence.informa.com/LL1146262/UK-legislation-will-boost-global-eBL-uptake-says-DCSA
https://www.legislation.gov.uk/ukpga/2023/38/section/4/enacted
https://www.legislation.gov.uk/ukpga/2023/38/section/1/enacted
CargoFlip Link
~~~~~~~~~~
The Depository Trust and Clearing Corporation (DTCC) provides clearing and settlement services for the financial markets.
"DTCC is currently testing T +1 – the new standard for settling trades. Currently, trades are settled T+2. The last change was in 2017 when traders had three days to settle their securities transactions."
All I can say is Shazam. The DTCC is currently testing under a pilot program able to do trades and clear all settlements in one day.
The final goal in completing a transactional process for the QFS is to do this in seconds. My understanding is that the move from one-day settling to instant settlements will move fast.
Once the market reforms are complete and the payment processes are activated and monetary policies finalized, we are good to go.
© Goldilocks
https://www.crowdfundinsider.com/2023/08/211466-dtcc-comments-on-t1-progress/
~~~~~~~~~~
China reduced its US Treasury holdings for the third consecutive month in June.
Holdings are now at a 14-year low. They have cut its treasury holdings by 11% over the past year.
They have added to their gold reserves for nine straight months.
Read: https://x.com/goldtelegraph_/status/1691812085313712320?s=46
~~~~~~~~~~
FIRST IRAQI BANK Launches Real-time Payment Service Visa Direct for Iraqi Consumers
https://www.prweb.com/releases/first-iraqi-bank-launches-real-time-payment-service-visa-direct-for-iraqi-consumers-301899221.html
~~~~~~~~~~
'BRICS bank' issues first South African rand bonds
https://www.reuters.com/markets/brics-bank-issues-first-south-african-rand-bonds-2023-08-16/
~~~~~~~~~~
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Wednesday Evening Iraq Economic News Highlights 8-16-23
Wednesday Evening Iraq Economic News Highlights 8-16-23
Iraq Is Looking To Accelerate Its Accession To The World Merit Organization
Wednesday 16 August 2023 16:11 | Economical Number of readings: 246
Baghdad / NINA / - The Minister of Trade, Atheer Al-Ghurairy, met in his office today, Wednesday, with experts from the United Nations Trade Center, the World Trade Organization (WTO), and representatives of the World Food Program and the European Union, to discuss a formula for joint action to support Iraq's accession to the World Trade Organization.
Wednesday Evening Iraq Economic News Highlights 8-16-23
Iraq Is Looking To Accelerate Its Accession To The World Merit Organization
Wednesday 16 August 2023 16:11 | Economical Number of readings: 246 Baghdad / NINA / - The Minister of Trade, Atheer Al-Ghurairy, met in his office today, Wednesday, with experts from the United Nations Trade Center, the World Trade Organization (WTO), and representatives of the World Food Program and the European Union, to discuss a formula for joint action to support Iraq's accession to the World Trade Organization.
During the meeting, Minister Al-Ghurairy stressed, according to a statement by the ministry, the government's keenness, within its program, to communicate with the countries of the world and discreet international organizations to benefit from its expertise in developing the Iraqi economy, which moved after 2003 to a market economy, through support and attribution with its expertise to take a practical step in this aspect.
And he stressed, "Iraq needs to diversify its economy in a flexible manner, such as the agricultural, industrial and investment sectors, and that Iraq's accession to the World Trade Organization be useful as one of the tools for building a market economy within the standards of the global market and a tool to achieve reforms and decisions to implement these measures."
He pointed out that the ministry is responsible for the internal and external economic policy and continues to work with steps and programs to implement this within its ministerial curriculum and at the specified times.
For their part, the Trade Center experts reviewed their work in assisting countries in economic policies, with a focus on business and countries joining the WTO, and indicated that they have been working in Iraq for three years, with the aim of strengthening trade policy in Iraq and developing the institutional capabilities of the relevant ministries, where the work was with the Ministry of Commerce fruitful and advanced in this aspect.
According to the statement, during the meeting, views were exchanged on the possibilities of support that the Center will provide to Iraq, with a diagnosis of challenges and work to support Iraq's accession to the World Trade Organization by providing technical and legal advice and supporting trade policies to align with international standards. / End8 To receive more news,
https://ninanews.com/Website/News/Details?Key=1071287
Al-Alaq: The Central Bank Is Waging A "Battle" Against Dollar Smugglers
Wednesday 16 August 2023 16:53 | Economical Number of readings: 406 [rtl]Baghdad / NINA / - The Governor of the Central Bank, Ali Al-Alaq, affirmed that Iraq has made great strides in applying restrictions on the supply of US dollars, but it is facing an uphill battle with a banking system that is not accustomed to strict control and permanent currency smugglers.
"It is really a battle because the beneficiaries of this situation and those affected (from the new measures) will try in various ways to continue their illegal activities," Al-Alaq said in an interview with Reuters, adding that he "has no data.
" on the amount of Iraqi dollars that have been smuggled to Iran or other neighboring countries,” including Turkey and Syria, before the United States tightened regulations in November.”
Al-Alaq explained that “Iraq's reserves are more than $100 billion, but it cannot freely intervene in the market to reduce the price due to the restrictions.”
He pointed out, “There are always side effects, but at the same time we have a responsibility to protect the interests of the country by trying to find the necessary means of monitoring and supervision so that we do not expose the country to any issues on this front." The bank's governor pointed out that "it is a feature of the informal economy to an extent.
" Kabir, the system has been used by thousands of small companies that are not registered with the state, a widespread phenomenon in Iraq that allows them to evade taxes and customs fees.”
Expert: Trade With Banned Countries Is Behind The Rise In The Dollar.. Al-Alaq: The Exchange Rate Cannot Be Reduced
Shafaq News/ The financial and economic expert, Abd al-Rahman al-Mashhadani, attributed, on Wednesday, the high exchange rate of the dollar in the Iraqi market to trade with countries that have international sanctions. However, the governor of the Central Bank of Iraq stated that the country has made great strides in applying restrictions on the supply of the US dollar. ,
But the country faces an "uphill battle" in light of a banking system that is not used to strict supervision and currency smugglers sticking to their activities.
Al-Mashhadani said in an interview with Shafaq News agency, "The electronic platform made the financial transfer operations known to the sources, so that the person transferring and the bank to which the transfer is being transferred can be identified, after the exchange companies previously controlled the transfer operations out of control."
He added, "Iraq imports from Iran annually from 8 to 10 billion dollars, which means that this requires providing between 21 to 25 million dollars per day for merchants," noting that "the Pervezkhan border port exports about 3 million dollars per day, and the merchant buys dollars from the parallel market." To finance this trade is not through the electronic platform of the Central Bank.
He pointed out that "the main problem is that Iraq has trade with the country that is banned and subject to sanctions by the United States of America, to which the dollar should not go, and this constitutes almost a quarter of Iraq's trade, and this is also funded from the parallel market."
Al-Mashhadani pointed out that "the state can solve the problem of the parallel market by finding a specific mechanism in agreement with the Americans to finance trade with officially banned countries."
The US Treasury imposed sanctions on 14 Iraqi banks because of Iran's dealings in dollars, noting that the move came after the disclosure of information indicating that the targeted banks were involved in money laundering and fraudulent transactions.
The price of the dollar in the parallel market increased dramatically when the electronic platform was imposed to meet the requests of companies, and to finance their imports of goods and services, which are subject to supervision by the Central Bank and the US Treasury.
For his part, the Governor of the Central Bank of Iraq, Ali Al-Alaq, described, in an interview with Reuters, combating the activity of currency smugglers in the country as a "really a battle," explaining that "the beneficiaries of this situation and those affected by the new measures will try in various ways to continue their illegal activities."
Al-Alaq did not mention Iran by name, and indicated that he did not have data on the volume of dollars smuggled from Iraq to Iran or any neighboring country, including Turkey and Syria, before the United States tightened the rules in November.
He also said that Iraq has more than $100 billion in foreign currency reserves but cannot intervene freely in the market to lower the exchange rate because of those restrictions.
Al-Alaq also indicated that this procedure is related to transfers dating back to 2022 before the launch of new platform services aimed at improving transparency, pointing out that the Central Bank is carrying out a review of the banking sector and will implement new rules that he said are likely to cause the closure of some banks.
And he added, "It will be very normal in the coming period to see a decrease" in the number of private banks.
Al-Alaq continued, saying: "There are always side effects, but at the same time we have a responsibility to protect the country's interests by trying to find the necessary means of monitoring so that we do not expose the country to any problems."
Al-Alaq explained that the system, which is one of the features of economies dominated by informal sectors, was also used by thousands of small companies that are not registered with the state, a phenomenon widespread in Iraq that allows these companies to evade taxes and customs.
Since last January, the Central Bank of Iraq has asked banks to provide detailed information on the senders and recipients of money transfers through an online platform.
Al-Alaq said the companies began trying to use the platform in January, but US authorities approved less than 20 percent of the requests.
However, he indicated that this percentage has now risen to about 85%, which indicates greater familiarity with the new rules.
Al-Alaq stressed that the stricter rules, in addition to the government's plans to promote digital payment, are forcing a greater transformation in the Iraqi economy in a country where cash and liquid money are still prevalent and most adults do not have bank accounts.
He continued, saying: "It is not just an electronic platform, it will lead to a complete reorganization of trade and the movement of money, and the control of many avenues for suspicious activity." LINK
Expert: Trade With Banned Countries Is Behind The Rise In The Dollar.. Al-Alaq: The Exchange Rate Cannot Be Reduced
2023-08-16 Shafaq News/ The financial and economic expert, Abd al-Rahman al-Mashhadani, attributed, on Wednesday, the high exchange rate of the dollar in the Iraqi market to trade with countries that have international sanctions. However, the governor of the Central Bank of Iraq stated that the country has made great strides in applying restrictions on the supply of the US dollar. , But the country faces an "uphill battle" in light of a banking system that is not used to strict supervision and currency smugglers sticking to their activities.
Al-Mashhadani said in an interview with Shafaq News agency, "The electronic platform made the financial transfer operations known to the sources, so that the person transferring and the bank to which the transfer is being transferred can be identified, after the exchange companies previously controlled the transfer operations out of control."
He added, "Iraq imports from Iran annually from 8 to 10 billion dollars, which means that this requires providing between 21 to 25 million dollars per day for merchants," noting that "the Pervezkhan border port exports about 3 million dollars per day, and the merchant buys dollars from the parallel market." To finance this trade is not through the electronic platform of the Central Bank.
He pointed out that "the main problem is that Iraq has trade with the country that is banned and subject to sanctions by the United States of America, to which the dollar should not go, and this constitutes almost a quarter of Iraq's trade, and this is also funded from the parallel market."
Al-Mashhadani pointed out that "the state can solve the problem of the parallel market by finding a specific mechanism in agreement with the Americans to finance trade with officially banned countries."
The US Treasury imposed sanctions on 14 Iraqi banks because of Iran's dealings in dollars, noting that the move came after the disclosure of information indicating that the targeted banks were involved in money laundering and fraudulent transactions.
The price of the dollar in the parallel market increased dramatically when the electronic platform was imposed to meet the requests of companies, and to finance their imports of goods and services, which are subject to supervision by the Central Bank and the US Treasury.
For his part, the Governor of the Central Bank of Iraq, Ali Al-Alaq, described, in an interview with Reuters, combating the activity of currency smugglers in the country as a "really a battle," explaining that "the beneficiaries of this situation and those affected by the new measures will try in various ways to continue their illegal activities."
Al-Alaq did not mention Iran by name, and indicated that he did not have data on the volume of dollars smuggled from Iraq to Iran or any neighboring country, including Turkey and Syria, before the United States tightened the rules in November.
He also said that Iraq has more than $100 billion in foreign currency reserves but cannot intervene freely in the market to lower the exchange rate because of those restrictions.
Al-Alaq also indicated that this procedure is related to transfers dating back to 2022 before the launch of new platform services aimed at improving transparency, pointing out that the Central Bank is carrying out a review of the banking sector and will implement new rules that he said are likely to cause the closure of some banks.
And he added, "It will be very normal in the coming period to see a decrease" in the number of private banks.
Al-Alaq continued, saying: "There are always side effects, but at the same time we have a responsibility to protect the country's interests by trying to find the necessary means of monitoring so that we do not expose the country to any problems."
Al-Alaq explained that the system, which is one of the features of economies dominated by informal sectors, was also used by thousands of small companies that are not registered with the state, a phenomenon widespread in Iraq that allows these companies to evade taxes and customs.
Since last January, the Central Bank of Iraq has asked banks to provide detailed information on the senders and recipients of money transfers through an online platform.
Al-Alaq said the companies began trying to use the platform in January, but US authorities approved less than 20 percent of the requests.
However, he indicated that this percentage has now risen to about 85%, which indicates greater familiarity with the new rules.
Al-Alaq stressed that the stricter rules, in addition to the government's plans to promote digital payment, are forcing a greater transformation in the Iraqi economy in a country where cash and liquid money are still prevalent and most adults do not have bank accounts.
He continued, saying: "It is not just an electronic platform, it will lead to a complete reorganization of trade and the movement of money, and the control of many avenues for suspicious activity." LINK
A Statement From The Investment Authority Regarding The Adoption Of The Dinar In Transactions
2023.08.16 - Baghdad - Nas The head of the National Commission for Investment, Haider Muhammad Makiya, chaired a joint meeting with the Central Bank of Iraq and investment companies, on Wednesday, and stressed the need for companies to deal in the Iraqi dinar, in compliance with the directives and instructions issued by the concerned authorities in this regard.
The head of the National Commission said in a statement, which "NAS" received a copy of (August 16, 2023), that "the directives issued by the Central Bank and the Commission contribute to the consolidation of the national economy through studied mechanisms that adopt the Iraqi currency in financial transactions and transfers as a decisive factor for the importance of achieving economic stability."
He added, "The commission directed investment commissions in all provinces to monitor investment companies to deal in dinars in paying installments for housing units in complexes," indicating "the importance of commitment to signing investment contracts and including values and prices in Iraqi dinars."
He continued, "The authority is keen to facilitate and simplify the procedures related to the implementation of projects, including customs exemptions for building and construction materials and entry visas." https://www.nasnews.com/view.php?cat=112835
A BRICS Currency Replacing The Dollar Is A ‘Ridiculous’ Idea,
A BRICS Currency Replacing The Dollar Is A ‘Ridiculous’ Idea, Says The Top Economist Who Named The Group—Unless China And India Become Allies
Will Daniel Updated Wed, August 16, 2023
In their push to dethrone the U.S. dollar as the world’s largest reserve currency, the BRICS nations—or Brazil, Russia, India, China, and South Africa—have been talking up the idea of a common currency for years. But Jim O’Neill, the veteran economist who coined the term BRIC (the group did not originally include South Africa) when he worked at Goldman Sachs in 2001, blasted the plan this week.
“It’s just ridiculous,” he told the Financial Times Tuesday. “They’re going to create a BRICS central bank? How would you do that? It’s embarrassing almost.”
A BRICS Currency Replacing The Dollar Is A ‘Ridiculous’ Idea, Says The Top Economist Who Named The Group—Unless China And India Become Allies
Will Daniel Updated Wed, August 16, 2023
In their push to dethrone the U.S. dollar as the world’s largest reserve currency, the BRICS nations—or Brazil, Russia, India, China, and South Africa—have been talking up the idea of a common currency for years. But Jim O’Neill, the veteran economist who coined the term BRIC (the group did not originally include South Africa) when he worked at Goldman Sachs in 2001, blasted the plan this week.
“It’s just ridiculous,” he told the Financial Times Tuesday. “They’re going to create a BRICS central bank? How would you do that? It’s embarrassing almost.”
The BRICS nations will meet for their 15th annual summit next week, but O’Neill, now senior advisor at U.K.-based think tank Chatham House, argued that the group of nations has “never achieved anything since they first started meeting” in 2009 amid consistent infighting.
The push for de-dollarization among BRICS nations has heated up since the war in Ukraine began, as crippling Western sanctions on Russia were enabled by the dollar’s dominance. In April, Brazilian President Luiz Inácio Lula da Silva urged the group to develop a serious alternative to the dollar using the combined weight of their economies.
“Why can’t we do trade based on our own currencies?” he said on a state trip to China in April, the Financial Times first reported. “Who was it that decided that the dollar was the currency after the disappearance of the gold standard?”
Despite the ongoing talk of de-dollarization, nearly 60% of global currency reserves were held in U.S. dollars in 2022, and 88% of international transactions used the dollar, according to IMF data. And Wall Street doesn’t seem to be worried about a serious competitor to the greenback either.
Dylan Kremer, co–chief investment officer at Certuity, which manages nearly $4 billion in assets, said that the development of a common BRICS currency is just a “talk track,” referencing the talking points salespeople bring to client meetings. BRICS nations, when combined, lack the political stability to make investors confident in a combined currency, he argued.
“There is not an immediate threat to the dollar over the next 10 years,” Kremer told Fortune. “Any threat to the dollar or competitor to the dollar would be a slower-moving kind of snowball effect.”
To continue reading, please go to the original article here:
https://news.yahoo.com/finance/news/brics-currency-replacing-dollar-ridiculous-183341338.html
Iraqi News Highlights Wednesday Afternoon 8-16-23
Iraqi News Highlights Wednesday Afternoon 8-16-23
Tlm724 Administrator Bondlady’s Corner
Al-Alaq: The Central Bank Is Waging A "Battle" Against Dollar Smugglers
Wednesday 16 August 2023 16:53 | Economical Number of readings: 293 Baghdad / NINA / - The Governor of the Central Bank, Ali Al-Alaq, confirmed that Iraq has made great strides in applying restrictions on the supply of US dollars, but it is facing an uphill battle with a banking system that is not accustomed to strict control and permanent currency smugglers.
Iraqi News Highlights Wednesday Afternoon 8-16-23
Tlm724 Administrator Bondlady’s Corner
Al-Alaq: The Central Bank Is Waging A "Battle" Against Dollar Smugglers
Wednesday 16 August 2023 16:53 | Economical Number of readings: 293 Baghdad / NINA / - The Governor of the Central Bank, Ali Al-Alaq, confirmed that Iraq has made great strides in applying restrictions on the supply of US dollars, but it is facing an uphill battle with a banking system that is not accustomed to strict control and permanent currency smugglers.
"It is really a battle because the beneficiaries of this situation and those affected (from the new measures) will try in various ways to continue their illegal activities," Al-Alaq said in an interview with Reuters, adding
that he "has no data on the amount of Iraqi dollars that have been smuggled to Iran or other neighboring countries." , including Turkey and Syria, before the United States tightened regulations in November.”
Al-Alaq explained that “Iraq's reserves are more than $100 billion, but it cannot freely intervene in the market to reduce the price due to the restrictions.”
He pointed out, "There are always side effects, but at the same time we have a responsibility to protect the interests of the country by trying to find the necessary means of monitoring and supervision so that we do not expose the country to any issues on this front."The bank's governor pointed out that "it is a feature of the informal economy to an extent.
" Kabir, the system has been used by thousands of small companies that are not registered with the state, a phenomenon widespread in Iraq that allows them to evade taxes and customs fees.”/ End 8
https://ninanews.com/Website/News/Details?key=1071311
Central Bank: Price Inflation In The Markets Decreased From 7% To 5%
Money and business Economy News – Baghdad The Governor of the Central Bank, Ali Al-Alaq, confirmed, on Wednesday, the facilitation of tax and customs procedures for merchants, which will be announced soon, indicating that price inflation in the markets decreased from 7% to 5%.
Al-Alaq said, during his meeting with a number of journalists, that "the government's measures and recent instructions contributed to persuading small merchants to adhere to the platform."
He added, "The talk about the entry of 14 foreign banks into Iraq is incorrect," pointing out that "the banks that have correspondent banks have a sound, official, and easy status of foreign transfers."
And the governor of the Central Bank stated, “The percentage of remittances to China reached 30%.”
Views 75 08/16/2023 - https://economy-news.net/content.php?id=35689
The Price Of The Dollar Rose In Baghdad With The Closing Of The Stock Market
Economy Wednesday, August 16, 2023 Baghdad / The National News Center The prices of the US dollar rose against the Iraqi dinar, today, Wednesday, in the Baghdad markets, with the closing of the stock exchange.
A correspondent for 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 153,300 Iraqi dinars against 100 dollars.”
He added, "The selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 153,500 dinars, while the purchase price reached 152,500 dinars for every 100 dollars."
The US Ambassador Hosts Businessmen And Talks About Intellectual Property In Iraq
Political | 01:47 - 08/16/2023 Baghdad - Mawazine News hosted the US Ambassador to Iraq, Ilia Romansky, Iraqi businessmen to raise awareness of the importance of intellectual property in Iraq.
Romansky said in a tweet to her: "Entrepreneurs need an environment that protects intellectual property in order for their ideas to succeed. Foreign companies are looking for work environments in which intellectual property is respected.
Today I hosted the Intellectual Property Forum, in the presence of about 80 Iraqi and American businessmen to raise awareness of the importance of property ownership." Intellectualism in Iraq.” https://www.mawazin.net/Details.aspx?jimare=233365
To read more current and reliable Iraqi news please visit BondLady’s Corner:
KTFA Members "News and Views" Wednesday Afterenoon 8-16-2023
KTFA:
Clare: Announcing the auction of remittances to the Central Bank of Iraq
August 16, 2023
We would like to inform you that the auction for traditional money transfers to the Central Bank of Iraq has been announced for a period (14) days with the number ( B303 ), and implementation will be on 8/23/2023, according to the details included in the announcement published on the Central Securities Deposit System ( CSD ), and banks can start By submission starting from the date of the announcement until the day of implementation.
KTFA:
Clare: Announcing the auction of remittances to the Central Bank of Iraq
August 16, 2023
We would like to inform you that the auction for traditional money transfers to the Central Bank of Iraq has been announced for a period (14) days with the number ( B303 ), and implementation will be on 8/23/2023, according to the details included in the announcement published on the Central Securities Deposit System ( CSD ), and banks can start By submission starting from the date of the announcement until the day of implementation.
Giants: FINAL ARTICLE #3223
"THE IQD IS ABOUT TO OVERTAKE THE USD... AND THAT IS THE GOAL OF THE MONETARY REFORM"......F26 The Sudanese government acknowledges the experience of dollar speculators and counts on September
Giants: IMO... There is an article from the CBI director today that says it is impossible to float the currency until they start trading in other currencies. This annoucement with the attached article give further clarity as to why they expect a huge decline in the exchange rate, if they do indeed start dealing in other foreign currencies on the 23rd of this month. Just put the pieces together to this Giant RV puzzle and you will begin to see the full picture. We may have to wait a little while longer...but we're moving in the right direction.
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FINAL ARTICLE #3203
"THE BUDGET IS READY FOR THE NEW EXCHANGE RATE IMMEDIATELY"..........F26
Clare: Al-Sudani issues directives immediately after the budget enters into force
8/8/2023 Baghdad -
Today, Tuesday, the Prime Minister, Mohamed Shia Al-Sudani, issued two immediate directives to ministries and entities not associated with a ministry.
A statement from his office stated, "The Prime Minister, Muhammad Shia'a Al-Sudani, directed, during his presidency of the thirty-second regular session of the Council of Ministers, today, Tuesday, that the ministries and agencies not associated with a ministry should immediately start implementing the projects and targets contained in the government program, which have completed their technical, financial and legal requirements."
And updating the priorities for implementing projects in light of the allocations and within the framework of the five priorities of the government, which were included in the ministerial curriculum, and focusing on service projects with advanced rates of achievement that serve large sectors of citizens, provided that the Ministry of Planning is provided with the project requirements no later than August 15, 2023. .
He also directed, according to the statement, the Ministries of Planning and Finance to "prepare a detailed position on the financial allocations for the executive procedures (operational and investment) for the government program, each according to its competence, in accordance with the budget law and its instructions, no later than August 24, 2023."
Giants: IMO...Now add this to what I posted earlier and you start to wonder why no later than August 24th?
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Giants: MO...This is for reference from my two previous posts.
FINAL ARTICLE #3197
"CBI SECURES DEPOSITS OF ISLAMIC BANKS AS THEY PREPARE TO GO INTERNATIONAL".........F26
Announcement of the Islamic certificates of deposit auction
August 07, 2023
We would like to inform you that the auction of Islamic Certificates of Deposit No. ( ICD119 ) has been announced with a deadline of (14) days, and the date of implementation of the auction will be on Sunday 8/13/2023, according to what was published in the Central Depository System for Securities CSD , and Islamic banks can participate since the date Publication of the advertisement until the day of implementation.
Clare: We will not print dinars except under conditions.
Indomie is beyond need and fraudulent Iraqis... A detailed presentation of Al-Alaq's statements about the dollar crisis
8/16/2023
The Governor of the Central Bank, Ali Al-Alaq, presented, on Wednesday, a detailed presentation on the exchange rate crisis, and controlling the critical balance between dollar supply and demand for it. Finance".
Al-Alaq said, in the presence of a number of representatives of media institutions, that international financial agencies have investigated “strange imports,” including large quantities of indomie, even the US Federal Bank asked about the fact that “Iraqis love indomie so much.”
Al-Alaq ruled out the central bank's resort to printing the dinar to secure the budget's need, "unless we get an equivalent foreign currency."
The statements of the Central Bank Governor during a media meeting, attended by the 964 Network correspondent:
"Some of the matters that go out to the media entail external positions and conditions that we face with organizations and others (…) They cite clips and media statements that embarrass us, so that some international banks turned their face away from Iraq because of what is happening.
What has happened in recent years is the fight against money laundering and terrorist financing and the issuance of sanctions against some countries.
The procedures have become strict due to US sanctions on some countries, because they have sovereignty over their currency, the dollar, and this created a kind of restriction.
The local currency is covered by the reserve, which is subject to protection from the foreign balance.
The balance is limited by a ceiling, but the use of several accounts affected the situation (…) We used to cover 4 million dollars a month, and in one day it jumped to 100 million.
People do not know that it is being monitored, especially card purchases. Smugglers are now smuggling only a small part of card money at airports, and the international observer said that the Iraqi people are smart, because they circumvented all procedures.
The Iraqi gold reserves are 132 tons, and the future of the currency reserves is linked to the yellow metal (…) I personally support this vision.
Selling dollars and foreign transfers has become at a high level of transparency, and we have made huge strides in combating money laundering and terrorist financing.
All parties have become alert, and are checking before passing any transaction, so as not to pose any threat to Iraq.
The daily newsletter does not mean that all sales are executed, some of which are suspended or rejected.
International committees have begun to investigate strange imports to Iraq. For example, indomie, they ask us about the truth about the large quantities imported, is it true (...) we tell them that the new generation is addicted to it.
Auditing on the platform led to negative effects, due to the reluctance of traders to use it.
It is not possible to float the dinar in Iraq, because we do not have diversified sources of foreign currency.
The central bank must supervise monetary policy and stay away from the crisis that took a lot of its energies and time.
We oppose the arrest of merchants, I informed the Prime Minister of that, and the solution lies in addressing the crisis from its roots, by stopping the collection of dollars and delivering them to speculators.
The Central Bank did not specify a specific share for banks, i.e. any bank can enter the currency sale window for any amount.
Previously, we defined the ceiling, and the goal was to encourage as many drains as possible to deal with the window.
Banks that committed themselves and agreed with a respected intermediary bank, their transfers became easier (…) and for this I was focusing with the banks on the need to find a network of correspondent banks abroad.
The sums that the government withdraws are illogical, because they depend on the guarantee of the oil price. The latter was not stable, and it will not be, and the solution is to conduct calculations “month by month,” not annually.
We will not print more dinars, unless we obtain an equivalent foreign currency, and withdraw the damaged to avoid inflation (…) and linking budget allocations to the balance is incorrect."