"Tidbits From TNT" Sunday 8-20-2023

TNT:

Tishwash:  Iraq is the focus of attention of the producing countries in the world

 The Assistant General Manager of the Oil Marketing Company, Ali Nizar, stressed the need to use technological development in the oil sector, especially in the marketing sector.

In a statement to "Al-Iqtisad News", Nizar pointed out the importance of balance in oil pricing so that it is a fair price for producers and consumers to preserve the markets, pointing to the need to protect the marketing side from bureaucracy and instructions that may be commensurate with contracts or simple institutional instructions, but may constitute an obstacle to marketing. .

He added that Iraq, in its current situation, is the focus of attention of consumers because the producing countries in the world have reached their peak production and began to decline, while Iraq has many promising reserves, which we have always used this aspect to obtain an advantage in marketing negotiations   link

Tishwash:  The World Bank: Iraq's economy is "fragile" and its debts have risen to $152 billion

The World Bank announced that the Iraqi economy is fragile, and that the country's debts have increased to 152 billion dollars, noting that the Central Bank auction caused the redirection of hard currency to the parallel market, which led to a decrease in the value of the dinar against the dollar.

The World Bank said in the report issued on the economy in Iraq and its debts, under the title: (Renewed Pressures: Iraq's Recovery is in Danger), that "the Iraqi economy suffers from stagnation in non-oil gross domestic product, industries, and agricultural activities, which was accompanied by high inflation rates, as it lacks Iraq, under its current government, for wide-ranging structural reforms that would strengthen its economy away from oil.

He stated that "the annual budget approved by the government authorities is witnessing a significant increase in the volume of public expenditures by 59% over the previous year, which represents 74.3% of total spending, which will lead to a large fiscal deficit of 51.6 trillion Iraqi dinars - equivalent to 39.7 billion dollars." - Which represents 14.3% of the volume of public imports, more than half of the recent record reserves that were accumulated in the wake of the boom in oil prices.

And regarding the policies of the (central bank) in devaluing the local currency, the World Bank stated that "the devaluation of the Iraqi dinar led to an increase in overall and basic inflation, due to the heavy dependence on import operations in light of weak local production that is not supported by government authorities, which exposed the country's fragile economy." ".

The World Bank report added that "the standards of transactions adopted by the (Central Bank) through auctions for the sale of currency; caused the redirection of hard currency to the parallel market, which caused a decrease in the value of the dinar against the dollar."

According to the World Bank, "Iraq's lack of diversification of income sources due to the chaotic policies of successive governments led to a contraction of the gross domestic product by 1.1% in 2023 and an increase in the country's public debt to reach 58.3%, after it was 53.8% in the previous year, which will reach 152 billion." dollars, an increase of $10 billion, while the total external debt amounted to $50 billion, and the internal debt amounted to $102 billion, which means that government authorities borrowed about $60 billion internally in the previous three years, at a rate of $15 billion annually, with annual interest on internal debts amounting to 16 to 17% of the total debt.

According to the bank, “the prospects for the economic future in Iraq are still exposed to great risks, due to excessive dependence on oil, which makes it vulnerable to shocks in oil markets and global demand, as evidenced by the recent decline in oil prices, in addition to the factors driving fragility that pose fundamental challenges.” economy, such as rampant corruption, poor service provision, infrastructure development, and security risks.

The World Bank added that "the continuation of government authorities in pursuing these policies will make the country's budget in favor of the political parties that have delayed the wheel of development and made it suffer from major imbalances despite the passage of two decades of allegations of the end of the war."   link

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CandyKisses:  Politician: The government is required to pressure Washington to remove its forces from Iraq

Information/Baghdad...

Political analyst Sabah al-Uqaili said on Sunday that Washington's pressure towards Baghdad towards changing the name of advisers in Iraq to combat forces is a violation of agreements with the Iraqi government, pointing to the importance of the government's move to resolve the file of the US presence on the ground of Iraq.

Al-Uqaili told Al-Maalouma that "there is an urgent need for the government to pressure Washington to remove US forces from the country, within the agreements concluded with it in 2008 and 2020."

He added, "There is a bet on Iraqi diplomacy to establish sovereignty and independence and obligate the other side to respect the agreements that guarantee the complete exit of US forces from Iraq."

And he indicated that "Washington's move towards pressure towards converting the name of the American advisors into combat forces is contrary to the agreement with the Iraqi government in 2020, as the agreement stipulated the presence of advisers and trainers with a known number at the request of the government, and the deployment of foreign forces outside the Iraqi borders, but this matter did not happen." "

Mot:  ..... When You Get That Callllllll 

Mot:  ... Tell me the Rest of the jingle~~

Early Sunday Morning Iraq Economic News Highlights 8-20-23

Early Sunday Morning Iraq Economic News Highlights 8-20-23

Al-Sudani: Electronic Money Circulation Will Solve The Problems Of The Exchange Rate

Today  Information/Baghdad.. Prime Minister Muhammad Shia' al-Sudani affirmed today, Sunday, that the National Data Center will support the government's program in combating financial and administrative corruption, while pointing out that electronic trading of funds can address exchange rate problems.

The media office of the Prime Minister stated, in a statement received by Al-Maalouma Agency, that “Al-Sudani inaugurated the National Data Center in the General Secretariat of the Council of Ministers, where he was briefed on the stages of completing the first phase of the center, using smart screens, and models that embody the stages of installing the national cloud facility.  As well as with regard to digital transformation, including the program to cancel the (breast health) transaction.

The statement added, "Al-Sudani also continued the work of the single window to provide electronic services, which currently amounts to 299 services, which bears the name (Electronic Ur Gate).

He reviewed the digital transformation map and the International Training Center, where a real simulation of one of the transactions of the notary writers' departments was presented.

And reviewing the electronic system for tracking citizens' communications through the guidance service, and the actual use of the vehicle fine platform electronically, as an example of one of the portal's services.

The Prime Minister stressed "the need for the media to see these services in order to raise awareness and educate," noting that "this project will support the government's program in combating financial and administrative corruption, which is a serious challenge to all development, reconstruction and services projects."

He stressed "the importance of these steps being broader and more comprehensive," appreciating all "the efforts made to complete this project."

The statement stated, "The Prime Minister met with international experts who represent the agencies supporting the project, which are the United Nations Development Program, the World Bank, the Center for Digital Services in Britain (GDS), the World Food Program, the International Development Agency for International Cooperation, the Canadian Foreign Affairs Foundation and the IMMAP organization, and listened to a brief presentation." A roadmap for comprehensive digital transformation in Iraq.

He pointed out that "the Prime Minister chaired a meeting of the advisory team of the e-government committee, during which he stressed the importance of collecting data in a way that facilitates the provision of service to the citizen, handling poverty and ration card files, and working to reduce time."

He pointed out that "the electronic circulation of funds, through which it is possible to address the problems of the exchange rate, remedy the differences, and address many other problems that serve the citizen as an ultimate goal."

He stressed, "The government's readiness to prepare all financial requirements or in terms of decisions and procedures accompanying digital transformation." LINK

Al-Sudani: The Electronic Circulation Of Funds Can Address The Problems Of The Exchange Rate

2023-08-20 Shafaq News/ The Prime Minister, Muhammad Shia'a Al-Sudani, inaugurated today, Sunday, the National Data Center in the General Secretariat of the Council of Ministers.

A statement issued by the media office of Al-Sudani stated that the latter was briefed on the stages of completing the first phase of the center, using smart screens, and models that embody the stages of installing the national cloud facility, as well as with regard to digital transformation, including the program for canceling a transaction (breast health).

The statement added that Al-Sudani continued the work of the one-stop-shop to provide electronic services, which currently amount to 299 services, which bears the name (Electronic Ur Gate). Electronic tracking of citizens' communications through the guidance service, and the actual use of the vehicle fine platform electronically, as an example of one of the portal's services.

Al-Sudani also indicated that the media should be informed of these services. In order to raise awareness and educate, indicating that this project will support the government's program in combating financial and administrative corruption, which is a serious challenge to all development, reconstruction and service projects.

The Prime Minister urged the importance of these steps being broader and more comprehensive, appreciating all the efforts made to complete this project.

Al-Sudani met with international experts who represent the entities supporting the project, namely the United Nations Development Programme, the World Bank, the Center for Digital Services in Britain (GDS), the World Food Programme, the International Cooperation Development Agency, the Canadian Foreign Affairs Foundation and IMMAP, and listened to a brief presentation on the digital transformation roadmap. mass in Iraq.

He also chaired a meeting of the advisory team of the e-Government Committee, during which he stressed the importance of collecting data in a way that facilitates the provision of service to the citizen, handling poverty and ration card files, and working to reduce time.

The statement quoted Al-Sudani as saying that: electronic trading of funds can address exchange rate problems, remedy differences, and address many other problems that serve the citizen as an ultimate goal, stressing the government's readiness to prepare all financial requirements or in terms of decisions and procedures accompanying digital transformation.   LINK

Dinar Support Committee: Positives Will Occur In The Dollar Crisis In Iraq

2023.08.20 - Baghdad - Nas   The Iraqi Dinar Support Committee intends to take new measures to limit the dollar's rise in the markets. 

A member of the committee, Omar al-Sudani, said in a statement to the official newspaper, followed by “Nass” (August 20, 2023), that “the committee, headed by the advisor to the Prime Minister, Qassem Al-Dalimi, recently took a decision to open accounts for merchants in the (TBI) Bank who hold the identity of the Baghdad Chamber of Commerce from the category of individuals.” Pointing out that "this decision allows them to transfer $100,000 per month."    

He added, "Traders resorted to this measure, hoping that it would be a solution to the crisis, and limit the dollar's rise in the black markets."    

Al-Sudani said, "Traders praised this decision in cooperation with the head of the Baghdad Chamber of Commerce, Firas Al-Hamdani, and its implementation has been initiated, and its advantages will gradually appear on the decline in the price of the dollar in the market."

https://www.nasnews.com/view.php?cat=112991#hathalyoum

Taxes Announce Revenues Of More Than 585 Billion Dinars In 4 Months

Money  and business  Economy News  The General Authority for Taxes, on Saturday, counted the amounts of revenues and secretariats collected in 4 months.

According to the authority's statistics obtained by "Al-Iqtisad News", that "the total amounts of revenues and trusts collected during a month amounted to (585,425,118,000) billion dinars," indicating that the total amounts of revenues collected amounted to (463,141,838,000).

 In the month of March, revenues amounted to (71,579,287,000) billion dinars, and in the month of April, they amounted to (98,295,899,000) billion dinars. In May, they amounted to (130,714,447,000) and in June, they amounted to (162,552,205,000).

With regard to deposits collected for the same period, the total amounts collected amounted to (122,283,280,000), in March it amounted to (31,310,362,000), in April it amounted to (26,716,612,000), in May the total amount of deposits amounted to (32,418,548,000) and in June it amounted to (31,837). .758,000).

According to the statistics, "the increase in revenues compared to the year 2022 came after making administrative changes that were taken by the head of the General Authority for Taxes, Ali Waad Allawi, since he assumed his position last March."

Views 32  08/19/2023 - https://economy-news.net/content.php?id=35733

Fears Of A Law That “May Allow” The Acquisition Of Agricultural Lands In Iraq

Posted On2023-08-20 By Sotaliraq   Today, Saturday (August 19, 2023), the Parliamentary Agriculture Committee confirmed that it will deal with any corruption operations after the enactment of the agricultural land lease law, which may allow the acquisition of these lands.

Committee member Rafiq Al-Salihi said, “Some disputes still exist regarding the draft law for renting agricultural lands and giving agricultural and veterinary graduates the right to dispose of them, and we hope to resolve the remaining differences and observations during the upcoming sessions.”

And Al-Salihi indicated that “the Parliamentary Agriculture Committee will follow up the implementation of the law in all its details after its legislation to prevent any corruption operations regarding the file of renting agricultural land and giving the right to dispose of it to agricultural and veterinary graduates, and we will reveal any party that wants to exploit this law for the purpose of acquiring some lands for non-agricultural projects.” .

The House of Representatives had postponed the completion of the vote on the first amendment law to the agricultural land lease law, due to disagreements over the amendments.  LINK

Al-Sudani And Al-Mandalawi Agree To Expedite The Implementation Of The Budget Provisions

Posted On2023-08-19 By Sotaliraq   Baghdad: Shaima Rasheed  Prime Minister Muhammad Shia'a al-Sudani and First Deputy Speaker of Parliament Mohsen al-Mandalawi agreed, yesterday, Friday, to expedite the implementation of the budget provisions.

A statement by the parliament’s media department stated, “The prime minister and al-Mandalawi stressed the importance of continuing effective coordination between the legislative and executive authorities with the aim of accelerating the enactment of solid laws that concern the citizen and meet all his requirements, and focus on laws that encourage economic and investment development, as well as revitalize the industry and create suitable job opportunities for young people.”  

He added, “Al-Mandalawi called for continued coordination between the legislative and executive authorities in a way that contributes to the enactment of laws of interest to the citizen and the development of the economy,” stressing “the agreement to expedite the implementation of the tripartite budget provisions, especially those related to service and strategic projects and the mechanisms for their implementation and follow-up.”

In the context, the Parliamentary Finance Committee formed sub-committees of its members to follow up on the implementation of the budget items, indicating that the failure to implement the budget items by any ministry or agency puts it under the law, accountability and legal accountability.

A member of the Finance Committee, Thamer Dhiban, said: “The compensation of employees was calculated by the Ministry of Finance and sent to Parliament within the budget law and was voted on, and no ministry, authority or department can refrain from calculating employee compensation because the budget law is a governing law,” explaining that “The money that must be spent is dues to employees for previous years. All ministries must implement the budget law.”

He added that “any ministry or authority that refrains from implementing the law will be subject to legal accountability and accountability,” noting that “there are oversight bodies such as the Finance Committee, the Integrity Commission, and the Financial Supervision Bureau that follow up the implementation of the budget law in every small and large way with the ministries and departments.”

Dhiban continued, “What is regrettable is that in some ministries there is abuse with employees and dissatisfaction on the part of employees in these ministries in calculating salary differences or entitlements of new employees.   Edited by: Mostafa Ibrahim   LINK

Goldilocks' Comments and Global Economic News for August 19, 2023

Goldilocks' Comments and Global Economic News for August 19, 2023

Good evening Dinar Recaps,

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

WEBINAR: the SEPA Request-To-Pay scheme: Steady and ready to take off in 2023

ICYMI: the @EPC_SEPA has posted a recording of its recent webinar 'The SEPA #Request2Pay scheme: Steady and ready to take off in 2023'

https://youtu.be/vAHfbaIiOpI

Journey From The Humble Indian Rupee To International Currency

https://edtimes.in/journey-from-the-humble-indian-rupee-to-international-currency/

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PRESS RELEASE

No.136/SP/TKP-ASEAN2023/8/2023

PUBLIC COMMUNICATIONS TEAM

FOR IMMEDIATE RELEASE

Indonesia to Host Flagship Event ASEAN-Indo-Pacific Forum (AIPF): Implementation of the ASEAN Outlook on the Indo-Pacific (AOIP) 2023 - September 5-6

https://www.asean2023.id/en/news-and-information/press-release

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US Banks Suffer $18,900,000,000 in Losses As JPMorgan Chase and Capital One Take Big Hits From Bad Loans: Report

Daily Hodl Link

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"Standard Charter is joining a growing list of banks keen to explore opportunities in a debt-swap market that was once dominated by Credit Suisse."

Do you remember back in late 2021 when we were exploring the Quantum Technologies ready to be used by Iraq?

We looked at the building blocks that would be the foundation of the new digital economy that was about to be built beginning January 1st, 2022.

Two entities kept surfacing during that time that would serve as supporting actors going into the new economy: Standard Charter and Fintech.

We have heard a lot about Fintech for the last year and a half, and the time has come for Standard Charter to step up to the plate.

The list of banks are growing that are interested in hedging currency risks with foreign exchange transactions once dominated by Credit Suisse.

Standard Charter has talked to several banks and governments about a "debt for nature" swap that involves the use of them utilizing their own local currencies in exchange for reducing their debt if certain conditions are met. The proceeds will go to fund conservation activities.

The key to this transaction is for commercial Banks or Governments to sell their debts at less than the value of its original loan.

The World Bank is behind a lot of the green bonds initiative desiring to help countries create a sustainable environment and improve the climate around the world.

In conjunction with banks, the World Bank is leading the charge toward getting Banks like Standard Charter and others to form an alliance that will improve the well-being of our world.

This project will provide much needed liquidity for new countries who want to create a sustainable environment through climate change and monetary reforms that will build upon sustaining efforts of their currencies moving forward with new liquidity.

Bonds are denominated in local currency, and you just thought you were doing a simple currency exchange.

It's not a bad trade.

© Goldilocks

BloombergLaw

WorldBank Link

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Project Genesis 1.0: Prototype digital platforms for green bond tokenisation

https://www.bis.org/about/bisih/topics/green_finance/green_bonds.htm

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Genesis 2.0: Smart contract-based carbon credits attached to green bonds

https://www.bis.org/about/bisih/topics/green_finance/genesis_2.htm

Sustainable bond issuance will return to growth in 2023 | S&P Global

SPGlobal Link

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Want to know when the mature date is coming due on these green bonds?

It's in the articles above...

© Goldilocks

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"President Cyril Ramaphosa, pictured with Chinese President Xi Jinping, backed China's call for a new financial world order that prevents "unilateral sanctions" against countries such as Russia."

https://www.news24.com/news24/politics/brics-summit-cyril-ramaphosa-backs-chinas-new-financial-order-plans-20230819

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India-Russia trade settlement: A way forward

https://www.orfonline.org/expert-speak/india-russia-trade-settlement-a-way-forward/

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BRICS : De-Dollarization begins with Oil & Gas

This morning, I shared with you why countries will be moving back to their own local currencies. Several countries all over the world have already spent trillions of dollars on green bonds that will support their maturity being denominated in local currencies.

Tonight, I will share with you how it will begin. The BRICS Nations are encouraging countries that join with them to move back into their own National Currencies.

China and Russia already back their oil and gas with gold. Saudi Arabia, who plans to join the BRICS Nation, will be under pressure to follow new rules. Payments on oil and gas are expected to be converted in local currencies inside the BRICS system.

At the time of this writing, Saudi Arabia is still using the dollar for trade, but this could change with their new alliance inside the BRICS system. Saudi Arabia's biggest customer is China. This could go a long way in some of their transactions being dealt in the Petro Yuan by the end of the year.

This is, perhaps, one of the worst things that could ever happen to the dollar. The demand for the Petro Yuan is increasing at a rapid pace along with Banks in the East backing their capital with gold.

We are on the cusp of a paradigm shift that will change the way we do things on a global scale.

Are you watching?

© Goldilocks

https://indiashippingnews.com/brics-de-dollarization-begins-with-oil-gas/

The Panama Canal Has Become a Traffic Jam of the Seas

More than 200 vessels are stuck on either side of the waterway as a serious drought cuts crossings.

Uh oh...

"Use of the all-water route through the Panama Canal will continue to be an important, cost-effective transportation mode for a significant segment of world trade."

https://pancanal.com/en/maritime-services/trade-routes/#:~:text=Use%20of%20the%20all%2Dwater,significant%20segment%20of%20world%20trade.

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China's massive gold purchases may actually be underestimated, and will likely continue for many years - BMO

"Based on the World Gold Council's estimate of global central bank demand last year (1,136t) and reported purchases in IMF statistics, approximately 65% of gold additions were unreported. It is widely thought that China and Russia likely account for a notable portion of this difference," the analysts said.
Kitco Link

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**SEC FINALLY ADMITS RIPPLE/XRP NOT A SECURITY & THE XRP ARMY IS VINDICATED | PROFIT WILL BE MADE**

https://youtu.be/v40L83-buag

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Follow Goldilocks' Timeline

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Q & A Room

https://t.me/+gqQYBsK0ZCpkMDg5

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Saturday Morning Iraq Economic News Highlights 8-19-23

Saturday Morning Iraq Economic News Highlights 8-19-23

An Expert Proposes Solutions To Limit The Rise In The Dollar In The Parallel Market

Economical  2023/08/19  Haider Fleeh Al-Rubaie,the economist, Munaf Al-Sayegh, proposed a set of solutions to control the parallel exchange rate and undermine the dollar, pointing out that the presence of two different exchange rates could confuse the local market and lead to a kind of imbalance in economic performance, while he praised the targeted measures In order to limit the rise of the green currency in the parallel market, he called for "liberalizing the exchange rate" in accordance with the levels of supply and demand and foreign trade activity, as well as working to change the pattern of the balance of payments and the trade balance.

According to specialists in economic affairs, the Central Bank succeeded in controlling the exchange rate of the parallel dollar, and put an end to the booms that that currency witnessed in previous times, indicating that the packages of decisions issued by the monetary authority led to strengthening confidence in the national currency, stressing at the same time,

The fluctuation of the exchange rate is no longer an influencing factor in the prices of goods and materials that are now imported at the official price of the Central Bank.

Al-Sayegh told "Al-Sabah": "The presence of two different exchange rates leads to a negative impact on economic performance, especially if it is linked to the pattern of consumption activity and thus will undermine government efforts aimed at enhancing its ability to provide quality services,"

 stressing the need to "establish development paths that work on Diversifying economic activity in line with the urgent requirements of society, such as continuous energy, efficient education, health institutions, as well as the provision of high-quality services, indicating that these steps are sufficient to achieve an active and flexible economy capable of constantly diversifying while creating sustainable development opportunities and diverse and renewable job opportunities within the requirements of economic performance and its obligations. local and international obligations.”

In order to find remedies for the economic effects of the existence of two different exchange rates for the local currency, the jeweler believes that the exchange rate must be liberalized in a flexible manner, according to the levels of supply and demand, as well as the levels of commercial activity of foreign trade, in addition to the need to work to change the pattern of the balance of payments and the trade balance in a way that leads to its transformation Gradually from negative to positive.

Al-Sayegh also stressed the importance of changing the spending pattern in the budget towards the productive investment that leads to serious development paths, taking into account the change in foreign trade patterns from consumer goods to productive goods linked to a specific economic activity, as well as the trend towards making a fundamental change in the pattern of performance and activity. Finance for public and private banks, enhancing the efficiency of government programs aimed at pushing development projects that support economic activity in general, and expanding small and medium entrepreneurial projects among young people.  https://alsabaah.iq/82642-.html

Al-Sudani And Al-Mandalawi Agree To Expedite The Implementation Of The Budget Provisions

Iraq  2023/08/19    Baghdad: Shaima Rasheed  Prime Minister Muhammad Shia'a al-Sudani and First Deputy Speaker of Parliament Mohsen al-Mandalawi agreed, yesterday, Friday, to expedite the implementation of the budget provisions.

A statement by the parliament’s media department stated, “The prime minister and al-Mandalawi stressed the importance of continuing effective coordination between the legislative and executive authorities with the aim of accelerating the enactment of solid laws that concern the citizen and meet all his requirements, and focus on laws that encourage economic and investment development, as well as revitalize the industry and create suitable job opportunities for young people.”  

He added, "Al-Mandalawi called for continued coordination between the legislative and executive authorities in a way that contributes to the enactment of laws of interest to the citizen and the development of the economy," stressing "the agreement to expedite the implementation of the provisions of the tripartite budget, especially those related to service and strategic projects and the mechanisms for their implementation and follow-up."

In the context, the Parliamentary Finance Committee formed sub-committees of its members to follow up on the implementation of the budget items, indicating that the failure to implement the budget items by any ministry or agency puts it under the law, accountability and legal accountability.

A member of the Finance Committee, Thamer Dhiban, told Al-Sabah: “The compensation of employees was calculated by the Ministry of Finance and sent to Parliament within the budget law and was voted on, and no ministry, body or department can refrain from calculating employee compensation because the budget law is a governing law.” ", explaining that "the money that must be spent are dues to employees for previous years. All ministries must apply the budget law."

He added, "Any ministry or authority that refrains from implementing the law will be subject to legal accountability and accountability," noting that "there are oversight bodies such as the Finance Committee, the Integrity Commission, and the Financial Supervision Bureau that follow up the implementation of the budget law in every small and large way with the ministries and departments."

Dhiban continued, "What is regrettable is that in some ministries there is abuse with employees and dissatisfaction on the part of employees in these ministries in calculating salary differences or entitlements of new employees.   Edited by: Mostafa Ibrahim   https://alsabaah.iq/82650-.html

A New Rise In The Dollar Against The Dinar In Baghdad And Erbil

2023-08-19 Shafaq News/ The exchange rates of the US dollar against the Iraqi dinar increased today, Saturday, in Baghdad markets, and in Erbil, the capital of Kurdistan Region.

Shafaq News agency reporter said that the two central stock exchanges of Al-Kifah and Al-Harithiya in Baghdad recorded this morning, an exchange rate of 153,800 Iraqi dinars for 100 US dollars, while the selling prices last Thursday morning were 153,200 Iraqi dinars for 100 dollars.

As for the dollar prices in exchange shops in the local markets in Baghdad, they rose, as the selling price reached 155,000 dinars, while the purchase price reached 153,000 dinars for every 100 dollars.

As for Erbil, the capital of the Kurdistan Region, the stock exchange does not trade on holidays, except that some exchange shops that opened their doors traded the dollar at a high rate. The selling price reached 154,300 dinars, and the purchase price was 153,300 dinars for 100 dollars.  LINK

Syrian Expert: The US Military Continues To Distance Iraq From Syria

Information / Baghdad..  The researcher in Syrian social and national security issues, Said Fares Al-Saeed, confirmed, on Saturday, that the American forces continue to intensify their illegal military presence in Iraq and Syria with the aim of dividing the region.

Follow the "information" channel on Telegram.. news that does not need to be documented..

Al-Saeed said in an interview with Al-Maalouma Agency, "The United States of America continues its illegal presence with the aim of preventing the Iraqi people from delivering humanitarian aid to the Syrian people."

He added, "America, for many decades, through studies centers and decisions issued by Congress, confirms the strengthening of its presence in the region in order to divide Syria and Iraq."

He pointed out that "the illegal American military presence, especially in the al-Tanf bases and the Syrian al-Jazeera base, is to steal and plunder the wealth of the Syrian people and export them to black markets to support terrorist activities."

A member of the Syrian People’s Assembly, Muhammad Fawaz, said in a previous interview with Al-Maalouma News Agency, that the American army is active in selling stolen Syrian oil through illegal crossings in northeastern Syria, in addition to its logistical role in the illegal entry and exit of American military convoys. LINK

]Integrity Investigated The Theft Of 12 Billion Dinars From The Money Sold State Lands

Information / Anbar ..   Sheikh Abd al-Razzaq al-Dulaimi, one of the sheikhs and notables of Anbar province, revealed, on Saturday, that the Integrity Committee is investigating the theft of about 12 billion dinars by senior officials involved in the files of selling state lands in Anbar.

Al-Dulaimi said in a statement to Al-Maalouma agency, "Information leaked from the confessions of a number of officials involved in corruption files selling state lands, who are currently detained in Baghdad prisons, about the theft of about 12 billion dinars, after new confessions confirm their involvement in stealing the amount while they were in office and with the support of the ruling party that It is led by Parliament Speaker Muhammad al-Halbousi.

He added, "The investigations report confessions by employees from the Real Estate Registration Department of their involvement in stealing huge sums of money by acquiring lands of the state and citizens and selling them illegally," noting that "those involved in the files of selling state lands admitted to sharing the stolen sums with leaders of the Taqaddam Party."

It is noteworthy that a security force coming from Baghdad arrested earlier a number of employees of the Real Estate Registration and Tax Department and other employees representing prominent leaders in the Taqaddam party, after their involvement in files of corruption, financial extortion, forgery, and the acquisition of huge sums of money in the mechanism of selling state property. LINK

It Exceeds 300 Billion Dinars.. A Financial Deficit In The Salaries Of The Region's Employees For The Month Of June

Baghdad today - Erbil  Today, Saturday (August 19, 2023), the Ministry of Finance in Kurdistan announced that it had recorded a financial deficit of more than 300 billion dinars in the salaries of employees for the month of June, which were distributed in the month of August, calling on the Baghdad government to adhere to the financial budget law and send the region’s monthly share. on time.

Salary deficit

Ministry spokesman Honor Jamal said in a press conference followed by "Baghdad Today" that "this month, there was a deficit of 321 billion dinars, and it was filled with internal revenues, while the local income is not only for salaries, but also for the Kurdistan Regional Government's spending on services." , the priority of ministries and institutions, the entitlements of lecturers, cleaning, creating green spaces, and securing food for prisoners, all of which are derived from internal financial revenues.

Regarding sending the region's budget share, the spokesman said: "We presented these figures in detail to the Iraqi government, the Ministry of Finance and the Office of Financial Supervision, and they carried out a comprehensive investigation in this field," adding, "The Kurdistan region has fulfilled all its obligations, and we asked the federal government to abide by the budget law and send a region's share." Kurdistan every month on time.

 Jamal stressed that "the General Directorate of Customs and the relevant authorities are in constant contact with the Iraqi government in order to unify customs drawings in all land and air ports in Iraq."

He added, "Some Iraqi border crossings do not adhere to the unified instructions, which has led to a reduction in trade at some border crossings in the Kurdistan region, prompting merchants sometimes to resort to other border crossings to import their goods from there due to the low taxes and fees."

Customs fees

He continued, "We have established a customs control directorate that monitors goods coming from the cities of southern and central Iraq to the Kurdistan region, and any merchant who does not pay the necessary customs duties will be held accountable."

A spokesman for the ministry indicated, "Because of the government reforms that we have undertaken in customs and ports with the help of the relevant ministries within the framework of the Kurdistan Regional Government program between 2019 and 2022, the volume of trade exchange has increased by about two trillion and 500 billion dinars with neighboring countries, especially with Iran."

And on (August 16, 2023), the federal government stipulated that it supervise the distribution of salaries of employees of the Kurdistan Region in return for sending the funds for salaries for two consecutive months LINK

"Tidbits From TNT" Saturday 8-19-2023

TNT:

CandyKisses:  New Directives From The Central Bank For All Banks

The Central Bank of Iraq directs all banks to take new controls regarding prepaid cards for the purpose of regulating financial movements taking place inside Iraq.

1- The ceiling of withdrawals for local financial movements (within Iraq) made through automated exchange machines (ATM) for prepaid cards shall be 2,000,000 (two million Iraqi dinars) per day instead of (395,000) Iraqi dinars.

2- Raising the ceiling of the purchase movement through points of sale inside Iraq to be 10,000,000 (ten million Iraqi dinars) with a commitment not to exceed the monthly limit for charging the card, which is (10 million).

3- Reducing the electronic purchase ceiling to be (750) US dollars per day.

4- It is your responsibility to expand your dealer network by contracting with entities that are allowed to sell and market this type of card.

5- Exclusion of local financial movements on prepaid cards with the obligation contained in paragraph (5) of the above related to merchant category codes (MCC), provided that they are included in the legitimate purposes of purchase and payment.

6 New Directives from the Central Bank for All Banks - Earth News (earthiq.news)

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CandyKisses:  Expert proposes solutions to control the parallel exchange rate

Baghdad - NAS  

The economist, Manaf Al-Sayegh, proposed a number of solutions to control the parallel exchange rate, and undermine the dollar, pointing out that the presence of two different exchange rates can confuse the local market and lead to a kind of imbalance in economic performance, and while praising the measures aimed at limiting the rise of the green currency in the parallel market, he called for "liberalizing the exchange rate" according to supply and demand levels and foreign trade activity, as well as working to change the pattern of the balance of payments and the balance of trade.      

  According to specialists in economic affairs, the Central Bank succeeded in controlling the exchange rate of the parallel dollar, and put an end to the booms witnessed by that currency in previous times, indicating that the packages of decisions issued by the monetary authority led to strengthening confidence in the national currency, stressing at the same time, that the fluctuation of the exchange rate is no longer an influential factor in the prices of goods and materials that are imported at the official rate of the Central Bank.  

  Al-Sayegh said in a statement to the official newspaper "Nas", (August 19, 2023), that "the existence of two different exchange rates leads to an impact on economic performance negatively, especially if it is related to the pattern of consumer activity and thus will undermine government efforts to enhance its ability to provide quality services,"

Stressing the need to "establish development paths that diversify economic activity in line with the urgent requirements of society, such as continuous energy, efficient education and health institutions, as well as the provision of high-quality services, indicating These steps will achieve an active and flexible economy capable of continuous diversification while creating sustainable development opportunities and diversified and renewable job opportunities within the requirements of economic performance and its local and international commitments."  

 In order to find remedies for the economic effects of the existence of two different exchange rates for the local currency, the jeweler believes that the exchange rate should be liberalized flexibly according to the levels of supply and demand as well as the levels of commercial activity for foreign trade, as well as the need to work to change the pattern of the balance of payments and the balance of trade in a way that leads to its transformation from negative to positive gradually.  

 Al-Sayegh also stressed the importance of changing the pattern of spending in the budget towards productive investment leading to serious development paths, taking into account changing foreign trade patterns from consumer goods to productive goods related to a specific economic activity, as well as the trend towards making a fundamental change in the pattern of performance and financial activity of public and private banks, enhancing the efficiency of government programs aimed at pushing development projects that support economic activity in general, and expanding small and medium entrepreneurial projects among young people.  

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Tishwash:  Millions of dollars in damages.. Oil smuggling is costing Iraq huge amounts of money - Urgent

 Millions of dollars in damages caused by the smuggling of oil derivatives from the country, while Iraq incurs huge sums of money as a result, while the concerned authorities indicate a noticeable decrease in these operations by rates of up to 90 percent.  Millions of dollars in losses

Today, Saturday (August 19, 2023), the Parliamentary Oil and Gas Committee confirms that Iraq is losing millions of dollars due to oil smuggling operations. 

Committee member Ali al-Lami told "Baghdad Today" that "the oil smuggling operations that take place in various Iraqi cities, Iraq has incurred huge losses in the millions of dollars, and these operations are behind gangs involving various influential parties and personalities."

Al-Lami explains that "there is a decline in oil smuggling operations, after the blows dealt to these gangs by the security forces, who succeeded during the past periods in thwarting many oil smuggling operations, in addition to exposing many of these gangs," adding, "But the smuggling operations are still going on." This calls for doubling the security effort."

In numbers, adjustments 

The Energy Police Directorate of the Ministry of Interior revealed, on (August 18, 2023), statistics for oil derivatives seizures during the current year .

The Director General of the Energy Police, Major General Zafer Al-Husseini, said in a statement followed by "Baghdad Today", that "the Energy Police Directorate continues to carry out its security duties and according to the orders issued by the references and in joint coordination with the National Intelligence and Investigation Agency, as well as the formation of joint teams during the security operations that carry out with it .  ”

He added, "The Directorate has been able, since the beginning of this year until now, to seize 489 tanks and 100 dens for smuggling oil derivatives, confiscate 23 million and 308 thousand liters of fuel, and arrest 553 suspects, as well as seizing two violating fuel stations .  "

 And he stated, "The Energy Police Directorate has 9 brigades deployed in all regions of the country, carrying out its proactive operations, and these brigades continue to combat smuggling of oil derivatives, according to their responsibility, in addition to Iraqi oil installations scattered in all regions of Iraq," stressing, "The Directorate is seeking to control smuggling operations and dumping Arresting smugglers . 

Al-Husseini confirms, "The smuggling of oil derivatives decreased at the level of Iraq by 90% compared to previous years," noting that "the Police Directorate has developed, since the beginning of this year, proactive and qualitative plans that were presented to the Minister of Interior and approved, which included joint coordination between the Directorate Energy Police and the Intelligence and Investigation Agency to provide us with information on smuggling operations, in addition to information that comes through a hotline   link

Mot: .... Happy weekend!

Mot:  .... an Oldie but Goooodie!!!

MilitiaMan: Iraq Dinar - GOI - CBI - Finance Minister- Exchange Rate Change

Iraq Dinar - GOI - CBI - Finance Minister- Exchange Rate Change

MilitiaMan and Crew:  8-18-2023

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

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

https://www.youtube.com/watch?v=zkqlzdCC4OU

Friday Afternoon Iraq Economic News Highlights 8-18-23

Friday Afternoon Iraq Economic News Highlights 8-18-23

Fear Of The Dollar Price Difference Between The Official And The Parallel

with video  2023-08-18 | Source:  Sumerian  153 views  While many fear the continuation of the gap in dollar exchange between the official rate and the parallel market, economists believe that there is an urgent need for more steps that would achieve stability.

After that, the stability required by the citizen regarding the exchange rates of the dollar was not achieved. The difference is still clear between the official rate and the parallel market, which increased the dominance of the currency sale auction, which caused an increase in the citizen's anxiety about the possibility of a new economic shock that confuses their situation.

Some believe that the procedures used for selling the dollar through specific outlets at the official rate may contribute to preventing a rise in exchange rates, but economists find that this procedure should be supported by a number of other government steps.

The market needs real economic treatments to balance it and ensure that the tremors are not repeated, from which only the citizen who is looking for his strength in light of these crises will be affected. LINK

Iraq.. The Dollar And The Limits Of Sovereignty

August 17, 2023 Baghdad / Obelisk event: Dr. Ihsan Al-Shammari  In 2018, former Iraqi Prime Minister Haider al-Abadi stated that Baghdad would abide by the US sanctions imposed on Iran, stressing that his country would not be able to deal in dollars except through the US Federal Bank and its requirements, and would not be able to deviate from the global economic system to protect the interests of its people.

Al-Abadi was then criticized by Iraqi forces allied to Iran, who considered this position contrary to the course of the relationship between Iraq and Iran and the levels of this connection (from their point of view), and some of them went to the political exploitation of this position to remove Al-Abadi and (with external support) from assuming the presidency of the Council of Ministers for a second term ,

which set a precedent in the political process that the obligation to prevent dollar smuggling or dealing with it with an American penalizing country would be influential in the Iraqi sovereign decision regarding the highest position in the executive authority in Iraq.

That incident indicated the entry of another factor for the violation of the sovereignty of the Iraqi state, which is represented by the US dollar and its impact on the making of events and decisions.

Sovereignty as a concept is a set of specializations (including sovereignty over national funds), which is unique to the political authority in the state and makes it a supreme authority that enables it to impose its will internally. Sovereignty is considered incomplete if a foreign country or an international body participates in the exercise of its basic competencies.

This is why we are faced with a precedent represented by internal-external servitude to prevent the state from exercising its sovereignty and exclusive powers, as well as political revenge against those whose interests it stands against.

The dollar crisis in Iraq has returned to turning into a new manifestation of the violation of sovereignty in the government of Muhammad al-Sudani, due to the scramble between the United States of America and Iran not stopping at certain borders.

The arrival of the dollar from Iraq to Iran, Syria, Lebanon and even Russia constitutes a source of danger and concern for Washington due to the non-enforcement of its sanctions against its opponents. And an indication of, on the other hand, Tehran's ability to circumvent measures to restrict the dollar's access to it, which prompted Washington to oblige Baghdad to a financial system that restricts the movement of dollar transfers and limits its smuggling.

Iraq paid off its debts, which amounted to nearly $11 billion, at the time of the collapse of the Iraqi electric power production system, and on the other hand motivated its allies, who constitute the Sudanese government, to attack Washington, according to what they considered a violation of Iraq’s sovereignty by controlling its money, which was reflected in a great embarrassment in the way it could Sudanese are treatedThis double challenge, as he does not want to lose the two influential countries in the Iraqi political scene.

The struggle of obligating American conditions to stop dollar smuggling and money laundering, or the desires of states and foreign parties to obtain dollar liquidity through official or unofficial means, is no longer the only challenge for the Sudanese government.

The value of the dinar has become a battle for internal sovereignty, especially since the decision-maker in Baghdad has not yet succeeded in imposing procedures through which the citizen can be notified of his ability to achieve absolute sovereignty of the state over financial policy, despite all the promises;

The rise in prices of basic materials in the markets, the decrease in the value of state employees’ salaries by 17%, and the loss of confidence in the Iraqi banking system, after Washington punished 14 banks accused of smuggling dollars, and the recession that afflicted the economy;

It led to an increase in poverty and unemployment rates, and to an increase in the feeling of diminishing opportunities for solutions to change the reality of life, and this also generates a state of lack of feeling of the sovereignty of the state.

The Sudanese Prime Minister has a national and constitutional responsibility to deal with this new factor that violates sovereignty, which dictates that he draw up a general policy that necessitates commitment to ensure the higher interests of the country and the people.

Any collapse or inability to control the movement of funds internally and externally will be disastrous for the economy. security, society and sovereignty.   https://almasalah.com/archives/63155

Romansky: The Fluctuation Of The Dollar Against The Dinar Is Caused By Smugglers And Money Launderers

August 18, 2023  Baghdad / Obelisk Al-Hadath: The US ambassador to Baghdad, Alina Romansky, said on Thursday that Washington is ready to help Baghdad in the water file with the upstream countries.

The ambassador said that Iraq's reliance on the legitimate banking system guarantees the stability of the dollar's exchange rates.

The US ambassador said in a televised interview that after my return from Washington, I met with Iraqi political leaders to follow up on matters.

She added: We will follow the provincial council elections and the extent to which they are free and fair, as well as the Kurdistan Parliament elections, and then the parliamentary elections.

Romansky attributed the fluctuation of the dollar against the dinar to the existence of a parallel financial system, smugglers and money launderers.

She said: There is a misunderstanding about the 14 banks, as no penalties were imposed on them, but these banks are not allowed at the present time to deal in dollars.

Regarding the visit of the Iraqi military delegation to Washington, Romansky said: This is the first joint military interaction that takes place under the Sudanese government between high-level officials in the defense ministries of the two countries. When Minister of Defense Austin came to Iraq in March, he called on the prime minister to send a delegation to Washington to talk about several issues. .

Romansky indicated that we made arrangements and gave exceptions to the Iraqis by paying money to Iran through restricted accounts in the Central Bank, and we continue to provide these exceptions to Iraq, realizing that Iraq must continue to receive electricity.

And she continued: Our coordination targets electricity payments, and the arrangements go back several years and do not include the exchange of oil or anything similar. We are studying what appears to be a proposal drawn up by the Iraqi government, but the details should be known from the Iraqi government.

The US ambassador commented on the news of an American military build-up to cut the borders between Iraq and Syria, stressing that “these issues were discussed between the US and Iraqi Ministries of Defense.”

The American ambassador responded to the accusation of the Iranian ambassador in Baghdad, the United States of using the electricity card to delay the street, by saying, "This is what the Iranians are doing.    https://almasalah.com/archives/63197

Al-Sudani And Al-Mandalawi Stress The Need To Expedite The Implementation Of The Budget Items

Baghdad today - Baghdad   Today, Friday (August 18, 2023), Prime Minister Muhammad Shia’a al-Sudani and First Deputy of Parliament, Mohsen al-Mandalawi, stressed the need to expedite the implementation of the provisions of the general budget.

A statement by Al-Mandalawi's office, received by "Baghdad Today", stated that "Al-Mandalawi and Al-Sudani agreed to expedite the implementation of the budget provisions and the need to implement strategic and service projects," noting that "Al-Mandalawi called for continued coordination between the legislative and executive authorities in a way that contributes to the enactment of laws of interest to the citizen and the development of Economy".

He added, "The two sides agreed to expedite the implementation of the tripartite budget provisions, especially those related to service and strategic projects and the mechanisms for their implementation and follow-up."

The two sides stressed, according to the statement, "the importance of continuing effective coordination between the legislative and executive authorities with the aim of accelerating the enactment of solid laws of interest to the citizen and meeting all his requirements, and focusing on laws that encourage economic and investment development, as well as revitalizing the industry and creating suitable job opportunities for young people."   LINK

A New Agreement Between Al-Sudani And Al-Mandalawi Related To The Items Of The General Budget

Policy  2023-08-18 Source:  Alsumaria News  1,530 views  Alsumaria News – Politics  First Deputy Speaker of the House of Representatives Mohsen Al-Mandalawi affirmed, during his meeting with Prime Minister Muhammad Shia Al-Sudani, the agreement to expedite the implementation of the tripartite budget provisions, especially those related to service and strategic projects and the mechanisms for their implementation and follow-up.

The media office of the First Deputy Speaker of the House of Representatives stated in a statement received by Alsumaria News, that Al-Mandalawi received Prime Minister Muhammad Shia Al-Sudani, and it was agreed to expedite the implementation of the tripartite budget provisions, especially those related to service and strategic projects and the mechanisms for their implementation and follow-up.

According to the statement, the two sides stressed "the importance of continuing effective coordination between the legislative and executive authorities with the aim of accelerating the enactment of solid laws that concern the citizen and meet all his requirements, and focus on laws that encourage economic and investment development, as well as revitalizing the industry and creating suitable job opportunities for young people."   LINK

Goldilocks' Comments and Global Economic News for Friday, August 18, 2023

Goldilocks' Comments and Global Economic News for Friday, August 18, 2023

RJ:  Good afternoon Dinar Recaps,

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

China's Evergrande files for bankruptcy. They specifically filed for Chapter 15 which keeps their financial troubles in their own country.

Chapter 15 prohibits non-US companies from filing lawsuits and freezing up assets during the reconstruction process from tying up funds in the US.

Because of the investment connections tied up with Evergrande here in the United States, this keeps China's restructuring process at home.

Meanwhile, there are some companies willing to give Evergrande partial funding in exchange for a 28% of the company's profits.

Evergrande is expected to return to normal operations within 3 years per articles written on this matter.

This decision allows the US more wiggle room in the reset process of our own housing market undergoing a restructuring process as well.

The Jackson Hole Symposium is just around the corner, and the Evergrande decision will give more clarity for this symposium as they make Market decisions that entertain ideas on how to move forward with the Global Economy.

© Goldilocks

https://www.cnn.com/2023/08/17/business/evergrande-files-for-bankruptcy/index.html

US Courts Link

https://www.hwca.com/accountants-north-london/opinion/how-when-and-why-to-restructure-your-business/

https://www.kansascityfed.org/research/jackson-hole-economic-symposium/

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Some people are asking what I mean by "WATCH THE WATER."

Supply and demand affects a country's exchange rate. Trade moves from country to country through the shipping industry. The shipping industry is moving into a digital process with a tokenized technological system backed by a commodity.

All of this goes into a repricing event for a country's new monetary system. Currencies are a part of this equation and the determination of exchange rates is built upon a healthy trading experience.

This is why you are seeing shipping containers and shipping industry reforms and monetary reforms and digital banking reforms and Market reforms take place all at the same time.

Supply and demand create determining price factors in an exchange rate - just like the markets.

The significance of trade going forward has less to do with the volumes of trade than before. The value of what a country's export brings to the import of another country will be determined by those price factors going forward giving each country a Level Playing Field in the influence and Power of the Global Economy.

Artificial intelligence will be able to assess these new values based on their product's real worth and continued dividends.

How do you think the dollar rose to the top and became the World's Reserve Currency? It was used in trade everywhere. This made the worth of the dollar more valuable than any other currency in the world giving it the status of a World Reserve Currency. The dollar was used as a substitute for countries who had less trading demand and value.

Now, countries are going to use their own National currencies in trade. The increase in demand on these trades will increase the value of their own National Currencies.

Iraq recently became a trading partner with India and seeking inclusion in the Unified Payment System that will allow them to go across borders sometimes by land sometimes by sea seeking more demand for their currency which gives it more value.

"The main transport mode for global trade is ocean shipping: around 90% of traded goods are carried over the waves."

So, there you have it, what happens in the water has far more influence than most people realize in determining price action values on every sector of the market.

Watch the water.

© Goldilocks

Investopedia Link

OECD Link

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"JPMorgan Chase & Co. will likely include India’s sovereign bonds on its indexes next year as investment hurdles get resolved, one of Europe’s biggest asset managers said."

They are expecting a mid-2024 inclusion date that gets phased in going forward.

No one country operates on its own, it is the combined efforts and shared profits within each country that will help us move forward.

Cooperation over competition is the overall theme that must be embraced in order for our world to survive and thrive.

© Goldilocks

https://www.business-standard.com/world-news/jpmorgan-index-may-include-india-s-sovereign-bonds-in-2024-says-pictet-123081700636_1.html

Ripple is working with Bank for International Settlements on a payments taskforce

https://finbold.com/ripple-is-working-with-bank-for-international-settlements-on-payments-taskforce/

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"Stellar Releases Open-Source Disbursement Platform for Global Payments"

Stellar has launched a decentralized payment platform that can process bulk payments instantly across national borders.

Stellar aims to provide more equitable access to financial services for the underbanked.

Stellar’s Disbursement Platform will work in conjunction with its network of 475,000 cash-to-crypto stations that have been situated around the world.

https://coincodex.com/article/31328/stellar-releases-open-source-disbursement-platform-for-global-payments/

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Russia has officially launched the Digital Russian Ruble, which is expected to become operational from August 1st.

This move is aimed at helping Moscow conduct foreign trade in the face of Western sanctions.

The Digital Ruble is not based on a single protocol and therefore cannot be visible to the Bank for International Settlements (BIS) in Basel.

This allows Russia to effectively bypass the financial sanctions imposed by Western countries.

https://www.claytoncountyregister.com/news2/russia-officially-launches-the-digital-ruble/108049/

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The real cost of de-dollarisation | Jordan Times

http://www.jordantimes.com/opinion/benn-steil/real-cost-de-dollarisation

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Digitization refers to converting physical data into digital records, while datafication involves quantifying previously qualitative information.

Datafication is important because it allows companies to optimize services based on user behavior, creating a win-win for both parties.

The increase in online and mobile device usage has led to more data collection, but privacy measures such as blockchain technology are being developed to address concerns.

https://www.makeuseof.com/what-is-datafication-how-differ-from-digitisation/

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JUST IN: $1,000,000,000 liquidated from the crypto market in the past 24 hours.

@WatcherGuru

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Thank you Dinar Recaps

"Vietnam News" Posted by ToyVP at KTFA 8-18-2023

KTFA:

Toyvp:  Central bank tells lenders to cut credit interest rates

By Dat Nguyen   August 15, 2023 | 10:00 pm PT

The State Bank of Vietnam has instructed banks to lower their lending interest rates by 1.5-2 percentage points to support economic recovery.

They are required have to report their interest reduction plans by Aug. 25, and the results must be reported by Jan. 8 next year, it said.

The central bank has cut its policy rates three times since the beginning of the year to bring down loan interest rates amid economic challenges.

Following that, banks have cut their deposit interest rates from more than 10% to around 7.5% now.

Loan interest rates too have come down by 1-2 percentage points so far this year.

https://e.vnexpress.net/news/business/economy/central-bank-tells-lenders-to-cut-credit-interest-rates-4642337.html

ToyVP:  Nghi Sơn and Bình Sơn refineries forge extensive cooperation for efficiency

August 16, 2023 - 15:51

The joint initiatives between NSRP and BSR encompass resource sharing, expertise exchange, technical and maintenance services, collaboration in raw material and oil product exchange.

HÀ NỘI — Nghi Sơn Refinery and Petrochemical LLC (NSRP) and Bình Sơn Refining and Petrochemical Joint Stock Company (BSR) on Tuesday signed a Memorandum of Understanding (MoU) for comprehensive cooperation with the aim of enhancing the operational efficiency of Việt Nam's two largest oil refineries.

The MoU outlines joint initiatives between NSRP and BSR, encompassing resource sharing, expertise exchange, technical and maintenance services, collaboration in raw material and oil product exchange, as well as jointly exploring business development prospects.

The collaboration between NSRP and BSR dates back to 2013, with successful undertakings during the construction and operation phases of the Nghi Sơn petrochemical refinery. Notable aspects of their partnership include professional training for new staff, resource sharing in operation and production, personnel provision, and laboratory support.

The MoU signing event reaffirms the long-standing cooperation between NSRP and BSR, bolstering their close relationship and operational efficiency in managing and running the refineries.

So Hasegawa, NSRP's General Director, lauded BSR's unwavering support and foresaw even stronger collaboration through the MoU's implementation.

The partnership of Nghi Sơn and Bình Sơn refineries, two leading entities in Việt Nam's petroleum industry, promises sustainable growth. Amidst the volatile global petroleum market, their cooperation is pivotal in achieving stable and optimized operations, particularly in meeting the growing energy demand, especially for gasoline oil.

BSR, primarily owned by Vietnam Oil and Gas Group (Petrovietnam) with a 92 per cent stake, manages Dung Quất Oil Refinery in Quảng Ngãi Province. Established in 2009, it jointly supplies 70 per cent to 75 per cent of the nation's petroleum product needs alongside NSRP.

NSRP, located in Nghi Sơn Economic Zone in Thanh Hóa Province, is a joint venture involving PetroVietnam, Kuwait Petroleum Europe, Idemitsu Kosan and Mitsui Chemicals. With a capacity of 200,000 barrels of crude oil/day, NSRP is a significant provider of petroleum products within Việt Nam and exports certain petrochemical goods to neighbouring nations. — VNS  LINK

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ToyVP:  PM proposes Vietnam & Israel boost cooperation in innovation and high-tech

Vân Nguyễn - August 17, 2023 | 08:30 GMT+7

Visiting Israeli Minister of Economy and Industry welcomed by PM in Hanoi on August 16.

Prime Minister Pham Minh Chinh receives Israeli Minister of Economy and Industry Nir Barkat in Hanoi on August 16. Photo: VGP

Prime Minister Pham Minh Chinh recommended that Vietnam and Israel further boost their cooperation in the fields of innovation and high technology while receiving Israeli Minister of Economy and Industry Nir Barkat in Hanoi on August 16, the Government News reported.

He also proposed that the two countries coordinate in organizing trade promotion and exchange activities and increase the export of products that are strengths of Vietnam, such as agricultural and seafood products, fruit and vegetables, processed food, and household appliances, to Israel.

The Prime Minister suggested that the two countries enhance the effective implementation of cooperative mechanisms, quickly implement the Vietnam-Israel Free Trade Agreement, and initiate negotiations for the signing of cooperative agreements in industry.

Minister Barkat said Israel is working to coordinate with Vietnam to quickly complete relevant procedures so that the Vietnam-Israel Free Trade Agreement can soon take effect.

He agreed with promoting connections between businesses in the two countries and fostering cooperation in the fields of high technology, medicine, the fight against desertification, marine development and aquaculture, and, especially, innovation.

https://en.vneconomy.vn/pm-proposes-vietnam-israel-boost-cooperation-in-innovation-and-high-tech.htm       Vietnam Today

ToyVP:  Shares volatile on higher liquidity

August 18, 2023 - 03:38

Việt Nam's stock market was experiencing a notably volatile phase on Thursday with continuous fluctuations in the indexes.

HÀ NỘI — Việt Nam's stock market was experiencing a notably volatile phase on Thursday with continuous fluctuations in the indexes.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index concluded on a bearish note, losing nearly 0.79 per cent to close at 1,233.48 points.

Market breadth was negative with 150 gainers and 320 losers.

Liquidity increased with more than one billion shares worth VNĐ25.6 trillion (US$18 million) being traded, up 18 per cent in volume and 22 per cent in value over Wednesday’s levels.

Similarly, the VN30 Index which tracks the top 30 shares by market cap and liquidity saw a decline of 0.73 per cent, closing at 1,247.82 points.

In the VN-30 basket, 10 stock roses and 19 stocks experienced a drop.

Among the major industry groups, retail, particularly in technology goods, holds significant prominence. Several gainers in this sector, such as Mobile World Investment Group (MWG), FPT Corporation (FPT), stood out with growth of 0.2 per cent and 1.1 per cent, respectively.

In addition, the electricity and food & beverage industries also displayed a relatively balanced correlation between increases and decreases. However, the real estate, construction, iron and steel, securities, oil and gas, and banking sectors were all in the red, indicating significant declines.

Banking group performed poorly with many losers such as Military Bank (MBB), Asia Commercial Bank (ACB), Bank for Investment and Development of Vietnam (BID), VPBank (VPB), Sacombank (STB), Tiên Phong Bank (TPB), Techcombank (TCB).

Petroleum stocks also suffered with losers such as Việt Nam National Petroleum Group (PLX), PVPower (POW), PetroVietnam Gas JSC (GAS), PetroVietnam Drilling & Well Services Corporation (PVD), PV OIL (OIL), Bình Sơn Refinery (BSR) and PetroVietnam Technical Services Corporation (PVS).

On the Hà Nội Stock Exchange, the HNX-Index was down 1.03 per cent to end at 249.97 points.

More than 137 million shares worth VNĐ2.4 trillion were exchanged here. — VNS LINK

ToyVP:  IMO More liquidity is a good sign. 

From Investopedia: 

"Liquidity refers to the efficiency or ease with which an asset or security can be converted into ready cash without affecting its market price. The most liquid asset of all is cash itself …The more liquid an asset is, the easier and more efficient it is to turn it back into cash. Less liquid assets take more time and may have a higher cost."

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ToyVP:  Derivatives market sees remarkable growth in last 6 years

August 17, 2023 - 08:50

In the last six years, the average growth of VN30 index futures contract transactions was 27.46 per cent.

HÀ NỘI — The derivatives market has experienced stable growth with dynamic trading activities and more investors after six years of operation, according to the Hà Nội Stock Exchange (HNX).

August 10 marked the opening of the derivatives market and its first product of the VN30 index futures contract.

The exchange said that the derivatives market has gradually become a risk-hedging tool for investors, which is partly reflected in the increases in trading volume on the market when the primary market fluctuates strongly.

It also helps ease the selling pressure on the primary market, stabilising investor sentiment, balancing the market and capping losses of the primary market's benchmark index.

For example, when the market tumbled due to the impact of the COVID-19 pandemic in 2022, the liquidity of the derivatives market soared by 43.8 per cent over the previous year. This was consistent with the general movements of the global derivatives market, when the global primary markets entered the downtrend, leading to the cash inflow into the derivatives market as demand for safe-haven increased.

According to HNX, the market size and liquidity of the VN30 index futures contract grew strongly at an average of 38.65 per cent during 2018-22. Particularly, 2020 witnessed the highest growth rate of 79.9 per cent over 2019, followed by the growth speed in 2022, up 43.8 per cent on-year.

In the first seven months of 2023, the average trading volume reached 225,178 contracts per session, down 17.41 per cent year-on-year, but still the second-highest average annual transaction, only after the record set in 2022.

In the last six years, the average growth of VN30 index futures contracts was 27.46 per cent.

The derivatives market is also a profitable investment channel for investors. With two-way trading and being able to buy and sell continuously during the session, investors can make profits even when the primary market plummets.

As a result, the number of derivatives trading accounts has continuously risen. As of the end of July, there were more than 1,3 accounts on the market, 546 times higher than the beginning period, said HNX.

The derivatives market is an effective solution to hold cash flow in the stock market, avoiding investors fleeing from the market when the primary market declines.

Moreover, the strong growth of the derivatives market has attracted the attention of foreign investors. Transactions of foreign investors on the market edge higher every year, with the amount of the next year usually increasing by 2-3 times the previous year.

In July, foreign investors' transactions accounted for 3.47 per cent of the total trading volume in the whole market compared to 0.1 per cent at the end of 2017.

HNX said that the derivatives market plays an increasingly important role in promoting the development of the country's stock market, contributing to perfecting the stock market structure, and meeting one of the mandatory conditions for the stock market to be considered for an upgrade from frontier market to emerging market in the near future.

To further promote the role of the defensive status as well as an effective investment channel, and to meet the diverse needs of investors, the derivatives market needs to introduce more new derivative products such as futures contracts on the VN100 index, HNX said. — VNS LINK

Iraqi News Highlights Early Friday Morning 8-18-23

Iraqi News Highlights Early Friday Morning 8-18-23

Tlm724 Administrator Bondlady’s Corner

A Ministerial Meeting Of The Working Group Tasked With Preparing The Draft Oil And Gas Law

Energy  Economy News-Baghdad  On Thursday, the Ministry of Oil organized a ministerial meeting for the working group tasked with preparing the draft oil and gas law.

A statement of the ministry, which was received by "Al-Iqtisad News", stated that, "The Ministry of Oil organized a meeting for the work team assigned to prepare the draft oil and gas law, which is headed by the ministry's advisor for administrative, legal and supervisory affairs, Mr. Hamdan Awijel, and includes a number of officials in the oil companies and departments of the ministry's center."

He added, "The meeting aims to discuss the preparation of a draft oil and gas law, and to work on crystallizing a professional national vision that achieves the goals of optimal investment of oil wealth to serve the public interest."  Views 67  08/17/2023 https://economy-news.net/content.php?id=35707

Parliamentary Orientation To Legislate The Oil And Gas Law

Political  | 08/18/2023  Baghdad - Mawazine News  Today, Friday, the representative of the State of Law Parliamentary bloc, Firas Al-Maslamawi, revealed the laws to be legislated in Parliament in the coming period, while stressing the imminent vote on the advisory offices law and the amendment of the private university education law.

Al-Maslamawi said, "The priority of the presidency of Parliament and the House of Representatives is to legislate laws sent by the government, and in the second stage come the proposals for laws and committees."

He explained, "Parliamentary committees decided that the proposals for laws and their amendments sent by the government should be in a way that touches the lives of citizens."

He added, "Among the important laws that parliament intends to legislate after receiving its draft is the oil and gas law," stressing that "there is a parliamentary and governmental will to legislate it in a manner that preserves justice in the distribution of wealth."

He pointed out, "Parliament's determination to support the vulnerable segments with regard to small and income-generating projects, as this law has been approved and has become effective, in addition to the information law, as it is a very important law and is concerned with electronic extortion."

He pointed out that "the informatics law aims to protect everyone, contrary to what was circulated in the media, that it is a restriction of freedoms," noting that "the Parliamentary Security and Defense Committee is working to complete this law."

He pointed out that "there is a trend among the political blocs and forces to form legal committees aimed at taking the initiative and enacting laws that directly affect the life of the citizen," noting that "the government has withdrawn 9 laws, most notably the law of random homes, and is waiting to send them to Parliament and vote on them."

Al-Maslamawi stated that "the House of Representatives is moving towards legislating or amending laws related to the sectors of agriculture, industry and water resources, as well as education and higher education," noting that "the Higher Education Committee will soon vote on the consulting offices law and efforts to amend Law 25 of private university education, which pertains to private universities." In addition to amending Law 40   https://www.mawazin.net/Details.aspx?jimare=233493 

Oil Prices Continue To Fall 

Economy | 10:03 - 08/18/2023  Baghdad - Mawazine News  Economic concerns about the decline in oil demand continue to pressure the black gold markets, as oil prices fell today to below $84 a barrel.

Crude prices are heading towards recording their first weekly loss since last June, in light of concerns about the Chinese economy and the possibility of the US Federal Reserve raising interest rates.

By 08:20 Moscow time, US West Texas Intermediate crude futures fell 0.10% to $80.20 a barrel.

Brent crude futures fell by 0.17% to $83.98 a barrel, according to Bloomberg.

https://www.mawazin.net/Details.aspx?jimare=233478

Al-Sudani And Al-Mandalawi Stress The Importance Of Coordination Between The Legislative And Executive Authorities To Legislate Important Laws

Friday 18 August 2023 11:13 | political Number of readings: 277  Baghdad / NINA / - Prime Minister Muhammad Shia'a Al-Sudani and First Deputy Speaker of Parliament Mohsen Al-Mandalawi stressed the importance of coordination between the legislative and executive authorities to legislate laws of concern to citizens.

A statement by the media office of the First Deputy Speaker of the House of Representatives stated: “Al-Sudani and Al-Mandalawi stressed the importance of continuing effective coordination between the legislative and executive authorities in order to expedite the enactment of solid laws that concern the citizen and meet his requirements, and focus on laws that encourage economic and investment development, as well as revitalize industry and create job opportunities.” Suitable for young people.

The statement added: "Al-Mandalawi called for continued coordination between the legislative and executive authorities, in a way that contributes to the enactment of laws of interest to the citizen and the development of the economy," stressing "the agreement to expedite the implementation of the tripartite budget provisions, especially those related to service and strategic projects and the mechanisms for their implementation and follow-up." / End9

https://ninanews.com/Website/News/Details?key=1071635

NATO Announces The Assumption Of Additional Missions In Iraq

Iraq  Friday, August 18, 2023 Follow-up / National News Center  Today, Friday, the North Atlantic Treaty Organization (NATO) announced that it will assume additional missions in Iraq, including advisory and capacity-building roles, in support of the Iraqi Ministry of Interior forces and the Federal Police Command.

This comes amid ambiguity surrounding the reasons that called for the United States of America to reinforce its military forces on the Iraqi-Syrian border, in light of information indicating a possible battle in the region.

During the past few days, the American forces brought in military reinforcements, including vehicles and soldiers, on the Syrian border, coming from the Iraqi side towards the city of Al-Qaim near the border city of Al-Bukamal along the Euphrates River.

The international coalition forces, led by Washington, also conducted military exercises, in which warplanes participated, at the Koniko base in the northern countryside of Deir ez-Zor.

And the alliance stated in a statement, “At the request of the Iraqi authorities, and by a decision of the NATO Council yesterday, Thursday, the scope of the alliance’s mission in Iraq will also include advisory and capacity-building missions to support the Iraqi Ministry of Interior and the Federal Police Command.”

"NATO" stated that "this additional activity will be carried out in conjunction with the support also provided by other countries and international organizations," stressing at the same time that all NATO activities are being carried out "at Iraq's request and with full respect for the country's sovereignty and territorial integrity."

And NATO indicated that “its mission in Iraq was established in 2018, and it is tasked with providing advice to defense and security officials in the Ministry of Defense, the Office of the National Security Adviser, and the Operations Center of the Prime Minister, and now it will also include the Ministry of Interior and the Federal Police Command.”

NATO's statement concluded that "its mission in Iraq will provide advice to professional military education institutions in the Greater Baghdad area."

The commander of Operation Inherent Resolve in the Joint Task Force Command in Iraq and Syria, US General Matthew MacFarlane, revealed yesterday, Thursday, that the coalition monitored “threats” led by groups in Iraq on social media platforms, stating that the bases of the international military mission were targeted.   https://nnciraq.com/222193/

Romanowski Comments On The US Build-Up In The Region And The News Of Cutting The Border

Iraq  Fri, 18 Aug 2023 Follow-up / National News Center  The US ambassador commented on the news of an American military build-up to cut the borders between Iraq and Syria, stressing that “these issues were discussed between the US and Iraqi Ministries of Defense,” which had been previously denied by the Prime Minister's advisor, Muhammad Shia'a al-Sudani.

A member of the Parliamentary Security Committee, Waad al-Quddo, had said earlier that the meeting between the US and Iraqi defense ministers in Washington witnessed a discussion of the movement of the US military build-up to carry out the “mission of cutting the borders between Iraq and Syria,” but the Sudanese advisor denied this.

Ambassador Elena Romanowsky's statements were identical to those of Al-Quddo, as she said in a televised interview followed by "Earth News" today, Friday, that "military activity is part of the normal rotation of American forces to and from Iraq, and these issues were covered when the discussion took place in the meeting."

In another matter, the US ambassador responded briefly to the Iranian ambassador in Baghdad accusing the US of using the electricity card to delay the street.

Regarding the Iranian ambassador's statements that Washington is using the electricity card to inflame the street, Romanowski responded by saying, "This is what the Iranians are doing."

The ambassador denied the existence of any American objection to the visit of Iraqi Prime Minister Muhammad Shia al-Sudani to Washington, and said  https://nnciraq.com/222139/

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Friday Morning 8-18-2023

TNT:

CandyKisses:  The international coalition reveals the reason for the movement of its military forces in Iraq

Baghdad - Iraq Today:

The international coalition to fight ISIS revealed the reasons for the movements of its forces inside and outside Iraq, noting that they are "standard and routine operations."

"Coalition service members from the Tenth Mountain Division have replaced service members from the Ohio State National Guard," the coalition said in a statement.

"This operation is part of the planned rotational replacement of troops in support of CJTF-Operation Inherent Resolve over the past month," he said.

The coalition noted that the official transfer of responsibility ceremony at Erbil Air Base "took place on August 15, 2023," noting that "in order to redeploy the unit whose scheduled deployment period expires, service personnel in the unit to be replaced must be ready and ready to take charge."

The replacement "includes those equipment belonging to the unit", it said.

These operations are "normative and routine, conducted in a deliberate, planned and carefully coordinated manner with security partners", the coalition said.

"During the replacement and rotation of these forces, the movements of troops, vehicles and equipment inside and outside Iraq take place," the statement said, adding that "these logistical movements are necessary to support the coalition forces."

The Coalition stressed that CJTF-Operation Inherent Resolve "will remain committed to achieving the enduring defeat of Daesh and will continue to advise, assist and empower partner forces through routine disruption and rotation operations."

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Puddledpnw:  Iraq issues 6 arrest warrants against senior officials in July

ERBIL, Kurdistan Region - Iraq’s judicial authorities issued six arrest warrants for current and former senior officials during the month of July, in addition to nearly 50 summons, revealed the country’s integrity commission on Tuesday.

A total of 54 orders were issued against top officials in the previous month, comprising of 48 summons and six arrest warrants.

The arrest warrants and summons were issued for eight former ministers, two current undersecretaries, five former undersecretaries, and four former governors, according to the commission, without specifying which official received which order.

Rampant corruption plagues all levels of the Iraqi state. The country ranks as the joint tenth most corrupt nation in the world according to the Transparency International annual corruption perceptions index.

Since assuming the Iraqi premiership in October, Mohammed Shia’ al-Sudani has frequently reiterated his cabinet’s commitment to battling the endemic corruption that plagues the Iraqi state, and has not shied away from sacking numerous officials in high-level positions.

A Baghdad court on Sunday ruled to freeze the assets of the country’s former Oil Minister Ihsan Abdul Jabbar on account of exploiting his position and receiving bribery.

An investigation by the Iraqi finance ministry in October concluded that $2.5 billion in tax funds were stolen from the General Commission of Taxes’ account at Baghdad's Rafidain Bank between September 2021 and August 2022, during the tenure of former finance minister Ali Allawi. LINK

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Tishwash:  Saudi Arabia is looking forward to the visit of the President of Iran to the Kingdom

Saudi Foreign Minister Faisal bin Farhan announced, on Thursday, the Kingdom's aspiration for Iran's President Ibrahim Raisi to visit it.

This came, according to what the minister said at a press conference in Riyadh with his Iranian counterpart, Hussein Abdullahian, who is visiting the Kingdom for the first time since the resumption of relations between the two countries last March.

"The kingdom is looking forward to the visit of the President of Iran at the invitation of King Salman bin Abdulaziz," Ibn Farhan said, according to what was reported by the Saudi "Al-Ikhbariya" channel, followed by Anadolu Agency.

He pointed out, "the missions of the Kingdom and Iran have resumed their work, and the ambassadors of the two countries have assumed their duties," considering them an "important step."

The foreign minister affirmed that the Kingdom is "keen to discuss ways to activate agreements on security aspects, and to consult and coordinate with Iran."

He pointed out that "the meeting with the Iranian foreign minister comes as a continuation of the steps taken to resume relations between the Kingdom and Iran, which represents a pivotal step for the history of the two countries."

He pointed out that the meeting was "confirmation that there is a sincere and serious desire on the part of the two parties to implement the terms of the agreement that benefit the Kingdom and Iran by enhancing confidence and expanding the scope of cooperation."

In turn, the Iranian foreign minister said, at the same conference, that "today's discussions with the Kingdom were fruitful and important," according to what was reported by Al-Ekhbariya TV.

He stressed that "Saudi-Iranian relations are moving in the right direction and are witnessing progress... and the two countries are determined to expand and strengthen cooperation between them."

He continued, "We will form technical and executive committees to complete the joint agreements, and we will follow a correct path regarding good neighborliness between the two countries... and achieving security in the region is an idea that cannot be divided."

He added, "We have to work within the framework of the Organization of Islamic Cooperation (of which Saudi Arabia and Iran are members) to solve common issues."

On the other hand, Abdullahian pointed out that he was impressed by the fact that the hall in which the meeting is held is called "Al-Quds Hall".

He stressed that "Tehran supports the holding of Expo 2030 in Saudi Arabia," according to the same Saudi source.

Regarding the Iranian president's visit to Saudi Arabia, Abdul Lehan said, at the same press conference, that Raisi will visit the kingdom "soon," according to what was reported by the Saudi Al-Arabiya channel.

He extended his country's thanks to Saudi Arabia for its "cooperation in facilitating Hajj and Umrah for Iranians."

In January 2016, Iran and Saudi Arabia severed diplomatic relations between them, after angry crowds stormed the Riyadh embassy in Tehran and the consulate in Mashhad, to protest the execution of a Saudi Shiite cleric at the time.

The two neighboring countries began negotiations to revive relations in April 2021 with the mediation of Iraq and the Sultanate of Oman, and after about two years, China's mediation succeeded in achieving this last March.

In early June, Iran announced the opening of its embassy in Riyadh, and the consulate and mission of the Organization of Islamic Cooperation in the city of Jeddah.   link

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